Magic Eden Abandons Multi-Chain Support, Focuses on Gambling Platform

Magic Eden, a prominent NFT marketplace, is shifting its focus from multi-chain support to its new gambling platform, Dicey. The company will discontinue marketplaces for Bitcoin-based assets and Ethereum Virtual Machine (EVM) networks by March 9, and scale back non-Solana NFT operations. This strategic retreat marks a significant contraction for Magic Eden.

The decision appears driven by stark revenue disparities, with Solana-based trading accounting for over 85% of the platform's total volume in late 2024. The cost of maintaining infrastructure for low-margin, low-volume chains became untenable, leading to the abandonment of multi-chain support.

Magic Eden's new gambling initiative, Dicey, has shown immediate financial promise during a two-month closed beta period, with approximately 200 users wagering over $15 million. The company plans to 'double down' on the iGaming and online gambling sectors, where it sees a 'massive opportunity.'

The shutdown timeline presents logistical challenges for users holding assets in Magic Eden's proprietary multi-chain wallet. The company has advised users to migrate assets to chain-specific alternatives to avoid loss of access.