Magic Eden, a Solana-based NFT marketplace, is winding down support for Ethereum Virtual Machine and Bitcoin NFT markets as it pivots toward its online casino and sportsbook platform, Dicey. The company said it will discontinue EVM and Bitcoin-based Runes and Ordinals marketplaces in early March, followed by the shutdown of its Bitcoin API and crypto wallet later in the month.
Chief Executive Jack Lu said the decision reflects a strategic reallocation of resources, citing that a significant share of operating costs was tied to products generating a minority of revenue. The company will also end its NFT buyback program and narrow its focus to curated NFT packs. Meanwhile, Dicey’s closed beta has recorded roughly $15 million in wagers from about 200 users over two months.
The shift comes as the broader NFT market faces declining volumes and compressed valuations. By concentrating on on-chain gaming and betting, Magic Eden is repositioning itself within a segment of crypto that blends digital assets with interactive entertainment, underscoring changing revenue priorities across the sector.
