Magic Eden will end support for its Ethereum and Bitcoin NFT marketplaces and redirect resources toward its on-chain casino platform, Dicey, according to statements from CEO and co-founder Jack Lu and reporting from Blockspace.
In a post on X, Lu wrote:
“It is clear we're entering a new era where finance and entertainment merge.” He added that the company is “incredibly bullish” on Dicey’s closed beta, which has run for two months with around 200 users wagering more than $15 million.
The company will discontinue support for its Ethereum Virtual Machine marketplace and its Bitcoin Runes and Ordinals marketplace on March 9. The Bitcoin API will shut down on March 27, and the Magic Eden Wallet will cease operations on April 1. The wallet will switch to withdrawals-only mode before the final shutdown, according to Blockspace.
Magic Eden will also end its NFT buyback program. Lu stated that the firm is “doubling down” on Dicey and cited a “massive opportunity” in iGaming.
Update on @MagicEden and @DiceyHQ:
— Jack (@0xLeoInRio) February 27, 2026
It is clear we're entering a new era where finance and entertainment merge. We are now 2 months into @DiceyHQ’s closed beta and are incredibly bullish on how things have developed (~200 users, >$15M wagered).
To give Dicey the focus it…
Cost structure drives strategic shift
Lu described the decision as a response to product economics.
“80% of our cost are tied to products generating only 20% of our revenue. By winding down these products, we're refocusing on our Solana roots and retaining our most profitable products, betting on deep on crypto entertainment, and positioning our products for long term growth.”
Magic Eden launched in September 2021 as a Solana-native NFT marketplace. During the 2021 and 2022 NFT expansion, it added support for Ethereum and Polygon, then expanded to additional EVM-compatible networks. The platform later integrated Bitcoin Ordinals and BRC-20 tokens into a unified multichain interface.
In January 2024, the company introduced a cross-chain wallet designed to simplify user interaction across networks. That wallet now falls within the list of products set for closure.
Going forward, Magic Eden will focus exclusively on NFT packs within the Solana ecosystem. NFT packs bundle random assets from various collections, similar to physical trading card packs.
Dicey beta shapes new direction
Dicey operates as an on-chain casino and plans to add a sportsbook. The model resembles blockchain gambling platforms such as Stake. The closed beta performance prompted the reallocation of talent and capital toward gambling infrastructure.
Lu stated that $ME remains central to the ecosystem across Magic Eden and Dicey. He wrote that the company will provide more clarity on how $ME integrates into Dicey as the roadmap develops. For now, he said the focus rests on execution, product-market fit, and go-to-market scaling for Dicey.
In January 2026, Lu referenced rising attention around prediction markets and signaled that the company intended to align with that trend. The Dicey platform is expected to launch in the first quarter of 2026.
Excited to announce increasing our revenues flowing into $ME today. 15% going into $ME, split across buybacks and USDC yield.
— Jack (@0xLeoInRio) January 19, 2026
Stepping back: we’re heading into a speculation supercycle — where finance merges with entertainment.
Prediction markets are all over Emmys and the… https://t.co/DyZ1HQQyTl
NFT market contraction adds pressure
The retrenchment follows a sustained slowdown in NFT activity. In early February, total NFT market capitalization fell below $1.5 billion, a level not seen since before the 2021 surge. Trading volumes across major marketplaces have contracted from peak levels, and some platforms have announced closures.
Magic Eden once competed with OpenSea at the height of the NFT boom. The current pivot marks a departure from the multichain marketplace strategy that defined its expansion phase.
Workforce and ecosystem implications
The operational wind-down implies internal restructuring. Teams that maintained EVM integrations, Bitcoin infrastructure, and wallet services will transition to new roles or projects aligned with Dicey. The shift underscores how revenue concentration shapes staffing and product allocation decisions in crypto firms.
The move also highlights a broader repositioning within digital asset businesses. NFT infrastructure no longer commands the same transaction volume or fee generation as during its expansion cycle. Gambling and prediction markets present a different risk profile and regulatory landscape.
Magic Eden’s leadership frames the pivot as a return to core strengths on Solana combined with a push into crypto-native entertainment. Lu wrote that the future of Magic Eden will be “simpler, faster, and fueled by our original home on Solana and the success of Dicey.”
The company’s roadmap now centers on casino and sportsbook functionality, token integration, and ecosystem design rather than multichain NFT aggregation. The coming months will test whether wagering activity can offset the contraction in NFT marketplace revenue.
Roman Zaika
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