Magic Eden Ditches Multi-Chain Strategy for iGaming Ambitions
Magic Eden is abandoning its multi-chain strategy and shifting focus towards iGaming, as revealed by CEO Jack Lu on Friday. The company will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by March 1st and wind down its cross-chain wallet by April.
The move comes after Magic Eden's trading volume collapsed, with Bitcoin-based assets contributing only $121,000 to the platform's monthly trading volume of $576 million in January. The company will retain support for Solana-based assets, where it generated the vast majority of its revenue last month.
Magic Eden was an early adopter of Bitcoin Ordinals, capturing over half of the emerging market's trading volume within its first week of launch. However, the experiment of expanding into EVM-compatible chains including Polygon, Base, and Avalanche (AVAX) has ended.