Magic Eden Shifts Focus From NFTs to Casino Platform
Cointelegraph
Magic Eden is prioritizing its casino platform, Dicey, by scaling back NFT operations due to low revenue contribution.Summary
Magic Eden, a Solana-based NFT marketplace, is shifting its focus from NFTs to its online casino and sportsbook platform, Dicey. CEO Jack Lu announced the end of support for Ethereum and Bitcoin NFT operations, along with related services, by April 1st. This decision follows a successful closed beta for Dicey, which saw $15 million wagered by 200 users in two months. Lu believes there's a “massive opportunity” in iGaming and that finance and entertainment are merging. The platform will now focus exclusively on NFT packs and streamline operations, as 80% of costs were tied to products generating only 20% of revenue. This move comes amid a downturn in the NFT market, with the total market cap falling below $1.5 billion.
(Source：Cointelegraph)