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I saw this news and thought about it for a bit... MagicEden decided to abandon NFT marketplaces on Ethereum and Bitcoin entirely! I mean, they used to focus on all networks, but it seems the project wasn't profitable enough.
What's interesting is that the company decided to concentrate all its energy on their Dicey prediction market instead of spreading out in places that don't generate revenue. Jack Lu said that most of the costs were going toward products that don't contribute significantly to income, so they decided to focus on things that actually make money.
The shutdown started on March 9, and the Bitcoin API was closed on March 27, with wallet services ending on April 1. The point that caught my attention is that they didn't shut everything down... the NFTPack for entertainment is still around because it's generating revenue. So, in the end, companies focus on what works and don't waste time on losing ventures. Is this the right decision or the wrong one?