Magic Eden Abandons Multi-Chain Strategy for iGaming Opportunity

Magic Eden is abandoning its multi-chain strategy and shifting focus to iGaming. The company will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by early March and wind down its cross-chain wallet by April.

CEO Jack Lu stated that Magic Eden is orienting itself around 'the massive opportunity in iGaming,' a departure from the digital collectibles business where it built its reputation. The platform will retain support for Solana-based assets, which generated the vast majority of its $576 million in monthly trading volume as of last month.

Magic Eden was among the first major platforms to support Bitcoin Ordinals after their introduction in early 2023 and had captured more than half of the emerging market's trading volume within its first week. However, Bitcoin-based assets contributed only $121,000 to Magic Eden's total over the same period.