Magical Eden approximately to make big on supercycle
Magic Eden CEO and co-founder Jack Lu says the crypto industry is entering a “speculation supercycle,” with prediction markets and betting platforms merging finance with entertainment.
“Imagination is now the main. And magic Eden is being built for this world,” said Lu on Monday at X.
“Speculation markets are all over the Emmys and the news. Betting is the second fastest growing industry in the US behind AI. Sports book sponsorships are on everyone's favorite sports broadcasts. Top casual games + real money games are converging.”
Lu's comments showed that forecast market trading volume hit a record $814.2 million on Monday, breaking the previous record of $701.7 million on Monday, according to Dunn Analytics data.
Kalshi continues to lead trading volumes in the Politics, Finance, Sports and Entertainment markets, while Polymarket and Opinion are strong performers.
Magic Eden to get a big advantage over the guesswork
In the same post, Lu confirmed that the new crypto casino and sportsbook platform will launch in December this quarter. The platform is designed to allow users to host and play games in a decentralized environment, according to the company.
Earlier Monday, Magic Eden tokenholders also said it would slow down any new initiatives.
A total of 15% of Magic Eden's revenue will be allocated to ME (ME) token holders, the company said.
This revenue is split equally between ME purchases and deposit rewards, paid in USDC stotcoin.
Earnings from shares will depend on how much ME owns and for how long, monthly USDC awards may be claimed starting in March.
The NFT industry struggles to bounce back
The announcement comes after the NFT market value fell by 68% from $7.95 billion to $2.5 billion by 2025, CoinGecko data shows.
Organizers of the NFT Paris conference said market slowdowns contributed to the cancellation of the event this year.
We couldn't pull it off this year, despite significant cost cutting and months of trying to make it work.
RELATED: Animoka to buy Somone as NFT market rebounds in early 2026
Lou Magic Eden has plans to expand beyond NFTs as speculative-led products gain mainstream traction.
The NFT market is off to a strong start in 2026, with NFT market capitalization returning to over $3 billion, up 28% in the first 20 days.
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