Man, MagicEden is exiting the NFT markets on Ethereum, Bitcoin Runes, and Ordinals. They shut all of that down in March and are now betting everything on Dicey, their prediction market. Like, they left three different fronts at the same time to focus on a completely different business.

CEO Jack Lu explained that it's to pursue more profitable operations. It makes some sense, but it's also kind of risky to abandon the NFT markets they already dominated. They even canceled their NFT buyback program. They keep NFTPack, but the focus on predictions is clearly the new direction.

This strategic shift is pretty interesting. You're seeing a lot of people moving into prediction markets lately. Will it work out for them, or would it have been better to keep both businesses? I don’t know, only time will tell.