Magic Eden Winds Down on NFTs to Focus on its New Gambling Platform

 

Solana-based non-fungible token (NFT) marketplace, Magic Eden, is winding down its Ethereum and Bitcoin NFT operations to focus on its online casino platform, Dicey.

 

According to an X post made by its CEO and co-founder, Jack Lu, support for Ethereum Virtual Machine (EVM) and Bitcoin-based Runes and Ordinal marketplaces will end on March 9. It will also be winding down support for its Bitcoin API by March 7 and its crypto wallet by April 1.

 

 

But, why this move?

 

Despite Magic Eden having several products that are very popular, these products have contributed very little to Magic Eden's overall revenue. Hence, the reason for its refocusing. According to Jack, there is a massive opportunity in iGaming. 

 

 

What is Dicey? 

Dicey is a crypto-powered online casino and gambling platform that allows users to bet using cryptocurrency. Since it is built on the Solana blockchain, transactions and outcomes are transparent and verifiable on-chain.

 

To ensure no user is left out, the team is focusing not only on casino-style games but also on adding a "sportsbook," a feature common in established gambling platforms like Stake, which allows users to bet on sports and other non-casino-style games.

 

Although the platform is still undergoing a closed beta test, the results have been incredible. Within a span of two months, approximately 200 users have placed bets totaling over $15 million, prompting the team to focus more on it, given its potential for success.

 

 

Are NFTs Losing it? 

The NFT market has gone through a series of rough patches, with its hype and trading volume steadily declining over the last few years.

 

To illustrate, in 2021, the global NFT trading volume hit $24-25 billion. That year saw several NFT collections receive massive hype, with many high-profile collections like CryptoPunks and Bored Ape Yacht Club being launched.

 

However, this hype and boom has steadily declined over the years, with the annual NFT trading volume falling to roughly $5-6 billion, a 76-79% drop from its 2021 peak.

 

Due to this significant decline, many NFT companies have had to shut down. 

 

Early this year, Nifty Gateway, one of the earliest and major NFT marketplaces, announced its plans to shut down. The reason? The NFT market downturn. In 2022, X2Y2, one of the most notable NFT trading platforms, also shut down, citing a ~90% drop in user activity.

 

While some NFT companies have had to shut down and pack up, others have taken steps similar to Magic Eden, re-strategizing. For example, in late 2025, OpenSea re-strategized, shifting from being a traditional NFT marketplace to focusing on broader crypto trading.