2 hours ago
Magic Edin is shifting resources from NFTs to its casino level Dicey, arsenic a closed beta saw $15 cardinal wagered by astir 200 users successful 2 months.
Solana-based nonfungible token (NFT) marketplace Magic Eden is winding down its enactment for Bitcoin and Ethereum arsenic it plans to treble down connected its upcoming online casino and sportsbook, Dicey.
Magic Eden CEO and co-founder Jack Lu said successful an X post connected Friday that it is winding down enactment for its Ethereum Virtual Machine and Bitcoin-based Runes and Ordinals marketplaces connected March 9, followed by its Bitcoin API connected March 27, and its crypto wallet connected April 1.
He added that the level volition extremity its NFT buyback programme and would beryllium “doubling down” connected Dicey, with Lu saying determination is simply a “massive opportunity” successful iGaming, oregon online gambling.
“It is wide we're entering a caller epoch wherever concern and amusement merge,” Lu said, adding helium was “incredibly bullish” connected Dicey’s two-month-old closed beta, which has seen 200 users wager implicit $15 million.
Source: Jack Lu Dicey offers an on-chain casino and plans to motorboat a sportsbook successful a akin manner to blockchain gambling sites specified arsenic Stake.
Magic Eden cutting NFTs to streamline toward gambling
The changes spot Magic Eden, erstwhile 1 of the astir fashionable NFT marketplaces, importantly standard backmost its absorption connected NFTs.
Lu said the level volition “exclusively” absorption connected NFT packs, which bundle random NFTs from assorted collections, akin to carnal trading paper packs.
Related: Logan Paul sells Pokémon paper for $16.5M, years aft fractional NFT row
Lu said the displacement was yet down to astir of the platform’s products not contributing importantly to revenues.
“80% of our outgo are tied to products generating lone 20% of our revenue. By winding down these products, we're refocusing connected our Solana roots [and] retaining our astir profitable products, betting connected heavy connected crypto entertainment, and positioning our products for agelong word growth.”The NFT marketplace has been impacted importantly amid a broader crypto marketplace downturn implicit the past fewer months, with large names specified arsenic Nifty Gateway announcing successful January that it was shutting down.
In aboriginal February, the full NFT marketplace had retraced to levels not seen since earlier the marketplace boomed successful 2021, falling beneath a $1.5 cardinal marketplace cap.
Magazine: AI won’t marque you affluent but crypto games might, Axie laminitis steps down: Web3 Gamer
Cointelegraph is committed to independent, transparent journalism. This quality nonfiction is produced successful accordance with Cointelegraph’s Editorial Policy and aims to supply close and timely information. Readers are encouraged to verify accusation independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
English (US) 