TLDR
- Magic Eden has acquired trading app Slingshot to expand beyond NFT marketplace services
- The acquisition enables cross-chain trading without bridging across 10+ blockchains
- Slingshot has nearly 1 million users and supports email login with multiple payment options
- The combined platform will support over 5 million tokens with Bitcoin-native tokens coming soon
- Magic Eden aims to create an all-encompassing trading platform that rivals centralized exchanges
Magic Eden, a leading NFT marketplace, has announced its acquisition of Slingshot, a popular crypto trading app, in a move that marks the company’s expansion beyond digital collectibles into broader cryptocurrency trading services. The acquisition represents Magic Eden’s strategic shift toward becoming a comprehensive trading platform that can compete with centralized exchanges while maintaining on-chain transactions.
The deal comes as Magic Eden looks to diversify its offerings while the NFT market faces challenges. According to recent data, NFT trading volumes fell by 19% in 2024 despite the broader cryptocurrency market experiencing a bull run. This contraction has already forced some NFT marketplaces like X2Y2 to shut down due to declining trading volume.
Magic Eden CEO Jack Lu explained the company’s vision in a blog post: “This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains.”
Streamlined Cross-Chain Trading
Slingshot has gained popularity for its approach to simplifying cryptocurrency trading across multiple blockchains. The platform allows users to trade tokens from a single universal USDC balance, eliminating common obstacles in the crypto space.
Users no longer need to set up multiple wallets, bridge assets between different chains, or manage various gas fees. This technology significantly expands Magic Eden’s reach beyond its Solana roots to every blockchain, including Bitcoin.
The streamlined experience has helped Slingshot attract nearly 1 million users to date. The platform has seen increased interest in recent weeks as one of the few services that lists every token across more than 10 blockchains in real-time.
User-Friendly Features
A key aspect of Slingshot’s appeal is its accessibility for newcomers to cryptocurrency. The platform allows users to sign up with just an email address and supports payments through familiar methods like Apple Pay, Venmo, PayPal, and traditional credit or debit cards.
Magic Eden plans to build on these features by offering more fiat-to-crypto onramps and introducing AI-assisted tools to help users discover and trade tokens more easily. These enhancements aim to make cryptocurrency trading more accessible to the average person.
Industry Context
The acquisition takes place against the backdrop of a growing cryptocurrency industry, now valued at $2.5 trillion. There’s an increasing shift toward decentralized infrastructure, driven by concerns about transparency, security, and user control.
While centralized exchanges have dominated cryptocurrency trading, critics argue they contradict the fundamental principles of crypto by creating single points of failure. Magic Eden’s move represents part of a broader industry trend toward providing alternatives that give users more control over their assets without sacrificing convenience.
Magic Eden itself has been performing well, generating $75 million in NFT marketplace revenue in 2024, according to a post by CEO Jack Lu on X. Lu believes that incorporating Slingshot’s technology positions the company to effectively compete against centralized crypto exchanges.
The combined platform will support over 5 million tokens already available on Slingshot. According to the announcement, Bitcoin-native tokens, also known as “runes,” will soon become available for trading through the platform.
Clinton Bembry, Co-Founder and CEO of Slingshot, expressed enthusiasm about the merger: “We are excited to join forces with Magic Eden to change the way the world trades crypto. Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher.”
For Magic Eden, the acquisition represents a logical next step in its evolution. By pairing Slingshot’s product development team with Magic Eden’s marketing and scaling capabilities, the company aims to have a greater impact on the future of cryptocurrency trading and adoption.
The transaction details and financial terms of the acquisition were not disclosed in the announcement.
