Magic Eden Ends EVM, Bitcoin NFT Sales to Focus on Gambling

What to Know

$15 million wagered by roughly 200 users during Dicey's two-month closed beta prompted Magic Eden's pivot to iGaming
EVM and Bitcoin Runes/Ordinals NFT support ends March 9, with the Bitcoin API closing March 27 and the crypto wallet shutting April 1
Magic Eden will keep only NFT packs going forward, scrapping its broader NFT buyback program entirely
The total NFT market cap fell below $1.5 billion in early February, dropping to pre-2021 levels amid a wider crypto downturn

Magic Eden, the Solana-based NFT marketplace, is shutting down its Ethereum Virtual Machine and Bitcoin NFT operations to redirect resources toward Dicey, its on-chain casino and sportsbook platform. CEO and co-founder Jack Lu announced on X that EVM and Bitcoin-based Runes and Ordinals marketplace support will end on March 9, the Bitcoin API on March 27, and the crypto wallet on April 1.

Why Is Magic Eden Abandoning NFTs?

Weak revenue forced the shift. Lu said most of the Magic Eden NFT marketplace products were not contributing meaningfully to income, pushing the team toward higher-growth verticals. Going forward, the platform will exclusively offer NFT packs, which bundle randomized collectibles from multiple collections like physical trading card packs.

The company is also ending its NFT buyback program. Lu described the pivot as "doubling down" on Dicey, calling iGaming a "massive opportunity." He added that he was "incredibly bullish" on the early traction from its closed beta.

It is clear we're entering a new era where finance and entertainment merge.
— Jack Lu, CEO and Co-Founder, Magic Eden

Dicey Casino Shows Strong Beta Results

Dicey's two-month closed beta attracted roughly 200 users who collectively wagered over $15 million, according to Lu. The on-chain casino plans to launch a full sportsbook, following a model similar to established crypto iGaming platforms such as Stake.

Those early figures convinced leadership that entertainment-driven blockchain products hold greater commercial potential than declining NFT trading volumes.

Broader NFT Market Continues to Shrink

Magic Eden's retreat mirrors a sector-wide downturn. The total NFT market cap slid below $1.5 billion in early February 2026, erasing gains accumulated since the 2021 boom.

Other major platforms have already folded. Nifty Gateway announced its complete shutdown in January 2026, underscoring how sharply demand for non-fungible tokens has dropped amid a broader crypto market downturn.

What Does This Mean for NFT Holders?

The timeline is tight for collectors. EVM and Bitcoin marketplace support disappears on March 9, giving holders barely a week to manage their positions. Lu is betting that on-chain casinos can generate the recurring revenue that NFT trading fees no longer deliver.

With Dicey recording $15 million in wagers from just 200 beta users, Magic Eden's pivot signals a broader industry shift where gambling products absorb capital once directed at NFT marketplaces.