Magic Eden, one of the most popular NFT marketplaces, is winding down its EVM and Bitcoin NFT markets to focus on gambling and NFT packs. CEO Jack Lu explained that 80% of costs were tied to products generating only 20% of revenue. The NFT market has taken a hit with its total market cap falling below $1.5 billion in early February, returning to levels not seen since before the 2021 boom. Magic Eden plans to return to its Solana roots and retain its most profitable products in crypto entertainment.
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