Magic Eden, the Solana-based NFT marketplace, is reallocating resources away from its Ethereum and Bitcoin NFT offerings to concentrate on its on-chain casino and sportsbook project, Dicey. CEO and co-founder Jack Lu announced 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 Magic Eden’s crypto wallet will be shut down on April 1. The company will also end its NFT buyback program as it redirects efforts to Dicey.
Lu said Dicey’s closed beta, now two months running, drew roughly 200 users who wagered about $15 million. Dicey functions as an on-chain casino and plans to add a sportsbook, following the playbook of other blockchain gambling sites. The shift represents a sharp scaling back of Magic Eden’s broader NFT operations. Going forward the firm will focus exclusively on NFT packs—randomized bundles similar to trading-card packs—while winding down less profitable products.
Lu framed the decision as a financial reset, noting that the company’s largest costs came from products that generated a small share of revenue, and that narrowing scope allows a return to Solana roots, retention of the most profitable offerings, and a bet on long-term growth in crypto entertainment.
The move comes amid a soft period for NFTs: several marketplaces have reduced operations or closed (Nifty Gateway announced a shutdown in January), and total NFT market capitalization dropped below $1.5 billion in early February, near pre-2021 levels.
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