Magic Eden Abandons Ethereum and Bitcoin for On-Chain Casino

Magic Eden is shifting its focus from NFT marketplaces on Ethereum and Bitcoin to its on-chain casino platform, Dicey. According to CEO Jack Lu, Magic Eden's Ethereum Virtual Machine (EVM) markets and Bitcoin-based Runes and Ordinals marketplaces will end on March 9.

The company's Bitcoin API will shut down on March 27, followed by its crypto wallet on April 1. This decision is largely driven by financial considerations, with Lu stating that 80% of the platform's operating costs are tied to products generating only 20% of its revenue.

Magic Eden will not entirely exit the NFT market, but will instead focus exclusively on NFT packs, which bundle random NFTs from various collections. This format is similar to physical trading card packs and allows the company to retain a presence on Solana without maintaining broader marketplace infrastructure.