Magic Eden, a Solana-based marketplace known for non-fungible tokens (NFTs), has acquired the crypto trading app Slingshot.
This strategic move, announced on April 9, aims to expand its identity amid a decline in NFT platforms. The acquisition will enable users to trade over 8 million tokens across multiple major blockchains without depending on centralized exchanges or bridging protocols.
“No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,”
the company stated.
Slingshot, which boasts nearly a million users, offers full-chain abstraction — a seamless experience that eliminates the usual friction of navigating multiple wallets, gas fees, and blockchain bridges. Users can access tokens across 10 top blockchains with a unified USDC balance.
Magic Eden CEO Jack Lu views the acquisition of Slingshot as a chance to attract more users to the decentralized economy, indicating that over 500 million people still rely on centralized exchanges. He aims to demonstrate the benefits of on-chain platforms. While both companies will operate independently for now, Lu mentioned a potential for deeper integration in the future. In 2024, Lu noted that Magic Eden generated $75 million in revenue from its NFT marketplace and plans to increase this figure in 2025 by adding Slingshot.
The expansion comes at a turbulent time for NFT marketplaces. DraftKings, GameStop, and Bybit have all shuttered their NFT platforms, with Bybit citing declining trading volumes in its April 8 closure announcement. X2Y2 also plans to exit the space by the end of April as it pivots to artificial intelligence. Despite 14 million NFT transactions totalling $1.6 billion in 2025, data from CryptoSlam shows that monthly sales volumes have consistently declined each month. The market is on pace to fall far short of the $8.9 billion seen in 2024 — let alone the peak of $23.7 billion in 2022. Magic Eden’s latest acquisition suggests the platform is preparing for a multi-chain, multi-asset future, even as the traditional NFT market contracts.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
