A well-known Solana NFT marketplace that once pushed hard into Bitcoin and other chains has quietly started to shrink its footprint.
Reports say the shift will be fast and clear: several services will stop working in March and April as the company focuses where it thinks the money is.
Magic Eden Pulls Back To Solana
The change is not small. Support for EVM and Bitcoin Ordinals and Runes is being wound down on March 9th, with the Bitcoin API shutting on March 27 and the platform’s self-custody wallet set to go fully offline on April 1.
Reports note that the marketplace will keep Solana support and some Pack products, but many cross-chain tools will disappear. Users have been told to move assets or export keys before the cutoff dates to avoid losing access.
Why This Happened
Costs and returns drove the move. According to posts from company leadership, most engineering and infrastructure costs were tied to products that brought in only a fraction of the revenue.
Update on @MagicEden and @DiceyHQ:
It is clear we’re entering a new era where finance and entertainment merge. We are now 2 months into @DiceyHQ’s closed beta and are incredibly bullish on how things have developed (~200 users, >$15M wagered).
To give Dicey the focus it…
— Jack (@0xLeoInRio) February 27, 2026
In plain terms: a lot of work for little money. That math pushed a rethink about where to spend limited resources. One part of the business is being doubled down on: an on-chain casino called Dicey that ran a closed beta earlier this year and drew heavy betting volume.
What The Beta Showed
Dicey’s trial phase attracted around 200 users who placed roughly $15,000,000 in wagers over two months. Reports say that number convinced management the product could make stronger returns than the quieter NFT markets the company had been supporting.
The casino plans to add a sportsbook and other betting features, and the firm argues betting could be a steadier source of fees than low-volume NFT listings.
Market Effects And Reaction
The broader NFT market has been weak for months, and this shutdown is one of several signs that platforms are trimming offerings. Some collectors and builders will be annoyed, since tools and markets they used are being removed.
Others will see the move as pragmatic — a firm choosing fewer products it understands well over many it does not. Coverage from industry outlets picked up the story quickly once leadership posted details on social channels.
A Word From The CEO
Jack Lu wrote that the company was refocusing on its original Solana work and on products with clearer paths to revenue.
He described the closed beta’s results as “encouraging” and said the company will stop its NFT buyback program to free up resources for the betting product.
Featured image from www.outsideonline.com, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
