Magic Eden Ditches Multi-Chain Strategy to Bet Big on iGaming

Magic Eden is abandoning its multi-chain strategy and shutting down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by early March. The company's CEO, Jack Lu, confirmed this decision as Magic Eden focuses on the 'massive opportunity in iGaming.'

This shift marks a significant departure from the digital collectibles business where Magic Eden built its reputation. The platform will retain support for Solana-based assets, which generated $576 million in monthly trading volume last month.

Magic Eden was among 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. However, Bitcoin-based assets accounted for just $121,000 of Magic Eden's total monthly trading volume last month.

The company acquired mobile trading app Slingshot Finance last year and unveiled Dicey, a crypto casino and sportsbook, in January. Lu framed the iGaming direction as the company's primary focus going forward.