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Magic Eden is shifting resources from NFTs to its casino platform Dicey, after a closed beta saw $15 million wagered by around 200 users in two months.Solana-based non-fungible token marketplace Magic Eden is scaling back its Ethereum and Bitcoin NFT operations as it pivots toward its online casino and sportsbook platform, Dicey.
in a post on X that support for Ethereum Virtual Machine and Bitcoin-based Runes and Ordinals marketplaces will end on March 9, followed by its Bitcoin API on March 27 and its crypto wallet on April 1. He added that the platform will end its NFT buyback program and would be “doubling down” on Dicey, with Lu saying there is a “massive opportunity” in iGaming, or online gambling. “It is clear we're entering a new era where finance and entertainment merge,” Lu said, adding he was “incredibly bullish” on Dicey’s two-month-old closed beta, which has seen 200 users wager over $15 million.The changes see Magic Eden, once one of the most popular NFT marketplaces, significantly scale back its focus on NFTs. Lu said the platform will “exclusively” focus on NFT packs, which bundle random NFTs from various collections, similar to physical trading card packs.“80% of our cost are tied to products generating only 20% of our revenue. By winding down these products, we're refocusing on our Solana roots retaining our most profitable products, betting on deep on crypto entertainment, and positioning our products for long term growth.” The NFT market has been significantly impacted amid a broader crypto market downturn over the past few months, with major players such as Nifty GatewayAI won’t make you rich but crypto games might, Axie founder steps down: Web3 Gamer Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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