Magic Eden, a non-fan token (NFT) marketplace, has acquired Slingshot, a trading app that allows users to see crypto balance across multiple protocols.
With Slingshot, users can extend the magical Eden past Solana to all chains including Bitcoin by swapping tokens from a single universal USDC balance, removing hurdles like wallet setup, bridging assets across the chain, and juggling gas fees.
“This acquisition is a major step forward in moving forward with Magic Eden Vision, providing users around the world with a seamless and secure way to buy and sell crypto and digital assets across all chains.”
“Slingshot’s product visionary team and Magic Eden’s best-in-class marketing and scaling capabilities will drive Crypto’s ability to impact the future.”
Magic Eden says the acquisition of Slingshot will bolster its plans to provide more Fiat to crypto on-ramps through platforms like Apple Pay and Venmo, and introduce AI-assisted tools to facilitate token discovery and trading.
According to Lu, Magic Eden itself generated $75 million in revenue from the NFT market in 2024. Lu said it is located to effectively compete with centralized crypto exchanges by incorporating Slingshot’s abstraction technology.
At the same time, this is because the NFT market continues to contract. A report from Dappradar shows that in 2024, NFT trading volume fell 19% despite a wide range of market bull runs. More recently, NFT Marketplace X2Y2 said it would close its virtual doors, citing a decline in trading volume.