Magic Eden acquires crypto trading app Slingshot to move beyond NFTs
Magic Eden has acquired the crypto trading app Slingshot to diversify beyond NFTs amid a market downturn affecting other marketplaces. This acquisition allows Magic Eden to support over 8 million tokens across major blockchains. Slingshot has nearly 1 million users and offers access to tokens on 10 large blockchains with a universal USDC balance. The integration aims to simplify the trading process by eliminating the need for users to manage wallets and gas fees. Magic Eden CEO Jack Lu anticipates this move will attract users from centralized exchanges to on-chain platforms. Despite Magic Eden generating $75 million from its NFT marketplace in 2024, several NFT marketplaces, including DraftKings and GameStop, have closed due to declining trading volumes. NFT sales in 2025 have reached $1.6 billion across 14 million transactions, but monthly sales have consistently decreased, falling short of previous years' totals.
