Magic Eden Abandons Ethereum & Bitcoin NFTs to Pursue Crypto Casino Ventures

TLDR

• Magic Eden discontinues Ethereum & Bitcoin NFT marketplaces for Dicey casino expansion.

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

• Bitcoin NFT traders will lose API & wallet functionality by April 1.

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

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

Magic Eden has announced the termination of its Ethereum and Bitcoin NFT marketplace operations, redirecting its focus toward Dicey, its cryptocurrency-powered casino platform. The marketplace will cease EVM and Bitcoin support on March 9. Additionally, the Bitcoin API service closes March 27, while the Magic Eden Wallet faces shutdown on April 1.

NFT packs—which offer bundled random NFTs similar to traditional trading card packs—will continue operating. Leadership indicated this restructuring enables concentrated investment in high-revenue products while optimizing operational efficiency. This strategic pivot comes as NFT market valuations plummeted below $1.5 billion in February. With trading activity declining significantly since the 2021 peak, Magic Eden is recalibrating its business approach to emphasize Solana-native offerings.

Discontinuing Ethereum NFT Services

Magic Eden is terminating all Ethereum NFT functionality, eliminating EVM-compatible features from its platform. This shutdown impacts trading capabilities, listing services, and related marketplace functions for Ethereum-based digital collectibles. Company officials stated this consolidation enables better resource allocation toward core products like NFT packs and iGaming ventures.

Ethereum marketplace operations generated minimal revenue while demanding substantial infrastructure investment. Leadership revealed approximately 80% of operational expenses originated from services producing merely 20% of total revenue. Eliminating Ethereum support allows concentrated development on high-performing segments and sustainable expansion initiatives.

While discontinuing EVM compatibility, the platform continues Solana-based NFT activities. Magic Eden seeks to preserve customer engagement through collectible packs and specialized features. This approach emphasizes operational efficiency and revenue stability over maintaining extensive multi-chain infrastructure.

Shutting Down Bitcoin NFT Trading Platforms

Magic Eden is closing its Bitcoin NFT marketplaces, encompassing Ordinals and Runes trading, effective March 9. The Bitcoin API infrastructure will be deactivated later in March, completing platform withdrawal. The proprietary Magic Eden Wallet undergoes retirement April 1 as part of this organizational transition.

This decision reflects minimal user adoption combined with substantial maintenance expenses for Bitcoin NFT services. Concentrating resources on Dicey and NFT packs enables capital reallocation toward scalable products. This consolidation reinforces the company’s competitive position within the evolving crypto entertainment industry.

Bitcoin NFT holders must migrate to alternative platforms for trading and storage requirements. Magic Eden emphasizes preserving profitable service lines while eliminating underperforming divisions. The strategic realignment corresponds with prevailing market conditions and consumption patterns.

Expanding Dicey Crypto Casino Operations

Magic Eden intends to scale Dicey, its blockchain-based casino, alongside launching a cryptocurrency sportsbook for betting activities. Throughout a two-month limited beta period, approximately 200 participants placed wagers exceeding $15 million. This platform merges entertainment with financial technology, establishing a fresh growth trajectory for Magic Eden.

Management perceives crypto gaming as a strategic long-term opportunity amid diminishing NFT marketplace revenues. Dicey embodies Magic Eden’s transition toward crypto-powered entertainment, integrating gaming mechanics, wagering systems, and blockchain technology. The service targets users interested in both digital asset ownership and online gaming experiences.

Magic Eden anticipates Dicey will enhance user engagement while preserving ME token functionality throughout its product ecosystem. NFT packs continue operating, though primary resources shift toward iGaming infrastructure development. This strategy demonstrates the organization’s dedication to generating sustainable income through innovative blockchain implementations.

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