Magic Eden Drops Bitcoin And Ethereum To Chase iGaming As NFT Trading Volume Collapses

At the time, Bitcoin-based assets accounted for roughly 70% of overall NFT market activity.

The company also expanded into EVM-compatible chains including Polygon, Base, and Avalanche (AVAX) as part of a bid for cross-chain dominance. That experiment is now ending.

Lu unveiled Dicey in January - a crypto casino and sportsbook - citing what he described as a "speculation supercycle." On Friday he confirmed the iGaming direction is the company's primary focus going forward. The company also acquired mobile trading app Slingshot Finance last year, a move initially framed around meme coin trading across multiple chains.

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Token and Funding Context

Magic Eden's ME token, used for platform rewards and governance, traded around $0.12 on Friday according to CoinGecko - down 97% from its $5.63 debut peak in December 2024. Lu said the company will discontinue NFT buybacks and plans to restructure how ME is used across its products.

Magic Eden has raised $140 million in total funding, including a $130 million Series B in 2022 that valued the firm at $1.6 billion, co-led by Greylock and Electric Capital.

Users holding Bitcoin Ordinals, Runes, or EVM-based assets in Magic Eden's wallet should withdraw before mid-March, when the wallet enters export-only mode ahead of full closure in early April.

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Kostiantyn Tsentsura is a Content Writer at Yellow.com with over 8 years of experience in crypto, dedicating the last 4 years to writing about the industry. Based in Kyiv, he’s passionate about football, fishing, and kayaking. When he’s not tracking market trends or exploring crypto news, you’ll find him on the water—because even in crypto, sometimes it’s best to just go with the flow.