Magic Eden Abandons Multi-Chain Strategy to Chase iGaming Fortune

Magic Eden is shifting its focus from NFT trading to iGaming. The platform will close its marketplaces for Bitcoin (BTC) and Ethereum (ETH), while retaining support for Solana-based assets, where it generated $576 million in monthly trading volume as of last month.

The company's CEO, Jack Lu, said that Magic Eden is orienting itself around the 'massive opportunity in iGaming,' a departure from its digital collectibles business. The platform will discontinue NFT buybacks and restructure how its ME token is used across its products.

Magic Eden was one of the first major 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 of launch. The company also expanded into EVM-compatible chains, but this experiment is now ending.