Magic Eden Abandons Ethereum and Bitcoin NFTs to Pursue Casino Gaming

TLDR

• Magic Eden discontinues Ethereum & Bitcoin NFT marketplaces, pivoting to Dicey casino platform.

• Platform maintains Solana NFT packs while eliminating underperforming blockchain integrations.

• Bitcoin NFT traders will lose API & wallet functionality by early April.

• Dicey’s closed beta generated over $15M in wagers, driving iGaming strategy.

• Company pivots toward profitable revenue streams & blockchain gaming experiences.

The NFT marketplace Magic Eden has announced it will discontinue support for Ethereum and Bitcoin NFT trading to prioritize Dicey, its crypto casino platform. Support for EVM and Bitcoin-based marketplaces will cease on March 9. Subsequently, the Bitcoin API will be terminated on March 27, with the Magic Eden Wallet shutting down completely by April 1.

NFT packs—collections of randomized NFTs similar to physical trading card packs—will continue as one of the platform’s remaining offerings. Company leadership indicated this restructuring enables concentration on revenue-generating products while eliminating operational redundancies. The strategic realignment comes as NFT market valuations dipped below $1.5 billion in February. Since the 2021 NFT market peak, trading activity has declined substantially, forcing Magic Eden to reevaluate its strategic direction. Moving forward, the platform will emphasize products that complement its Solana-based foundation.

Scaling Back Ethereum NFT Operations

The platform will terminate all Ethereum NFT functionality, eliminating features associated with EVM chain compatibility. This shutdown impacts trading capabilities, listing functions, and associated marketplace services for Ethereum-based digital collectibles. According to the company, this consolidation enables better resource distribution toward priority offerings like NFT packs and iGaming ventures.

Ethereum-focused operations delivered minimal revenue contribution while demanding substantial operational expenditures. Leadership disclosed that approximately 80% of operational expenses originated from product segments producing just 20% of total revenue. Eliminating Ethereum integration allows the company to emphasize high-performance segments and pursue sustainable expansion.

While discontinuing EVM compatibility, the platform will maintain NFT-focused offerings on Solana. Magic Eden intends to sustain user activity through collectible pack releases and specialized features. This approach emphasizes operational efficiency and revenue generation over extensive multi-chain presence.

Exiting Bitcoin NFTs and Runes Marketplaces

Magic Eden will simultaneously discontinue Bitcoin NFT trading platforms, encompassing both Ordinals and Runes marketplaces, effective March 9. The Bitcoin-focused API infrastructure will be shut down later that month, eliminating all associated platform functionality. The proprietary Magic Eden Wallet will be permanently discontinued on April 1 as this transition concludes.

This withdrawal addresses minimal user adoption and substantial maintenance requirements for Bitcoin NFT offerings. By channeling resources toward Dicey and NFT pack products, Magic Eden redirects investment toward solutions with greater scalability potential. This consolidation enhances the company’s competitive positioning within the developing crypto entertainment landscape.

Users currently trading Bitcoin NFTs must migrate to alternative marketplace platforms for continued asset management. Magic Eden’s priority remains preserving revenue-positive services while eliminating underperforming product lines. The strategic transformation acknowledges current marketplace conditions and evolving user preferences.

Betting on Dicey and Crypto iGaming

The company’s future roadmap centers on expanding Dicey, its blockchain-based casino, alongside launching a cryptocurrency sportsbook for wagering activities. Throughout a two-month limited-access beta period, approximately 200 participants placed over $15 million in total wagers. This platform merges entertainment with financial services, establishing a fresh growth trajectory for Magic Eden.

Leadership views crypto gaming as a sustainable long-term opportunity given diminishing NFT marketplace revenues. Dicey exemplifies Magic Eden’s transformation toward crypto-based entertainment, blending gaming mechanics, betting functionality, and blockchain technology. The platform targets users interested in both digital asset ownership and online gaming participation.

Magic Eden anticipates Dicey will stimulate user engagement while preserving ME token functionality throughout its product ecosystem. NFT packs will persist as an offering, though primary resource allocation will support iGaming platform development. This strategic direction demonstrates the organization’s dedication to revenue sustainability and pioneering blockchain implementations