A well-known Solana NFT marketplace that was once heavily invested in Bitcoin and other chains has quietly begun to shrink its footprint.
Reports indicate the change will be swift and clear: several services will stop operating in March and April as the company focuses on where it thinks the money is.
Magic Eden returns to Solana
The change is not small. Support for EVM and Bitcoin ordinals and runes will be removed on March 9, with the Bitcoin API shutting down on March 27 and the platform’s self-custody wallet set to go completely offline on April 1.
Reports indicate that the market will retain Solana support and some Pack products, but many cross-chain tools will disappear. Users were asked to move assets or export keys before deadlines to avoid losing access.
Why did it happen
Costs and returns motivated this decision. According to company executives, most of the engineering and infrastructure costs were tied to products that brought in only a fraction of revenue.
Update on @MagicEden And @DiceyHQ:
It is clear that we are entering a new era where finance and entertainment are merging. We are now 2 months in @DiceyHQis in closed beta and is incredibly optimistic about things moving forward (~200 users, >$15M staked).
To give Dicey the focus…
-Jack (@0xLeoInRio) February 27, 2026
In short: a lot of work for little money. These calculations have prompted a rethinking of how limited resources are spent. Part of the business is being doubled down: a chain casino called Dicey that launched a closed beta earlier this year and attracted significant betting volume.
What the beta showed
Dicey’s trial phase attracted around 200 users who placed around $15,000,000 in bets over two months. Reports indicate that this number convinced management that the product could generate higher returns than the quieter NFT markets the company was supporting.
The casino plans to add a sportsbook and other betting features, and the company says betting could be a more stable source of fees than low-volume NFT listings.
Market effects and reactions
The broader NFT market has been weak for months, and the shutdown is one of several signs that platforms are scaling back their offerings. Some collectors and builders will be upset since the tools and markets they used will be removed.
Others will see this decision as pragmatic: a company choosing fewer products it understands well rather than a large number of products it does not understand. Industry media coverage quickly picked up the story once executives posted details on social media.
A word from the CEO
Jack Lu wrote that the company was refocusing on its original work with Solana and on products with clearer paths to revenue.
He called the closed beta results “encouraging” and said the company would stop its NFT buyback program to free up resources for the betting product.
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