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I just found out that MagicEden is making a major shift in its strategy. Basically, they are abandoning NFT markets on Ethereum and Bitcoin — including the runes and ordinals that became popular — to focus on their prediction platform Dicey. Jack Lu, the CEO, mentioned that most of the operational costs go into products that don’t generate much revenue, so they decided to focus on what really works.
The details: the rune markets on Bitcoin and everything related to Ethereum will stop operating starting March 9, the Bitcoin API will close on March 27, and wallet services will go offline on April 1. Basically, they are cleaning the platform of unprofitable features. They will keep NFTPack because it does generate profits, but everything else is being phased out.
I don’t know, it’s interesting to see how these projects have to adjust their direction. It seems they are betting more on crypto entertainment than on being a traditional NFT marketplace. What do you think about this move?