Magic Eden Abandons Multi-Chain Strategy, Focuses on iGaming

Magic Eden, once one of the largest NFT marketplaces by trading volume, is abandoning its multi-chain strategy and focusing on iGaming. The company will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces as early as March 1st and wind down its cross-chain wallet by April.

The move comes after the platform's CEO, Jack Lu, stated that Magic Eden is orienting itself around 'the massive opportunity in iGaming.' This shift marks a significant departure from the digital collectibles business where Magic Eden built its reputation.

Magic Eden will retain support for Solana-based assets, which generated the vast majority of its $576 million monthly trading volume as of last month. In contrast, Bitcoin-based assets contributed only $121,000 to this total.