Magic Eden Drops BTC and ETH Support to Chase iGaming Opportunity

Magic Eden is shifting its focus from NFT trading to iGaming, a move that has led the company to abandon its support for Bitcoin (BTC) and Ethereum (ETH). According to CEO Jack Lu, Magic Eden will retain support for Solana-based assets, where it generated $576 million in monthly trading volume as of last month. This represents the majority of its trading volume, with BTC-based assets contributing just $121,000 over the same period.

The company's decision to exit the multi-chain strategy was likely driven by economics, given the relatively small contribution of BTC-based assets to its overall trading volume. Magic Eden had previously expanded into EVM-compatible chains, including Polygon, Base, and Avalanche (AVAX), but this experiment is now ending.

Lu confirmed that iGaming will be the company's primary focus going forward, building on the launch of Dicey in January - a crypto casino and sportsbook. Magic Eden also acquired mobile trading app Slingshot Finance last year, which was initially framed around meme coin trading across multiple chains.