NFT Giant Magic Eden Snaps Up Crypto Trading App Slingshot

Magic Eden Acquires Slingshot to Power Multi-Chain Crypto Trading and Expand Beyond NFTs

Magic Eden is leveling up its platform with the acquisition of Slingshot, a cross-chain crypto trading app, as it looks to evolve from an NFT marketplace into a full-service hub for digital assets.

Slingshot brings a streamlined user experience that allows trading tokens across multiple blockchains from a single USDC balance—no wallet switching, no bridging headaches, no messy gas fee management. The integration positions Magic Eden to support assets across not just Solana, but also Ethereum, Bitcoin, and more.

“This move brings us closer to our vision of frictionless crypto trading across all chains,” said Magic Eden CEO Jack Lu. “With Slingshot’s intuitive tech and our scale, we’re building the future of decentralized finance—faster and more user-friendly.”

The acquisition also supports Magic Eden’s broader roadmap, including fiat payment options like Apple Pay and Venmo, and the development of AI-powered tools to simplify token discovery and improve the trading experience.

Despite a pullback in NFT trading—volumes dropped 19% in 2024, according to DappRadar—Magic Eden has remained a dominant force, generating $75 million in revenue last year. The company sees Slingshot’s backend infrastructure as a way to stay ahead of the curve, even as competitors like X2Y2 shut down amid declining activity.

Magic Eden’s bet is clear: by broadening its offerings and abstracting away complexity, it can bring the next wave of users into the crypto ecosystem—whether they’re minting NFTs or swapping tokens across chains.