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Magic Eden is staying true to its Solana roots while shuttering its Bitcoin and Ethereum NFT operations and pivoting into iGaming.
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Tim Hakki
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Tim Hakki
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Feb 2024
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Magic Eden is winding down its Ethereum, Polygon, and Bitcoin NFT marketplaces to pivot resources toward its Solana operations and growing iGaming platform, Dicey.
The decision, confirmed by CEO Jack Lu, is that the platform will cease support for non-Solana chains by early April 2025, following a broad collapse in cross-chain trading volumes.
Key Takeaways:
Magic Eden will terminate support for Bitcoin and EVM marketplaces starting March 9, with full wallet shutdowns scheduled for April 1.
The pivot follows internal data showing Solana markets account for over 85% of volume while multi-chain maintenance costs remained high.
Resources will be reallocated to Dicey, a crypto gambling platform that processed $15 million in wagers during its closed beta.
In his post, CEO Jack Lu outlined a phased sunset for EVM and Bitcoin-based Runes and Ordinals markets.
Trading support will end on March 9, followed by the Bitcoin API on March 27. The platform’s crypto wallet will switch to an export-only mode in the middle of March before a full shutdown on April 1.
Lu stated the company is “doubling down” on Dicey, citing a “massive opportunity” in the intersection of finance and entertainment. The casino platform’s closed beta recently saw 200 users wager over $15 million in just two months.
The strategic shift mirrors a broader trend where crypto funds and companies are diversifying revenue streams; for instance, venture firm Paradigm plans to expand into AI and robotics to capture value beyond traditional digital assets.
Magic Eden plans to replicate this diversification by launching a sportsbook to compete with blockchain gambling heavyweights like Stake.
Discover: The next crypto to explode
Falling NFT Volume Forces Strategic Realignment.
The retreat from multi-chain operations reflects a stark consolidation…
https://cryptonews.com/news/magic-eden-winds-down-evm-bitcoin-nft-markets/
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