Magic Eden CEO says firm is positioned for a ‘speculation supercycle’, will launch Dicey

Magic Eden CEO and co-founder Jack Lu said the company is well positioned for a “supercycle” in which “finance merges with entertainment,” commenting on a recent boom in prediction markets and betting in a post to X on Monday. Lu wrote that “speculation is mainstream now” and that “prediction markets are all over Emmys and the news,” adding that “betting is the second fastest growing industry in the US after AI” and that sportsbook sponsorships and the convergence of hyper-casual games with real-money gaming are becoming pervasive.

Data from Dune Analytics showed prediction market trading volumes reached a record $814.2 million on Monday, up from a prior record of $701.7 million; Kalshi led trading volumes while Polymarket and Opinion also performed strongly. Lu confirmed Magic Eden will launch a new crypto casino and sportsbook platform called Dicey this quarter, describing it as a decentralized platform that incentivizes users to host games, place wagers and engage with friends.

Magic Eden also said 15% of all company revenue will flow back to ME token holders, split equally between ME buybacks and staking rewards paid in the USDC stablecoin; staking rewards will depend on how much ME is staked and for how long, with USDC rewards claimable monthly starting from March.

Key Topics

Crypto, Magic Eden, Jack Lu, Dicey, Me Token, Prediction Markets