Non-fungible token (NFT) market Magic Eden has acquired Slingshot, a buying and selling app that permits customers to see their crypto steadiness throughout a number of protocols.
Slingshot permits customers to commerce tokens from a single common USDC steadiness, eradicating hurdles like pockets setup, bridging property throughout chains, and juggling gasoline charges, thus increasing Magic Eden effectively previous Solana to each chain, together with bitcoin.
We simply acquired @SlingshotCrypto!
8M+ tokens. Each chain (Bitcoin quickly). No bridges. No CEXs. That is one other main step in the direction of our imaginative and prescient of offering one of the best platform to commerce all property, on all chains.
Oh, and Emmy likes inexperienced. pic.twitter.com/QmALplzSzB
— Magic Eden (@MagicEden) April 9, 2025
“This acquisition is a significant step ahead in advancing the Magic Eden imaginative and prescient, which is to offer customers worldwide with a seamless and protected means to purchase and promote crypto and digital property throughout all chains,” Jack Lu, CEO and Co-Founding father of Magic Eden stated in a weblog submit.
“Pairing Slingshot’s staff of product visionaries with Magic Eden’s best-in-class advertising and scaling capabilities accelerates our potential to have an effect on the way forward for crypto.”
Magic Eden says the Slingshot acquisition will bolster its plans to supply extra fiat-to-crypto onramps by means of platforms like Apple Pay and Venmo, and introduce AI-assisted instruments for simpler token discovery and buying and selling.
Magic Eden itself generated $75 million in NFT market income in 2024, in response to a submit on X by Lu. Lu stated that incorporating Slingshot’s abstraction tech positions it to successfully compete towards centralized crypto exchanges.
On the similar time, this comes because the NFT market continues to contract. A report from DappRadar exhibits that in 2024, NFT buying and selling volumes fell by 19% regardless of a broad market bull run. Extra lately, the NFT market X2Y2 stated its closing its digital doorways citing declining buying and selling quantity.
