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NFT marketplace Magic Eden has acquired the crypto trading app Slingshot arsenic portion of a strategy to grow beyond NFTs.
Solana non-fungible token (NFT) marketplace Magic Eden has acquired crypto trading app Slingshot arsenic portion of a strategy to grow beyond NFTs arsenic different marketplaces fold amid a prolonged marketplace downturn.
The determination expands Magic Eden's enactment to much than 8 cardinal tokens crossed astir each large blockchain, the steadfast said successful an April 9 X post.
“No bridges. No CEXs. This is different large measurement towards our imaginativeness of providing the champion level to commercialized each assets, connected each chains,” Magic Eden said.
Source: Jack Lu
Slingshot has amassed astir 1 cardinal users to date, allowing users to entree immoderate token connected 10 of the largest blockchains with a cosmopolitan USDC (USDC) balance.
Slingshot is 1 of respective crypto platforms aiming to present full-chain abstraction — eliminating the request for users to take the close wallet, guarantee they person capable state fees, find a trusted span and determination funds — lone past to bargain the token they’re after.
Magic Eden CEO Jack Lu hopes the integration volition assistance displacement much of the 500 cardinal users inactive relying connected centralized exchanges toward much crypto-native, onchain platforms.
NFT marketplaces shutter arsenic marketplace lulls
Lu said that Magic Eden and Slingshot and Magic Eden volition proceed to run independently but noted determination volition beryllium “increasing connectivity” betwixt the platforms implicit time.
Lu besides noted that Magic Eden made $75 cardinal from its NFT marketplace successful 2024 and hopes the Slingshot acquisition volition assistance thrust those numbers up adjacent higher.
Related: Bitcoin NFTs, layer-2 and restaking hype ‘completely gone’
Magic Eden’s enlargement comes arsenic respective NFT marketplaces person shuttered successful caller months.
DraftKings, GameStop and the crypto speech Bybit each closed their NFT marketplaces, with Bybit citing falling NFT trading volumes successful its April 8 announcement.
X2Y2 besides precocious announced that its NFT marketplace would unopen down connected April 30 arsenic the steadfast looks to pivot into artificial intelligence.
NFT marketplaces person seen $1.6 cardinal worthy of NFT income crossed 14 cardinal transactions truthful acold successful 2025, CryptoSlam data shows.
However, monthly income measurement has fallen each azygous period successful 2025, and the $1.6 cardinal is obscurity adjacent connected way to lucifer the $8.9 cardinal full from 2024, fto unsocial the grounds $23.7 cardinal seen successful 2022.
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