Magic Eden Ditches BTC and ETH for iGaming Frenzy

Magic Eden is abandoning its multi-chain strategy in favor of iGaming. The NFT marketplace will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by March, marking a significant shift from its digital collectibles focus.

The company's CEO, Jack Lu, confirmed the move on Friday, citing the 'massive opportunity in iGaming.' This direction is a departure from Magic Eden's previous efforts to support cross-chain assets, including Bitcoin Ordinals, which it briefly dominated with over half of its trading volume after their introduction in early 2023.

Magic Eden's decision to exit the multi-chain strategy comes as NFT trading volume has collapsed. Despite this, Solana-based assets remain a key focus for the company, generating the vast majority of its $576 million monthly trading volume, per Dune data.