Magic Eden Acquires Crypto Trading App Slingshot to Move Beyond NFTs

Magic Eden Acquires Crypto Trading App Slingshot to Expand Beyond NFTs

Solana-based NFT marketplace Magic Eden has announced the acquisition of Slingshot, a crypto trading app, in a strategic push to broaden its footprint beyond non-fungible tokens (NFTs). The acquisition aims to diversify Magic Eden’s offerings at a time when many NFT platforms are folding amid a prolonged market slump.

The integration of Slingshot will enable Magic Eden to support over 8 million tokens across nearly every major blockchain. In an April 9 post on X (formerly Twitter), the company emphasized its commitment to a decentralized trading experience, stating:

“No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.”

Slingshot has grown a user base of nearly 1 million, offering access to tokens across 10 major blockchains with a seamless, universal USDC balance. It’s part of a wave of platforms focused on full-chain abstraction — a concept designed to simplify on-chain trading by removing the complexities of wallets, gas fees, bridges, and other technical barriers.

Source: Jack Lu

Magic Eden CEO Jack Lu believes the acquisition could help move a significant portion of the 500 million users currently relying on centralized exchanges (CEXs) toward more decentralized, on-chain platforms. While both Magic Eden and Slingshot will continue to operate independently, Lu mentioned that deeper integration and enhanced interoperability between the platforms will come in time.

In 2024, Magic Eden generated $75 million in revenue from its NFT marketplace. With the addition of Slingshot, the company hopes to grow beyond the shrinking NFT segment and tap into the wider crypto trading ecosystem.

The timing of the move is notable, as several high-profile NFT marketplaces have recently shut down. DraftKings, GameStop, and crypto exchange Bybit have all exited the space, with Bybit citing declining NFT trading volumes in an April 8 announcement. Similarly, X2Y2 revealed it will shut down its marketplace by April 30 to pivot toward artificial intelligence.

Despite 14 million NFT transactions totaling $1.6 billion in 2025 so far, monthly sales volumes ave declined each month this year. This pace falls well short of the $8.9 billion seen in 2024 and is far from the record-breaking $23.7 billion in 2022, according to data from CryptoSlam.

Magic Eden’s expansion strategy appears well-timed, positioning the platform to stay competitive by embracing a broader vision of digital asset trading in a shifting market.