Magic Eden Ditches NFTs for iGaming in Radical Shift

Magic Eden is shifting its focus from NFT trading to iGaming after a significant collapse in market volume. The platform will discontinue support for Bitcoin and Ethereum-based assets, affecting users who hold these types of digital collectibles.

Citing a 'massive opportunity' in the gaming space, Magic Eden's CEO Jack Lu has announced the company's new direction. This move comes after a failed experiment with cross-chain dominance, which was marked by a 97% decline in ME token value since its peak in December 2024.

The platform will retain support for Solana-based assets, where it generated $576 million in monthly trading volume as of last month. Bitcoin-based assets contributed just $121,000 to this total, highlighting the economics behind Magic Eden's decision.