Magic Eden to scale down NFT business, focus on casino platform

NFT marketplace Magic Eden is scaling down its NFT business to shift resources and personnel to its casino platform, Dicey, Cointelegraph reported. CoinNess previously reported that Magic Eden planned to halt operations for its Bitcoin and EVM-based NFT marketplaces, Bitcoin API, and crypto wallet services. In connection with the move, Magic Eden CEO Jack Lu said the company is discontinuing its NFT buyback program to invest heavily in Dicey. He noted there is a huge opportunity in the online gambling market, stressing that 80% of the company's expenses are currently dedicated to its NFT business, which generates only 20% of its revenue. Lu added that these products will be phased out to maintain the more profitable ones.