Magic Eden Expands Beyond NFTs with Slingshot Acquisition: A New Era for Crypto Trading

Magic Eden Takes Bold Step to Dominate Crypto Space with Slingshot Acquisition

Magic Eden – In a strategic move to diversify beyond NFTs, Solana-based marketplace Magic Eden has acquired the crypto trading app Slingshot. This acquisition aims to enhance Magic Eden’s ability to support a broader range of assets across major blockchains, following a challenging market downturn that has led to the closure of other NFT marketplaces.

Expanding Beyond NFTs

With this acquisition, Magic Eden now supports over 8 million tokens across nearly every major blockchain, signaling its ambition to become a comprehensive platform for all types of digital assets. According to Magic Eden’s April 9 post on X, the integration of Slingshot marks another step toward their vision of providing a platform for trading all assets, regardless of the blockchain or wallet used. Slingshot itself has accumulated nearly 1 million users, providing access to tokens on 10 of the largest blockchains with a universal USDC balance.

Magic Eden’s CEO, Jack Lu, emphasized that the two platforms will continue to operate independently for now, but there will be increasing integration over time. The company also stated that the acquisition would help drive Magic Eden’s revenue, which amounted to $75 million from its NFT marketplace in 2024. Lu believes the addition of Slingshot could further increase this figure by attracting a broader user base.

NFT Market Struggles Amid Continued Downturn

This acquisition comes as other NFT marketplaces, including DraftKings, GameStop, and Bybit, have shuttered due to declining trading volumes. X2Y2 also announced its marketplace’s closure on April 30, 2025, as it pivots to focus on artificial intelligence. According to CryptoSlam, NFT sales reached $1.6 billion across 14 million transactions in 2025, but the monthly sales volume has dropped consistently, far from reaching the $8.9 billion seen in 2024.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.