Solana based NFT marketplace Magic Eden is winding down major parts of its Ethereum and Bitcoin operations as it pivots toward blockchain-based gambling. The company confirmed it will discontinue support for Ethereum Virtual Machine (EVM) and Bitcoin marketplaces, including Runes and Ordinals, in March. Its Bitcoin API and crypto wallet services will also be phased out shortly afterward.
The move marks a significant shift for a platform that previously ranked among the most active NFT marketplaces during the digital collectibles boom.
CEO and co-founder Jack Lu said in a post on X;
Strategic Pivot Toward Dicey iGaming Platform
Magic Eden is redirecting resources to Dicey, its on-chain casino platform. According to company leadership, a two-month closed beta attracted around 200 users who collectively wagered more than $15 million. Encouraged by early traction, the firm plans to expand Dicey’s offerings, including a sportsbook model similar to crypto-native gambling platforms.
The decision follows internal revenue analysis showing that a large share of operational costs was tied to underperforming NFT products. By scaling back, the company aims to concentrate on higher-margin segments and return focus to its Solana ecosystem roots.
NFT Market Downturn Pressures Industry Players
The restructuring comes amid a broader NFT market slowdown. Total NFT market capitalization fell below $1.5 billion in early February, retreating to levels last seen before the 2021 surge. As trading volumes shrink and competition intensifies, marketplaces are reassessing long-term sustainability, with gambling and crypto entertainment emerging as alternative revenue streams.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.