Magic Eden CEO and co-founder Jack Lu says his company will be well-positioned for the “supercycle” that sees “finance merge with entertainment” amid a recent boom in prediction markets and betting.
“Speculation is now mainstream. And Magic Eden is building for this world,” Lu wrote to X on Monday.
“Prediction markets are everywhere at the Emmys and in the news. Betting is the fastest growing industry in the US after AI. Sportsbook sponsorships are everywhere on everyone’s favorite sports broadcasts. Hyper-casual gaming and real money gaming are converging.”
Lu’s comments come as prediction markets trading volumes hit a record $814.2 million on Monday, breaking the previous record of $701.7 million last Monday, data from Dune Analytics showed.
Daily trading volume on prediction markets since September 2024. Source: Dune Analytics
Kalshi continues to lead trading volumes in the politics, finance, sports and entertainment markets, while Polymarket and Opinion are also performing strongly.
Magic Eden to profit from speculation
In the same post, Lu confirmed that his new crypto casino and sportsbook platform Dicey will launch this quarter. The platform encourages users to host games, place bets and interact with friends in a decentralized environment.
Earlier on Monday, Magic Eden said token holders will also get a share of any new initiatives.
In total, 15% of all Magic Eden revenue streams will go back to Magic Eden (ME) token holders, the company said.
These earnings are split equally between ME buyback and strike rewards, paid out in the USDC (USDC) stable coin.
Staking returns will be based on how much ME is staked and for how long USDC rewards that are payable monthly from March.
NFT The industry is struggling to recover
The announcements come after the NFT its market capitalization fell 68% from $7.95 billion to $2.5 billion in 2025, CoinGecko data shows.
Organizers of the NFT The Paris conference said the market downturn contributed to the cancellation of this year’s event.
“Despite drastic cost cuts and months of trying to make it happen, we weren’t able to do it this year.”
Related: Animoca buys Somo as NFT market will recover in early 2026
Despite the industry’s troubles, Lu said Magic Eden maintained “healthy market activity,” generating about $24 million in revenue during the year.
The NFT market is off to a strong start in 2026, with the NFT market capitalization back to over $3 billion, up 28% over the first 20 days.
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