Magic Eden Abandons Multi-Chain Strategy for iGaming Bet

Magic Eden is ditching its multi-chain strategy and focusing on iGaming after seeing NFT trading volume collapse. The platform will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by March, citing a massive opportunity in the gaming sector.

CEO Jack Lu said that Magic Eden's primary focus going forward is iGaming, despite previously expanding into various chains including Polygon, Base, and Avalanche (AVAX). The company's support for Solana-based assets will remain intact, accounting for the vast majority of its $576 million in monthly trading volume.

Magic Eden was one of the first platforms to support Bitcoin Ordinals after their introduction in early 2023, capturing more than half of the emerging market's trading volume within its first week. However, Bitcoin-based assets accounted for just $121,000 of the company's total trading volume over the same period.

The ME token, used for platform rewards and governance, has lost 97% of its value since its debut peak in December 2024, trading around $0.12 on Friday according to CoinGecko.