Magic Eden, a known platform in the NFT space, has reminded its community that its Me Wallet is set to exit app stores on Wednesday. The move comes over a month after platform CEO Jack Lu announced the decision of winding down the operation of this multi-chain wallet, that was launched in January 2024.
In an update posted on X, Magic Eden said that the Me Wallet has entered its export-only mode starting April 1. The platform advised the wallet users to export their assets and private keys to other wallets on an urgent basis.
ME Wallet, Magic Eden said, must manually jot down their case-sensitive private keys because the “copying to clipboard” option has been disabled to maintain security.
“Once you’ve written down your private key, you can import it into another compatible wallet provider that supports private key imports. Magic Eden does not provide official wallet recommendations,” the company said in a blog post, that explained the step-by-step process for users to follow while migrating their private keys and stored assets to other wallet services.
Magic Eden said the ME Wallet will be winded down in phases with this first phase beginning on Wednesday. Along with its removal from app stores, starting today, the wallet will stop supporting its swaps, cross-chain swaps, and consolidation features.
The complete shutdown of the platform is scheduled for May 1, exactly one month from today.
“If you already have the Magic Eden Wallet browser extension or mobile app installed, you may still be able to access your wallet locally to export your private key after April 1. However, the wallet will no longer be supported or available for download,” the official blog added.
At the time of its launch in 2024, the wallet was expected to be a notable expansion for the NFT marketplace brand. The wallet came with support for Solana, Bitcoin, Polygon, and Ethereum blockchains.
After launch, the ME Wallet was lifted as the primary support for Magic Eden’s rewards programme dubbed “Diamonds”. In December 2024, the wallet also supported the airdrop of the $ME token.
Magic Eden suffered a major blow after the hype around NFTs dwindled in the past few years. Multiple reports from last year claimed that the trading volume of NFTs were down by 90 percent, leaving most of the previously minted digital collectibles next-to-nil in value.
Owing to the development, Magic Eden announced in March that it has decided to pivot from NFTs to offer Solana-based crypto casino and sports betting service called Dicey. At the time, the platform CEO had admitted that 80 percent of their costs were tied to products generating only 20 percent of their revenue that nudged the team to re-evaluate their focus.
Following the announcement, the platform had started to draw the curtains on its Bitcoin Ordinals and Ethereum Virtual Machine (EVM)-compatible NFTs in March.
Not just Magic Eden, but other NFT marketplaces have also taken similar decisions to shut operations in light of the dead market.
Earlier in February, Gemini exchange’s Nifty Gateway NFT market place also stopped its operations to avoid incurring more financial losses.