Magic Eden winds down EVM, Bitcoin NFT markets to focus on gambling

CoinTelegraph

by Brian Quarmby

March 2, 2026

AI-Generated Deep Dive Summary

Magic Eden, a prominent NFT marketplace built on Solana, is scaling back its operations in Ethereum (EVM) and Bitcoin-based NFT markets as it shifts focus to its online casino and sportsbook platform, Dicey. The company announced that support for EVM and Bitcoin-based marketplaces will end by March 9, followed by the retirement of its Bitcoin API on March 27 and crypto wallet services on April 1. CEO Jack Lu highlighted the decision in a post on X, stating that Magic Eden will cease its NFT buyback program and "double down" on Dicey due to the massive potential in iGaming, or online gambling. The move comes after an encouraging closed beta phase where approximately 200 users wagered $15 million in just two months. This success has convinced the company to prioritize its casino platform over its traditional NFT business. Lu emphasized that the iGaming sector presents a significant growth opportunity, aligning with Magic Eden's strategic pivot. Magic Eden's decision reflects a broader trend in the crypto space where companies are exploring new revenue streams beyond NFTs and DeFi. By focusing on gambling, Magic Eden aims to tap into a rapidly growing market that leverages blockchain technology for transparency, security, and seamless user experiences. The company’s shift underscores the evolving landscape of cryptocurrency applications, moving beyond traditional use cases like NFTs and toward more mainstream, consumer-facing services. For readers interested in crypto, this pivot highlights the potential for alternative applications within the blockchain ecosystem. While NFTs remain a key area of exploration, the success of platforms like Dicey demonstrates how cryptocurrencies can be integrated into everyday entertainment and financial transactions. Magic Eden's strategic reallocation of resources signals a broader industry shift toward diversification and innovation in crypto-driven services.

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Originally published on CoinTelegraph on 3/2/2026