Coinspeaker
Mar 2, 2026
4 0

BEARISH 📉 : Magic Eden Ends Bitcoin and EVM Support for Gambling Focus

Magic Eden Restructures Focus to Gambling Platform

  • Magic Eden will cease support for Bitcoin and EVM networks to focus on its gambling platform, Dicey.
  • The move marks a retreat from competing with multi-chain NFT marketplaces like OpenSea and Blur.
  • EVM and Bitcoin-based Runes and Ordinals marketplaces will close on March 9; Bitcoin API support ends March 27; multi-chain wallet operations end April 1.

Revenue Shifts Drive Strategy Change

  • Solana trading accounted for over 85% of Magic Eden's volume in late 2024, making other chains financially unsustainable.
  • Dicey's closed beta showed promise with over $15 million wagered by 200 users in two months.
  • The industry trend is shifting towards high-yield financial products over digital collectibles.

User Impact and Migration

  • Magic Eden's multi-chain wallet will enter "export-only" mode mid-March, urging users to migrate assets to alternatives like Phantom or MetaMask.
  • The exit from the Bitcoin ecosystem leaves a gap, affecting liquidity and forcing traders to less developed platforms.

Financialization of Entertainment

  • Magic Eden plans to launch a sportsbook akin to Stake, aligning with user interest in speculative wagering.
  • NFT operations will focus on NFT packs rather than open marketplace trading for non-Solana assets.

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