Magic Eden is shifting resources from NFTs to its casino platform Dicey, after a closed beta saw $15 million wagered by around 200 users in two months.
Solana-based non-fungible token (NFT) marketplace Magic Eden is scaling back its Ethereum and Bitcoin NFT operations as it pivots toward its online casino and sportsbook platform, Dicey.
CEO and co-founder Jack Lu said in a post on X that support for Ethereum Virtual Machine (EVM) and Bitcoin-based Runes and Ordinals marketplaces will end on March 9, followed by its Bitcoin API on March 27 and its crypto wallet on April 1.
He added that the platform will end its NFT buyback program and would be “doubling down” on Dicey, with Lu saying there is a “massive opportunity” in iGaming, or online gambling.
“It is clear we’re entering a new era where finance and entertainment merge,” Lu said, adding he was “incredibly bullish” on Dicey’s two-month-old closed beta, which has seen 200 users wager over $15 million.
Dicey offers an on-chain casino and plans to launch a sportsbook in a similar fashion to blockchain gambling sites such as Stake.
Magic Eden cutting NFTs to streamline toward gambling
The changes see Magic Eden, once one of the most popular NFT marketplaces, significantly scale back its focus on NFTs.
Lu said the platform will “exclusively” focus on NFT packs, which bundle random NFTs from various collections, similar to physical trading card packs.
Related: Logan Paul sells Pokémon card for $16.5M, years after fractional NFT row
Lu said the shift was ultimately down to most of the platform’s products not contributing significantly to revenues.
“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 market has been significantly impacted amid a broader crypto market downturn over the past few months, with major players such as Nifty Gateway announcing in January that it was shutting down.
In early February, the total NFT market cap fell below $1.5 billion, returning to levels not seen since before the 2021 boom.
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