Magic Eden Exits Ethereum and Bitcoin NFTs, Focuses on iGaming

TLDR

• Magic Eden shuts Ethereum & Bitcoin NFT ops to focus on Dicey casino.

• Solana NFT packs remain as platform cuts low-performing blockchain support.

• Bitcoin NFT users lose API & wallet access by April 1.

• Dicey closed beta sees $15M wagered, fueling crypto iGaming focus.

• Strategy shifts to sustainable revenue & engaging blockchain gaming.

Magic Eden is ending its Ethereum and Bitcoin NFT operations to concentrate on its online casino platform, Dicey. The company will shut down support for EVM and Bitcoin marketplaces on March 9. In addition, its Bitcoin API will close on March 27, and the Magic Eden Wallet will be discontinued on April 1.

The platform plans to retain NFT packs, which bundle random NFTs like collectible trading cards. Management said this change allows the company to focus on profitable products while streamlining operations. The decision follows a broader downturn in the NFT market, which fell below $1.5 billion in February. Trading volumes have dropped since the 2021 NFT boom, prompting Magic Eden to rethink its business model. The company will now focus on products that align with its Solana roots.

Scaling Back Ethereum NFT Operations

Magic Eden will end support for Ethereum-based NFTs, removing features linked to EVM compatibility. This closure affects trading, listing, and other platform services for Ethereum NFTs. The company said the move helps allocate resources to its core offerings, including NFT packs and iGaming.

Ethereum operations contributed minimally to Magic Eden’s revenue while incurring significant operational costs. Management reported that roughly 80% of costs came from products generating only 20% of revenue. Reducing Ethereum support allows the platform to focus on high-performing areas and long-term growth.

The platform will continue NFT-related initiatives on Solana while ending EVM support. Magic Eden aims to maintain user engagement through collectible packs and other targeted features. This strategy prioritizes efficiency and revenue sustainability over broad blockchain support.

Exiting Bitcoin NFTs and Runes Marketplaces

Magic Eden will also wind down Bitcoin NFT marketplaces, including Ordinals and Runes, on March 9. The Bitcoin API will be decommissioned later in March, ending all platform support. The Magic Eden Wallet will be retired on April 1 as part of this transition.

The move reflects low adoption and high maintenance costs of Bitcoin NFT products. By focusing on Dicey and NFT packs, Magic Eden redirects capital toward scalable offerings. This step strengthens its position in the emerging crypto entertainment sector.

Bitcoin NFT users will need alternative platforms to trade or store assets. Magic Eden emphasizes retaining profitable services while cutting non-performing segments. The company’s strategic pivot aligns with current market realities and user trends.

Betting on Dicey and Crypto iGaming

Magic Eden plans to expand Dicey, an on-chain casino, and introduce a sportsbook for crypto-based betting. During a two-month closed beta, around 200 users wagered over $15 million. The platform combines entertainment and finance, offering a new growth avenue for Magic Eden.

The company views crypto gaming as a long-term opportunity amid declining NFT revenues. Dicey represents Magic Eden’s shift toward crypto entertainment, integrating gaming, wagering, and blockchain mechanics. The platform aims to attract users seeking both digital assets and online gaming experiences.

Magic Eden expects Dicey to drive engagement while maintaining ME token utility across products. NFT packs will remain, but most resources will focus on iGaming development. The strategy reflects the company’s commitment to sustainable revenue and innovative blockchain applications

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