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MagicEden is making a serious shift in its strategy. They are discontinuing support for NFTs on Ethereum and Bitcoin Runes/Ordinals, and redirecting all resources to their prediction market Dicey. The CEO explained that most expenses were going toward unprofitable products, so they will focus on more profitable areas.
The discontinuation process has already begun — markets will close gradually, the API will be turned off, and wallets will cease operation. The company is also shutting down its NFT buyback program. Interestingly, they are keeping NFTPack, but are clearly betting on crypto entertainment and prediction markets.
Frankly, this is a big move. Previously, MagicEden was on multiple blockchains, and now it’s focusing on Solana and its new direction. Whether this saves the platform or is a risky move — we’ll see.