Magic Eden Acquires Slingshot to Expand Beyond NFTs and Simplify Multi-Chain Crypto Trading
Magic Eden is taking a significant leap beyond its NFT roots by acquiring Slingshot, a crypto trading app that allows users to manage and trade assets across multiple blockchains with ease.
Slingshot’s platform simplifies the trading experience by enabling token swaps from a single, unified USDC balance. This removes common user pain points like setting up multiple wallets, bridging assets between chains, and handling gas fees—expanding Magic Eden’s reach beyond Solana to ecosystems like Ethereum and Bitcoin.
“This acquisition marks a major milestone in our journey to build a seamless and secure experience for trading crypto and digital assets across all chains,” said Magic Eden CEO and Co-Founder Jack Lu in a blog post. “Bringing Slingshot’s innovative team onboard accelerates our mission and strengthens our capabilities.”
With this deal, Magic Eden plans to deepen its push into broader crypto trading, introducing features like fiat-to-crypto onramps via Apple Pay and Venmo, and AI-driven tools for token discovery and smarter trading decisions.
Magic Eden pulled in $75 million in NFT marketplace revenue in 2024, according to Lu. He added that integrating Slingshot’s abstraction layer will help the company compete more directly with centralized exchanges by offering a streamlined, self-custodied alternative.
The move comes amid a downturn in the NFT space. DappRadar reported a 19% drop in NFT trading volume in 2024, despite strong momentum in the broader crypto market. The pressure has already forced some competitors to exit, including X2Y2, which recently announced its shutdown due to waning activity.
