Magic Eden Buys Slingshot to Build Crypto Trading Platform

Magic Eden has acquired Slingshot, a well-known crypto trading app, as part of a shift toward building a wider crypto trading platform that goes far beyond NFTs. The deal signals a move away from its original focus and pushes the company into broader digital asset trading.

Good to know

• Magic Eden is expanding beyond NFTs with the acquisition of Slingshot.
• Slingshot supports trading across 10+ blockchains with one USDC balance.
• The NFT market is shrinking, but Magic Eden sees opportunity in broader crypto trading.

Slingshot currently supports trades across more than 10 blockchains. The app eliminates the need to bridge assets manually, letting users trade tokens with one USDC balance and access a wide selection of over 5 million tokens. Support for Bitcoin-native tokens is on the way, making the platform even more flexible for users across the crypto space.

Jack Lu, CEO and Co-Founder of Magic Eden, described the acquisition as “a major step forward,” saying it would help combine Slingshot’s product strength with Magic Eden’s user base. “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,” said Lu.

Slingshot Co-Founder Clinton Bembry also commented on the deal. “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,” he said.

The two companies will continue operating separately for now, but tighter integration is expected over time. In a statement posted on X, Magic Eden explained the broader plan: “No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.”

Slingshot’s user-friendly interface and support for payment methods like Apple Pay, PayPal, Venmo, and credit cards have helped it grow close to 1 million users. The app aims to reduce reliance on centralized exchanges (CEXs) and appeal to both newcomers and experienced traders.

Meanwhile, Magic Eden continues to build even as the NFT space slows down. Monthly trading volumes are falling, and several major companies, including GameStop, Bybit, and DraftKings, have shut down their NFT marketplaces. Even X2Y2 will close operations by the end of April. Despite this, Magic Eden reported $75 million in NFT revenue in 2024 and seems ready to shift focus toward broader opportunities in crypto.