TLDR
- Magic Eden has acquired Slingshot, a trading app, to expand beyond NFTs and offer trading across multiple blockchains
- The acquisition eliminates hurdles like wallet setup, bridging assets, and managing gas fees
- Magic Eden plans to integrate fiat-to-crypto options through Apple Pay and Venmo
- Slingshot provides access to 8M+ tokens across numerous blockchains with no need for bridging
- This move comes as NFT trading volumes declined by 19% in 2024 despite the broader crypto bull run
Magic Eden, a leading NFT marketplace, has acquired Slingshot, a crypto trading app that allows users to track their balance across multiple blockchain protocols. The acquisition marks a major expansion for Magic Eden as it looks to broaden its services beyond non-fungible tokens and streamline crypto trading across various blockchains.
Announced on April 9, 2025, the deal will integrate Slingshot’s technology into Magic Eden’s platform. Slingshot currently serves nearly 1 million users with its mobile-first interface that makes cross-chain trading simpler.
We just acquired @SlingshotCrypto!
8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.
Oh, and Emmy likes green. pic.twitter.com/QmALplzSzB
— Magic Eden 🪄 (@MagicEden) April 9, 2025
The acquisition allows Magic Eden to offer trading for over 8 million tokens across all major blockchains, including upcoming support for Bitcoin-native tokens. This represents a key move away from Magic Eden’s original focus on Solana-based NFTs.
Streamlining Cross-Chain Trading
Slingshot’s main selling point is its ability to let users trade tokens from a single universal USDC balance. This removes common obstacles in crypto trading, such as setting up multiple wallets, bridging assets between different blockchains, and managing various gas fees.
“This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains,” said Jack Lu, CEO and Co-Founder of Magic Eden in a blog post.
The platform aims to make crypto trading more accessible to newcomers. Users can sign up with just an email address and make payments through common methods like Apple Pay, Venmo, PayPal, and credit or debit cards.
Magic Eden plans to use the acquisition to compete more directly with centralized exchanges. The company is betting on growing industry demand for decentralized trading options that give users more control over their assets.
Expanding Payment Options
The Slingshot acquisition will help Magic Eden offer more fiat-to-crypto options. The company plans to integrate payment systems like Apple Pay and Venmo into its platform.
Magic Eden also intends to introduce AI-assisted tools to help users discover and trade tokens more easily. These features aim to make the trading experience more intuitive for both new and experienced crypto users.
The acquisition comes at an important time for Magic Eden. The company generated $75 million in NFT marketplace revenue in 2024, according to a post on X by CEO Jack Lu.
At the same time, we will continue our dominance in NFTs. Q1 revenue share has been healthy across chains.
We are the fastest NFT marketplace and a strong community across chains. As a platform, we earned $75M in revenue in '24 and we will maintain momentum here. pic.twitter.com/6Vi8gJRhDk
— Jack (@0xLeoInRio) April 9, 2025
This revenue success stands in contrast to broader trends in the NFT market. According to DappRadar, NFT trading volumes fell by 19% in 2024 despite a general bull run in the crypto market.
The declining NFT market has already claimed casualties. Recently, NFT marketplace X2Y2 announced it was closing due to falling trading volume.
Magic Eden’s move to diversify beyond NFTs could be seen as a response to these market conditions. By expanding into broader crypto trading, the company is positioning itself to tap into the $2.5 trillion crypto industry.
The combined platform will support over 5 million tokens and provide access to Bitcoin-native tokens in the future. This positions Magic Eden to offer alternatives to centralized giants while giving users more control over their assets without sacrificing convenience or speed.
With this acquisition, Magic Eden is evolving from a specialized NFT marketplace into what it describes as “the most extensive and all-encompassing trading platform in crypto.”
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