Magic Eden is winding down its support for Bitcoin and Ethereum-based NFT markets to concentrate on its online casino and sportsbook, Dicey. CEO Jack Lu announced the shift, citing a "massive opportunity" in iGaming and a strategic pivot to focus on profitable ventures.
The platform's closed beta for Dicey saw approximately 200 users wager over $15 million in just two months. Lu stated that 80% of the platform's costs were tied to products generating only 20% of its revenue, necessitating a refocus on its Solana roots and "deep on crypto entertainment."
This strategic change comes as the broader NFT market experiences a downturn, with several platforms announcing closures. Magic Eden will now exclusively focus on NFT packs, bundling random NFTs from various collections.