Magic Eden is shutting down its Ethereum Virtual Machine and Bitcoin-based NFT marketplaces to concentrate resources on its online casino and sportsbook platform, Dicey.
Chief executive and co-founder Jack Lu said support for EVM and Bitcoin Runes and Ordinals markets will end on March 9, followed by its Bitcoin API on March 27 and its crypto wallet on April 1, alongside the termination of its NFT buyback programme.
“It is clear we're entering a new era where finance and entertainment merge,”
Said Magic Eden CEO Jack Lu, adding that he was “incredibly bullish” on Dicey’s closed beta, which saw around 200 users wager more than $15 million in two months.
Dicey operates as an on-chain casino and plans to introduce a sportsbook modelled on blockchain gambling platforms such as Stake, signalling Magic Eden’s strategic pivot towards crypto-native gaming and entertainment.
Lu said the restructuring reflects revenue realities, stating that 80% of operating costs were tied to products generating only 20% of revenue, prompting the company to refocus on its Solana roots and its more profitable NFT pack offerings.
The move comes amid a prolonged downturn in the NFT sector, with market capitalisation falling below $1.5 billion in early February and platforms such as Nifty Gateway announcing closures as trading volumes retrace to pre-2021 boom levels.
By scaling back its NFT footprint and doubling down on iGaming, Magic Eden is betting that crypto entertainment and wagering will provide a more sustainable growth path than the fragmented and weakened NFT marketplace landscape.
At the time of reporting, Ethereum price was $1,969.66.