The platform's Bitcoin API will shut down on March 27, followed by its crypto wallet on April 1.
Crypto News
Magic Eden, a Solana-based NFT marketplace, is closing its Ethereum and Bitcoin NFT operations and shifting its focus to Dicey, its on-chain casino and sportsbook platform, after the platform's beta saw $15 million wagered by roughly 200 users over two months.
CEO and co-founder Jack Lu announced on X that support for Ethereum Virtual Machine (EVM) markets and Bitcoin-based Runes and Ordinals marketplaces will end on March 9. The platform's Bitcoin API will shut down on March 27, followed by its crypto wallet on April 1.
Lu said 80% of the platform's operating costs are tied to products generating only 20% of its revenue, making the wind-down a financial decision as much as a strategic one. The buyback program for NFTs will also end as part of the restructuring. Lu described iGaming as offering a "massive opportunity" and said he was "incredibly bullish" on Dicey's early performance.
Magic Eden will not exit NFTs entirely. Lu said the platform will focus exclusively on NFT packs, which bundle random NFTs from various collections in a format similar to physical trading card packs, retaining a presence on Solana without maintaining the broader marketplace infrastructure.
Dicey operates as an on-chain casino and plans to launch a sportsbook, positioning itself alongside existing blockchain gambling platforms. Lu framed the pivot around what he described as the merging of finance and entertainment in the current market environment, citing Dicey's closed beta results as validation of demand.
The broader NFT market has been contracting. In early February, the total NFT market cap fell below $1.5 billion, returning to levels not seen since before the 2021 boom. Nifty Gateway announced its shutdown in January, making Magic Eden's pivot part of a wider consolidation across the NFT sector.
Lu described the restructuring as a return to Magic Eden's Solana roots, with resources redirected toward the products generating the most revenue. The platform's remaining NFT activity will center on Solana-native packs rather than cross-chain marketplace operations.
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