Magic Eden is set to remove its multi-chain crypto wallet from app stores tomorrow, compelling users who do not have their private keys to act swiftly to secure their funds. The wallet will transition to an “export-only mode” and will provide limited functionality until May 1, after which it may cease to function altogether.
In a recent update shared on the company’s community Discord, Magic Eden confirmed the impending changes: “Tomorrow, the ME Wallet will go into a deprecated export only mode and be removed from app stores. If you lose access to your device or downloaded version of the app, this means you will also lose access to any wallets.” The urgency of this reminder has raised concerns among users who are now racing to migrate their wallet services prior to the deadline.
Users are advised to export their assets or wallets, as the wallet app will no longer be downloadable from app stores once it is removed. Those who have the app or extensions installed will retain access until May 1, allowing some time for exporting private keys. However, lack of access to the mobile app or extension will pose significant risks, as users could lose access to their funds entirely.
For users who engaged in transactions on Ethereum or Bitcoin, there is a chance to recover their addresses using the original seed phrase, a mnemonic consisting of 12 or 24 words that carries the private key. However, those with assets on the Solana network must export their private keys to avoid complications, as Solana addresses can vary in appearance.
This significant transition comes as Magic Eden has shifted its focus away from NFTs to a new venture in the gambling space, specifically launching a crypto casino named Dicey in January. This strategic pivot follows dwindling interest in digital collectibles, prompting the company to discontinue support for NFTs on Ethereum and related blockchain platforms, where it once led in trading activities that included Bitcoin’s Ordinals and Runes—its equivalents to NFTs and fungible tokens.
The repercussions of Magic Eden’s strategic shift extend to its native token, ME, which has seen a staggering decline of 99.94% from its all-time high of $17 achieved in December 2024. Currently, the ME token is trading around $0.09, with a market cap of approximately $50 million, indicating a slight uptick of about 0.8% on the day and remaining 4% off its all-time low, according to CoinGecko data.
As the deadline approaches, it remains crucial for users of the ME Wallet to take immediate action to export their assets and ensure their holdings are secure amidst the significant changes within the platform.
