Magic Eden Acquires Crypto Trading App Slingshot to Broaden Its Horizons Beyond NFTs
In a strategic move to diversify its offerings, Magic Eden, a prominent Solana-based NFT marketplace, has announced the acquisition of the crypto trading app Slingshot. This acquisition is part of Magic Eden’s initiative to expand its services beyond non-fungible tokens (NFTs) as the demand in the NFT marketplace continues to wane due to extended market downturns.
Expanding Offerings
In an April 9 post on X (formerly Twitter), Magic Eden revealed that the acquisition of Slingshot will allow the company to extend support to over 8 million tokens spanning nearly every significant blockchain. "No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains," the post stated, highlighting the company’s ambition to simplify and enhance the user experience in the crypto trading space.
Slingshot has attracted nearly 1 million users since its inception, offering users access to any token across ten major blockchains using a universal USDC balance. The platform aims to provide full-chain abstraction, eliminating the hassles that often come with trading crypto, such as selecting the right wallet, managing gas fees, and ensuring secure fund transfers before purchasing desired tokens.
Aiming for Growth
Jack Lu, CEO of Magic Eden, expressed optimism that the integration of Slingshot will help shift a significant portion of the 500 million users currently relying on centralized exchanges towards crypto-native platforms that operate on-chain. “Integrating our services will drive those numbers up even higher,” he mentioned, signaling a positive outlook for potential future revenues.
Magic Eden reportedly generated $75 million from its NFT marketplace in 2024, and Lu envisions that the acquisition will bolster these earnings further.
Challenges in the NFT Market
The expansion into trading comes at a time when several NFT marketplaces are closing operations due to declining sales. Notable entities such as DraftKings, GameStop, and cryptocurrency exchange Bybit have recently shuttered their NFT marketplaces, with Bybit citing a decrease in trading volumes as a primary reason for its decision. X2Y2, another NFT marketplace, is also set to close its operations by April 30, shifting its focus towards artificial intelligence.
According to data from CryptoSlam, NFT sales across all platforms have totaled $1.6 billion in 2025, which translates to approximately 14 million transactions. Despite these figures, the monthly sales volume has consistently declined, signaling a slowdown in interest and activity compared to previous years. The total sales for 2025 are far from the $8.9 billion recorded in 2024 or the record $23.7 billion achieved in 2022. ## Conclusion
Magic Eden’s acquisition of Slingshot is a clear sign of the company’s strategy to evolve and adapt to the changes within the cryptocurrency market. As it continues to navigate through the challenges faced by NFT marketplaces, the integration of Slingshot may provide an essential pathway for Magic Eden to capture new users and broaden its service offerings in the increasingly competitive crypto landscape.
Share this article:
