NFT platform Magic Eden has announced the acquisition of the crypto application Slingshot. The deal is part of a broader strategy to expand beyond the NFT market, which has seen a steady decline in trading volumes and the closure of major players since the beginning of 2025. Magic Eden now plans to support trading across millions of tokens on various blockchains.
What the Slingshot Integration Offers
According to Magic Eden, the acquisition will allow users to access more than 8 million tokens across major blockchains — without using bridges or centralized exchanges (CEX). The company stated that Slingshot enables trades with any token across 10 major networks from a single USDC balance.
The app’s main goal is to hide the technical complexities of DeFi infrastructure from users: no need to select wallets, calculate gas fees, find bridges, or manually move assets between chains.
Goal Is to Replace Centralized Exchanges
Magic Eden CEO Jack Lu said the team hopes Slingshot’s integration will help attract part of the 500 million users who still prefer CEX platforms. Magic Eden and Slingshot will continue operating as separate services, but with growing technical interconnectivity.
Lu also noted that Magic Eden’s revenue from NFT sales in 2024 totaled $75 billion. The company expects the acquisition of Slingshot to increase this figure in 2025.
NFT Marketplaces Are Shutting Down
Magic Eden’s expansion comes as other NFT platforms exit the market. In early April, GameStop, X2Y2, LG Art Lab, and crypto exchanges Kraken and Bybit all announced the closure of their NFT marketplaces. Bybit specifically cited the drop in NFT trading volumes as the main reason.
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