Magic Eden to shut down Bitcoin and EVM marketplaces, pivot to Solana and iGaming

Magic Eden is undergoing a significant strategic shift, discontinuing its Bitcoin and Ethereum Virtual Machine (EVM) marketplaces, as well as its multi-chain wallet. This decision follows a period of dominance in the Bitcoin Ordinals market, where the platform once controlled up to 80% of activity. CEO Jack Lu explained the move is due to a cost imbalance, with 80% of expenses supporting only 20% of revenue. The company will now concentrate on Solana-based assets, its crypto casino and sports betting platform, Dicey, and initiatives related to its $ME token. This restructuring reflects a bet on the future of crypto entertainment and token trading over multi-chain NFT marketplaces.

(Source：Crypto Briefing)