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I just saw the news that MagicEden has completely shifted direction.
This major NFT platform has gradually shut down NFT markets on Ethereum, Bitcoin Runes, and Ordinals.
CEO Jack Lu said it's because these markets don't generate much profit, so they are no longer investing in them.
Instead, they will focus on their prediction market product Dicey.
A few weeks ago, these services started shutting down — the market stopped on 3/9, Bitcoin API was shut down on 3/27, crypto wallets ended on 4/1.
Actually, they only kept NFTPack because it is more profitable, while the rest are fully focused on crypto entertainment.
I think this strategy makes sense but is also a bit surprising because MagicEden was once a big name in NFTs.
I wonder if the prediction market can create a bright future for them.