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MagicEden is pulling out of the NFT business, which is quite a significant move. They plan to gradually phase out support for Ethereum and Bitcoin markets. Starting from March 9th, the API will be discontinued on March 27th, and wallet services will end on April 1st, and this process is already underway.
CEO Jack Lu is essentially saying that they will stop the NFT buyback program and instead shift management resources to the predictive markets "Dicey" and "NFTPack." From an NFT news perspective, it seems like they are reevaluating the overall profitability of the platform. Since low-profit products were costing too much, they are focusing on more profitable businesses.
They are likely shifting their focus to entertainment-related crypto businesses. The NFT marketplace is highly competitive, and while a strategic pivot makes sense, ending support might be inconvenient for users.