- Magic Eden acquires crypto trading app Slingshot to expand beyond NFTs, now supporting over 8 million tokens across major blockchains.
- The acquisition comes as several NFT marketplaces are shutting down amid declining trading volumes in 2025.
- Magic Eden reported $75 million in NFT marketplace revenue in 2024 and aims to attract users from centralized exchanges to on-chain platforms.
Magic Eden has acquired crypto trading platform Slingshot as part of its strategy to diversify beyond NFTs while competing marketplaces close amid declining market conditions. The acquisition, announced on April 9 via X (formerly Twitter), expands Magic Eden’s capabilities to include support for more than 8 million tokens across nearly all major blockchain networks.
“No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,” Magic Eden said in their announcement. With this acquisition, the Solana-based NFT marketplace significantly broadens its reach beyond collectible tokens.
Slingshot brings nearly one million users to the partnership, offering access to any token on 10 major blockchains through a universal USDC balance. The platform aims to deliver full-chain abstraction, eliminating complicated steps like choosing specific wallets, managing gas fees, and finding trusted bridges before token purchases.
Expanding Beyond NFTs as Market Shrinks
Jack Lu, CEO of Magic Eden, hopes the integration will help shift more of the 500 million users still using centralized exchanges toward crypto-native, on-chain platforms. Lu confirmed that both platforms will continue operating independently but noted “increasing connectivity” between them over time.
The CEO also revealed that Magic Eden generated $75 million from its NFT marketplace in 2024 and expects the Slingshot acquisition to boost these numbers further. The move represents a strategic pivot as NFT trading volumes continue declining.
NFT Marketplaces Facing Headwinds
Magic Eden’s expansion comes as several competitors have abandoned the NFT marketplace business. DraftKings, GameStop, and crypto exchange Bybit have all closed their NFT marketplaces recently, with Bybit specifically citing falling trading volumes in its April 8 announcement.
NFT marketplace X2Y2 also recently announced plans to shut down operations on April 30 as it pivots toward Artificial Intelligence. According to data from CryptoSlam, NFT marketplaces have processed $1.6 billion in sales across 14 million transactions so far in 2025.
However, monthly sales volume has declined consistently throughout 2025, and current figures suggest the year’s total will fall well short of the $8.9 billion recorded in 2024, not to mention the record $23.7 billion seen during 2022’s peak.
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