Bitcoin NFTs Axed By Magic Eden In Strategic Gambling Pivot

A well-known Solana NFT marketplace that once pushed hard into Bitcoin and other chains has quietly started to shrink its footprint.

Reports say the shift will be fast and clear: several services will stop working in March and April as the company focuses where it thinks the money is.

Magic Eden Pulls Back To Solana

The change is not small. Support for EVM and Bitcoin Ordinals and Runes is being wound down on March 9th, with the Bitcoin API shutting on March 27 and the platform’s self-custody wallet set to go fully offline on April 1.

Reports note that the marketplace will keep Solana support and some Pack products, but many cross-chain tools will disappear. Users have been told to move assets or export keys before the cutoff dates to avoid losing access.

Why This Happened

Costs and returns drove the move. According to posts from company leadership, most engineering and infrastructure costs were tied to products that brought in only a fraction of the revenue.

In plain terms: a lot of work for little money. That math pushed a rethink about where to spend limited resources. One part of the business is being doubled down on: an on-chain casino called Dicey that ran a closed beta earlier this year and drew heavy betting volume.

Dicey’s trial phase attracted around 200 users who placed roughly $15,000,000 in wagers over two months. Reports say that number convinced management the product could make stronger returns than the quieter NFT markets the company had been supporting.

The casino plans to add a sportsbook and other betting features, and the firm argues betting could be a steadier source of fees than low-volume NFT listings.

The broader NFT market has been weak for months, and this shutdown is one of several signs that platforms are trimming offerings. Some collectors and builders will be annoyed, since tools and markets they used are being removed.

Others will see the move as pragmatic — a firm choosing fewer products it understands well over many it does not. Coverage from industry outlets picked up the story quickly once leadership posted details on social channels.

Jack Lu wrote that the company was refocusing on its original Solana work and on products with clearer paths to revenue.

He described the closed beta’s results as “encouraging” and said the company will stop its NFT buyback program to free up resources for the betting product.

Featured image from www.outsideonline.com, chart from TradingView