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Magic Eden Abandons Multi-Chain Strategy to Chase iGaming Dominance

Guavy AI Editorial Team
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Magic Eden is shifting its focus from NFT trading to iGaming after struggling to sustain volume on multiple chains.

The platform, once the largest by trading volume, will shut down its Bitcoin and Ethereum marketplaces by March and discontinue support for cross-chain wallets in April.

Celebrating its one-year anniversary of launching Dicey, a crypto casino and sportsbook, Magic Eden's CEO Jack Lu confirmed that iGaming is now the company's primary focus.

The move follows a collapse in NFT trading volume, with Bitcoin-based assets contributing only $121,000 to Magic Eden's $576 million monthly trading total last month.

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