Magic Eden Acquires Slingshot to Expand Beyond NFTs and Into Multi-Chain Trading
NFT marketplace Magic Eden has acquired crypto trading platform Slingshot in a bid to broaden its reach and offer a more streamlined, cross-chain trading experience.
Slingshot’s technology allows users to trade tokens across multiple blockchains using a single USDC balance, eliminating common pain points like gas fees, bridging, and multiple wallet setups. The move signals Magic Eden’s intention to evolve from a pure NFT marketplace into a full-spectrum digital asset platform.
“This acquisition brings us one step closer to creating a seamless experience for trading crypto and digital assets across all chains,” said Jack Lu, Magic Eden CEO and Co-Founder. “We’re excited to combine Slingshot’s innovative tech with our ecosystem to push the limits of what’s possible in Web3.”
Magic Eden also plans to integrate fiat onramps like Apple Pay and Venmo, along with AI-assisted discovery tools to help users better navigate token markets.
Despite a 19% drop in NFT trading volumes in 2024, Magic Eden pulled in $75 million in revenue and continues to expand while others, such as X2Y2, have exited the space. With Slingshot’s cross-chain capabilities, Magic Eden aims to take on centralized exchanges with a simplified and decentralized trading experience.
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