Non-fungible token (NFT) market Magic Eden has acquired Slingshot, a buying and selling app that enables 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 belongings throughout chains, and juggling fuel charges, thus increasing Magic Eden properly 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 direction of our imaginative and prescient of offering the perfect platform to commerce all belongings, on all chains.
Oh, and Emmy likes inexperienced. pic.twitter.com/QmALplzSzB
— Magic Eden 🪄 (@MagicEden) April 9, 2025
“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,” Jack Lu, CEO and Co-Founding father of Magic Eden mentioned in a weblog submit.
“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto.”
Magic Eden says the Slingshot acquisition will bolster its plans to supply extra fiat-to-crypto onramps by way 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 line with a submit on X by Lu. Lu mentioned 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 reveals that in 2024, NFT buying and selling volumes fell by 19% regardless of a broad market bull run. Extra lately, the NFT market X2Y2 mentioned its closing its digital doorways citing declining buying and selling quantity.
