Magic Eden, a Solana-based NFT marketplace, announced it will gradually exit its Ethereum Virtual Machine (EVM) and Bitcoin NFT businesses, fully redirecting resources toward its online casino and sports betting platform Dicey. Founder and CEO Jack Lu revealed that during the two-month closed beta, about 200 users wagered over $15 million.
Strategic Shift: Business Restructuring Under the 80/20 Rule
Magic Eden’s transformation was not a hasty decision but based on a business analysis of cost-benefit imbalance. Jack Lu announced the following timeline for the shutdown:
Complete Timeline for Magic Eden’s Business Adjustment
March 9: Stop supporting EVM and Bitcoin Runes and Ordinals markets
March 27: Cease support for Bitcoin API
April 1: Discontinue support for crypto wallet services
Immediate: Terminate NFT buyback program
Remaining Business: Solana NFT marketplace and “NFT Packs” (bundled random NFTs of various collectibles, similar to physical trading card packs)
Jack Lu candidly stated: “By gradually shutting down these products, we will refocus on Solana’s original mission, retain the most profitable products, heavily invest in crypto entertainment, and prepare for long-term growth.”
The overall downturn in the NFT market also accelerated this decision. Competitor Nifty Gateway announced closure in January, and over the past few months, the entire NFT sector has been severely impacted by the broader crypto market downturn. Magic Eden’s adjustments reflect the industry’s widespread difficulties.
Dicey’s Gambling Ambitions: Full Focus on the iGaming Sector
Dicey plans to offer on-chain casino services and launch sports betting similar to blockchain gambling sites like Stake, positioning itself as an iGaming platform with native crypto attributes. Jack Lu said, “It’s clear we are entering a new era where finance and entertainment merge.” He pointed out that the iGaming sector presents “huge opportunities,” and Magic Eden aims to seize an early lead in this new market.
The two-month closed beta of Dicey provided confidence for this shift—around 200 users wagered over $15 million, demonstrating significant early demand.
Industry observers see this transformation as Magic Eden shifting from one of the leading NFT marketplaces to an emerging player in iGaming. Whether it can replicate its brand value in the more regulated and competitive online gambling space remains a core challenge for Dicey.
Frequently Asked Questions
Why is Magic Eden shutting down the EVM and Bitcoin NFT markets?
CEO Jack Lu explained that 80% of operating costs are associated with products that contribute only 20% of revenue. The severe cost-benefit imbalance prompted the company to concentrate resources on the most profitable areas. Coupled with the overall NFT market downturn and the closure of several competing platforms, this decision was further reinforced.
What is Dicey, and why is Magic Eden betting on gambling?
Dicey is Magic Eden’s on-chain casino and sports betting platform, similar to blockchain gambling sites like Stake. The company sees huge opportunities in the iGaming sector, and the early beta—where about 200 users wagered over $15 million—validated early market demand, prompting a major resource shift toward this sector.
Is Magic Eden completely exiting the NFT business?
Not entirely. The company is significantly downsizing. It is ending EVM and Bitcoin-related NFT operations but retaining the Solana NFT marketplace and shifting toward “NFT Packs”—bundled random NFTs of various collectibles, similar to physical trading card packs.
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