Solana-based NFT marketplace Magic Eden is reallocating resources away from Ethereum and Bitcoin NFT services to concentrate on its casino and sportsbook platform, Dicey.
CEO and co-founder Jack Lu said on X that support for Ethereum Virtual Machine (EVM) and Bitcoin-based Runes and Ordinals marketplaces will end on March 9. The platform’s Bitcoin API will be discontinued on March 27, and its crypto wallet will be shut down on April 1. Magic Eden will also stop its NFT buyback program as it “doubles down” on Dicey, which Lu described as a “massive opportunity” in iGaming.
Lu said Dicey’s closed beta, now two months old, attracted around 200 users who wagered about $15 million. Dicey operates as an on-chain casino and plans to add a sportsbook, following the model of other blockchain gambling sites such as Stake.
The changes mark a significant scaling back of Magic Eden’s broader NFT business. The company will pivot to focus “exclusively” on NFT packs—randomized bundles of NFTs akin to physical trading-card packs—while retreating from less profitable products. Lu noted the financial rationale: “80% of our cost are tied to products generating only 20% of our revenue. By winding down these products, we’re refocusing on our Solana roots [and] retaining our most profitable products, betting on deep on crypto entertainment, and positioning our products for long term growth.”
The move comes amid a weak period for NFTs. Several platforms have scaled back or closed—Nifty Gateway announced a shutdown in January—and the total NFT market cap fell below $1.5 billion in early February, returning to pre-2021 boom levels.
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