1 week ago
Non-fungible token (NFT) marketplace Magic Eden has acquired Slingshot, a trading app that allows users to spot their crypto equilibrium crossed aggregate protocols.
Slingshot allows users to commercialized tokens from a azygous cosmopolitan USDC balance, removing hurdles similar wallet setup, bridging assets crossed chains, and juggling state fees, frankincense expanding Magic Eden good past Solana to each chain, including bitcoin.
“This acquisition is simply a large measurement guardant successful advancing the Magic Eden vision, which is to supply users worldwide with a seamless and harmless mode to bargain and merchantability crypto and integer assets crossed each chains,” Jack Lu, CEO and Co-Founder of Magic Eden said successful a blog post.
“Pairing Slingshot’s squad of merchandise visionaries with Magic Eden’s best-in-class selling and scaling capabilities accelerates our quality to person an interaction connected the aboriginal of crypto.”
Magic Eden says the Slingshot acquisition volition bolster its plans to connection much fiat-to-crypto onramps done platforms similar Apple Pay and Venmo, and present AI-assisted tools for easier token find and trading.
Magic Eden itself generated $75 cardinal successful NFT marketplace gross successful 2024, according to a station connected X by Lu. Lu said that incorporating Slingshot’s abstraction tech positions it to efficaciously vie against centralized crypto exchanges.
At the aforesaid time, this comes arsenic the NFT marketplace continues to contract. A study from DappRadar shows that successful 2024, NFT trading volumes fell by 19% contempt a wide marketplace bull run. More recently, the NFT marketplace X2Y2 said its closing its virtual doors citing declining trading volume.
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