What Is Magic Eden? The Solana NFT Marketplace After Its 2026 Overhaul

Who runs Magic Eden

Magic Eden launched in 2021 as a Solana NFT marketplace. Its co-founders are Jack Lu (CEO), Zhuoxun Yin (COO), Sidney Zhang (CTO) and Zhuojie Zhou (chief engineer), according to investor Lightspeed Venture Partners. (Lightspeed) The parent company is Euclid Labs, Inc., which has been identified in SEC Form D filings as the firm behind Magic Eden. (The Block, February 1, 2023)

Euclid Labs is the contracting party in Magic Eden's Terms of Service, which list a notice address at 1209 Orange Street in Wilmington, Delaware, and apply California law, with individual arbitration and San Francisco courts for non-arbitrable disputes. Users must be at least 18. (Magic Eden Terms, last updated September 5, 2024)

In September 2024 the company split its web presence into magiceden.us for US users and magiceden.io for everyone else, citing regional regulatory requirements. (Crypto Economy, September 6, 2024) Visitors are redirected by location, and features can differ between the two.

The 2026 retreat from Bitcoin and EVM

On February 27, 2026, CEO Jack Lu announced that Magic Eden would narrow to Solana. The published timeline was:

• March 9, 2026: EVM marketplace support (Ethereum, Base, Polygon and other networks) and the Bitcoin Ordinals and Runes markets end.
• March 27, 2026: the Bitcoin API ends.
• April 1, 2026: the Magic Eden Wallet and account wallets created through Magic Eden are retired.

The company also ended its NFT buyback program. Lu said that "80% of our cost are tied to products generating only 20% of our revenue." (Cointelegraph, March 2, 2026)

If you used the Magic Eden Wallet: the help center's migration guide says users may need to export their private key and import it into another wallet. Assets stay on their blockchains; what changed is the app used to access them. Export a key only inside the official app, never paste it into a website, and treat any "migration support" message offering to help as a likely scam. (Marketplace changes overview)

If you hold Ordinals or Runes: they remain in your Bitcoin wallet but can no longer be traded on Magic Eden.

What you can do on Magic Eden today

As of October 2026 the marketplace supports Solana assets across several token standards: Metaplex Core, Token-2022, compressed NFTs (cNFTs), inscriptions and SPL-20. Core functions are:

• Buy and list NFTs from a connected Solana wallet, including bulk listings and trait-based sweeps.
• Offers. Item-level, collection-level and trait-based offers, funded from an optional escrow balance. Magic Eden states that escrow funds "always remain in your sole custody," and one escrow balance can back several offers; if it runs short, offers drop out of the order book. (Escrow on Solana)
• AMM pools for automated NFT market making.
• Minting of new collections, and a Creator Hub for listing and metadata tools.

Packs

Packs are paid randomized draws. A buyer signs a transaction for a pack and receives one item whose tier is determined by a commit/reveal process; drop rates and value ranges are published under "View Drop Rates" before purchase and can change. The help center describes two types:

• NFT Packs. After opening, the buyer has five minutes to keep the NFT or take an instant payout equal to the higher of 90% of the collection floor or 101% of its top offer; the payout is issued automatically if no choice is made.
• Pokémon Packs, powered by Collector Crypt, contain tokenized graded cards. Sell-back payouts range from 85% to 93% of fair market value depending on pack price, within 72 hours, and cards can be redeemed for the physical item.

Packs work like a paid lottery for collectibles: apart from the 101%-of-top-offer route on NFT Packs, the published sell-back rates are below the item's assessed value, and nothing guarantees the item is worth the pack price. (Rip Packs on Magic Eden)

Fees and royalties

Magic Eden charges no listing fee and a 2% marketplace fee on each Solana NFT transaction, per its help center as of March 2026. Solana network fees are separate. (Fees article)

Royalties depend on the collection:

The seller receives the list price minus the 2% platform fee in both cases. (Optional royalties)

The ME token

ME is the token associated with Magic Eden's ecosystem. At the time of the February 2026 announcement it traded around $0.12, about 97% below its December 2024 peak of $5.63, and the company said it would refine how ME is used across its products. (Decrypt, March 1, 2026) Holding ME does not represent equity in Euclid Labs.

Dicey and the move into gambling

Magic Eden's stated growth priority is Dicey, a crypto casino with a sportsbook planned. During a two-month closed beta reported in early 2026, about 200 users wagered more than $15 million, according to Jack Lu. Online gambling is illegal or licensed in many jurisdictions, and Magic Eden's marketplace terms do not cover it; check Dicey's own terms and local law before engaging. OBOL treats Dicey as a separate product and does not assess it here.

Safety and scams

Most losses on NFT marketplaces come from phishing rather than marketplace failures. Magic Eden's help center warns about impersonator accounts, rug pulls and wallet-connection phishing, and it lists its official accounts so users can check them. Practical rules:

• Check the collection's verification status and creator before buying.
• Read the transaction your wallet asks you to sign; a listing should not request unlimited approvals over unrelated assets.
• Ignore direct messages offering "support," airdrops or wallet migration help.

See OBOL's seed phrase security guide, and if a wallet has been drained, the first-hour response guide.

Support

Magic Eden's help center at help.magiceden.us covers trading, Packs, the Creator Hub and safety, and explains how to send screenshots to Magic Eden Support when reporting a problem. Support cannot reverse on-chain transactions.

OBOL's evaluation of the marketplace is in OBOL's Magic Eden review; other venues are compared on the NFT marketplace ratings hub.

Official channels

Listed in Magic Eden's official-accounts help article, checked October 19, 2026:

• Websites: magiceden.us (US) and magiceden.io (international)
• X: x.com/MagicEden
• Discord: discord.gg/magiceden
• LinkedIn: linkedin.com/company/magic-eden
• YouTube: youtube.com/@magiceden
• Instagram: instagram.com/magicedenofficial
• TikTok: tiktok.com/@magicedentiktok
• Help center: help.magiceden.us