Magic Eden, a Solana-based NFT marketplace, is phasing out support for Bitcoin and Ethereum as it shifts focus toward its new online casino and sportsbook venture, Dicey.
CEO and co-founder Jack Lu said in a post on X Friday that the company will discontinue its Ethereum Virtual Machine and Bitcoin-based Runes and Ordinals marketplaces on March 9. Its Bitcoin API will shut down on March 27, followed by its crypto wallet on April 1.
Lu also announced the end of the platform’s NFT buyback program, stating that the company will be “doubling down” on Dicey. He described iGaming as a “massive opportunity,” emphasizing the growing overlap between finance and entertainment.
According to Lu, Dicey’s two-month-old closed beta has already attracted 200 users who have collectively wagered more than $15 million, leaving him “incredibly bullish” on the project’s prospects.
Dicey operates as an on-chain casino and is preparing to roll out a sportsbook modeled on blockchain-based gambling platforms such as Stake.
The pivot marks a major strategic shift for Magic Eden, which was once among the most prominent NFT marketplaces but is now scaling back its NFT operations to streamline its move into online gambling.
CEO Jack Lu said the platform will now “exclusively” concentrate on NFT packs — products that bundle random NFTs from different collections, similar to physical trading card packs.
Lu added that the decision was driven by the fact that most of Magic Eden’s existing products were not generating meaningful revenue.
“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 NFT sector has been hit hard amid the wider downturn in crypto markets over recent months, with major players such as Nifty Gateway announcing in January that it would shut down.
By early February, the total NFT market capitalization had dropped to levels not seen since before the 2021 boom, slipping below $1.5 billion.
