The non-fungible token (NFT) platform Magic Eden has taken over Slingshot, a trading application that enables users to view their cryptocurrency balances across different protocols.
With Slingshot, users can execute token trades using a single, universal USDC balance, thereby removing barriers like complex wallet setups, the need to bridge assets between chains, and managing gas fees. This move allows Magic Eden to extend its reach beyond Solana to inclusive chains such as Bitcoin.
We just acquired @SlingshotCrypto!
8M+ tokens. Every chain (Bitcoin coming soon). No bridges. No centralized exchanges. This is a significant advancement towards our goal of creating the premier platform for trading all assets across every chain.
Oh, and Emmy has a preference for green. pic.twitter.com/QmALplzSzB
— Magic Eden 🪄 (@MagicEden) April 9, 2025
“This strategic acquisition marks a significant step in enhancing our vision, which is to offer a seamless and secure platform for users globally to purchase and sell cryptocurrency and digital assets across various chains,” stated Jack Lu, CEO and Co-Founder of Magic Eden, in a blog update.
“By combining Slingshot’s innovative team with Magic Eden’s unparalleled marketing and scaling expertise, we accelerate our potential to shape the future of cryptocurrency.”
Magic Eden asserts that the Slingshot acquisition will strengthen its aspirations to integrate more fiat-to-crypto onramps via services like Apple Pay and Venmo, alongside launching AI-driven tools for enhanced token exploration and trading.
In 2024, Magic Eden reported $75 million in revenue from its NFT marketplace, according to Lu’s post on X. He noted that by including Slingshot’s abstraction technology, the platform is strategically positioned to compete with centralized cryptocurrency exchanges effectively.
Simultaneously, this development arrives amid a continuing contraction of the NFT market. A recent report shows that NFT trading volumes dipped by 19% in 2024 even with a broader market bull run. Furthermore, the NFT marketplace X2Y2 announced its closure due to diminishing trading volumes.