Solana-based nonfungible token (NFT) market Magic Eden is winding down its help for Bitcoin and Ethereum because it plans to double down on its upcoming on-line on line casino and sportsbook, Dicey.
Magic Eden CEO and co-founder Jack Lu mentioned in an X post on Friday that it’s winding down help for its Ethereum Digital Machine and Bitcoin-based Runes and Ordinals marketplaces on March 9, adopted by its Bitcoin API on March 27, and its crypto pockets on April 1.
He added that the platform will finish its NFT buyback program and could be “doubling down” on Dicey, with Lu saying there’s a “huge alternative” in iGaming, or on-line playing.
“It’s clear we’re coming into a brand new period the place finance and leisure merge,” Lu mentioned, including he was “extremely bullish” on Dicey’s two-month-old closed beta, which has seen 200 customers wager over $15 million.
Dicey provides an on-chain on line casino and plans to launch a sportsbook in a similar way to blockchain gambling websites akin to Stake.
Magic Eden reducing NFTs to streamline towards playing
The adjustments see Magic Eden, as soon as probably the most in style NFT marketplaces, considerably reduce its concentrate on NFTs.
Lu mentioned the platform will “solely” concentrate on NFT packs, which bundle random NFTs from varied collections, just like bodily buying and selling card packs.
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Lu mentioned the shift was finally all the way down to many of the platform’s merchandise not contributing considerably to revenues.
“80% of our value are tied to merchandise producing solely 20% of our income. By winding down these merchandise, we’re refocusing on our Solana roots [and] retaining our most worthwhile merchandise, betting on deep on crypto leisure, and positioning our merchandise for long run development.”
The NFT market has been impacted considerably amid a broader crypto market downturn over the previous few months, with massive names akin to Nifty Gateway announcing in January that it was shutting down.
In early February, the entire NFT market had retraced to ranges not seen since earlier than the market boomed in 2021, falling beneath a $1.5 billion market cap.
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