Magic Eden winds down NFT marketplaces and shifts focus to crypto gambling
Magic Eden, one of the best-known NFT marketplaces originally built on Solana, has announced it is scaling back parts of its NFT business. The company is ending support for its Ethereum (EVM) and Bitcoin NFT marketplaces (Ordinals and Runes) and redirecting resources toward developing its iGaming platform, Dicey.
CEO and co-founder Jack Lu said support for the EVM and Bitcoin marketplaces will end on March 9. The Bitcoin API will be shut down on March 27, and the company’s crypto wallet will be discontinued on April 1. Magic Eden will also end its NFT buyback program.
According to Lu, the company is “doubling down” on Dicey, citing a “massive opportunity” in online gambling. During a two-month closed beta, around 200 users wagered more than $15 million on the platform.
Why Magic Eden is scaling back its NFT business
The decision is driven by product economics. Management said roughly 80% of the company’s costs were tied to products generating only 20% of revenue. Shutting down these segments will allow Magic Eden to focus on its most profitable offerings and return to its “Solana roots.”Going forward, the platform plans to concentrate mainly on NFT packs — bundles of random NFTs from various collections, similar to collectible trading card packs.
The shift comes amid a broader NFT market downturn. In February, total NFT market capitalization fell below $1.5 billion, returning to levels not seen since before the 2021 boom.
What is Dicey and why Magic Eden is betting on iGaming
Dicey is an on-chain casino that allows users to place bets in cryptocurrency. The platform also plans to launch a sportsbook, similar to blockchain-based gambling sites like Stake.The company believes the lines between finance and entertainment are increasingly blurring, and that crypto gaming could become a new growth driver for the industry.
About Magic Eden
Founded in 2021, Magic Eden began as a Solana-focused NFT marketplace and quickly became one of the leading players in the NFT space. It later expanded to support Ethereum and Bitcoin NFTs (Ordinals).At the peak of the NFT boom, Magic Eden competed with major platforms like OpenSea. However, declining interest in NFTs and shrinking trading volumes have pushed the company to rethink its business model.
Why this matters for the crypto market
Magic Eden’s pivot from NFTs to online gambling signals a broader shift in the industry. The NFT sector no longer generates the revenue levels seen during the 2021 surge, prompting major platforms to seek new monetization strategies.A stronger focus on iGaming suggests crypto companies are moving toward “crypto entertainment,” where blockchain, financial mechanisms and gaming intersect. At the same time, this shift could increase regulatory risks, as online gambling remains tightly regulated in many jurisdictions.
Earlier, we reported that the team behind the Trump memecoin partnered with Magic Eden to develop a wallet and trading app.
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