Magic Eden’s acquisition of Slingshot marks a significant expansion beyond its NFT-focused origins, positioning itself as a broader crypto trading platform. The move comes at a time when NFT marketplaces are struggling with declining trading volumes, prompting Magic Eden to diversify its offerings.
Slingshot, a decentralized trading app, has gained traction for its ability to facilitate cross-chain transactions without requiring centralized exchanges or bridges. With nearly 1 million users, the platform allows traders to access tokens across 10 major blockchains using a universal USDC balance. This integration aligns with Magic Eden’s vision of providing seamless, on-chain trading experiences.
Magic Eden CEO Jack Lu emphasized that the acquisition is a step toward reducing reliance on centralized exchanges, aiming to transition more users toward decentralized platforms. The company’s revenue from its NFT marketplace reached $75 million in 2024, and the Slingshot acquisition is expected to further strengthen its financial position.
The broader NFT market has seen several platforms shut down due to waning interest. Bybit, GameStop, and DraftKings have all closed their NFT marketplaces, citing reduced user engagement. Meanwhile, Magic Eden’s expansion into crypto trading could help mitigate the impact of declining NFT sales and position it as a more comprehensive digital asset marketplace.
Additionally, Magic Eden and Slingshot will continue to operate independently, though increased connectivity between the platforms is expected over time. This acquisition reflects a growing trend among NFT marketplaces to pivot toward broader blockchain applications as the industry evolves
Shogun Lin
