Crypto: Magic Eden Winds Down Evm, Bitcoin NFT Markets To Focus On Gambling

Magic Edin 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 nonfungible token (NFT) marketplace Magic Eden is winding down its support for Bitcoin and Ethereum to double down on its upcoming online casino and sportsbook, Dicey.

Magic Eden CEO and co-founder Jack Lu said in an X post on Friday that it is winding down support for its Ethereum Virtual Machine and Bitcoin-based Runes and Ordinals marketplaces 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.

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.

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Lu said the shift was ultimately down to most of the platform’s products not contributing significantly to revenues.

Source: CoinTelegraph