The non -budgetary market (NFT) Marketplace Magic Eden acquired Slingshot, a trading application that allows users to see their cryptographic balance on several protocols.
Slingshot allows users to exchange tokens from a single USDC universal balance, by removing obstacles such as the portfolio configuration, by punching the active ingredients through the chains and juggling with gas costs, thus widening Magic Eden well passed Solana to each chain, including Bitcoin.
We have just acquired @SLingShotcryptto!
8m + tokens. Each chain (Bitcoin soon). No bridges. No Cex. This is another major step towards our vision of providing the best platform to exchange all assets, on all channels.
Oh, and Emmy loves green. pic.twitter.com/qmalplzszb
– Magic Eden 🪄 (@magiceden) April 9, 2025
“This acquisition is a major step in the advancement of Eden’s magical vision, which consists in providing users from around the world with a transparent and safe way of buying and selling crypto and digital assets in all channels,” said Jack Lu, CEO and co-founder of Magic Eden in a blog article.
“The association of the Slingshot products visionary team with the best marketing capacities and Magic Eden scale accelerates our ability to have an impact on the future of crypto.”
Magic Eden says that the acquisition of Slingshot will strengthen its plans to offer more Fiat-to-Crypto Onramps via platforms like Apple Pay and Venmo, and introduce tools assisted by AI for easier discovery and trading of tokens.
Magic Eden himself generated 75 million dollars in NFT Marketplace in 2024, according to an article on X by Lu. Lu said that the integration of Slingshot’s abstraction technology positions him to effectively compete with centralized cryptography exchanges.
At the same time, this occurs while the NFT market continues to contract. A Dappradar report shows that in 2024, NFT negotiation volumes dropped by 19% despite a large market bull run. More recently, the NFT Marketplace X2Y2 said it was closing its virtual doors citing the declining commercial volume.
