Magic Eden Abandons Multi-Chain Strategy for iGaming Focus

Magic Eden is shifting its focus from NFT trading to iGaming after abandoning its multi-chain strategy. The platform will shut down its Bitcoin and Ethereum marketplaces by early March, followed by a full closure of its cross-chain wallet in April.

The move comes as Magic Eden's NFT trading volume collapses, with Bitcoin-based assets contributing just $121,000 to the company's $576 million monthly trading volume last month. The platform will retain support for Solana-based assets, where it generated the vast majority of its revenue.

CEO Jack Lu said the company is orienting itself around 'the massive opportunity in iGaming,' which he unveiled with the launch of Dicey, a crypto casino and sportsbook, in January. Magic Eden's ME token has suffered as a result, trading at $0.12 on Friday, down 97% from its peak of $5.63 in December 2024.

The company raised $140 million in funding, including a $130 million Series B in 2022 that valued it at $1.6 billion. Users holding Bitcoin Ordinals or EVM-based assets should withdraw their funds before mid-March to avoid losses when the wallet enters export-only mode.