Magic Eden Bets on Multi-Chain Future With Slingshot Acquisition
Magic Eden, long known as a dominant force in the NFT space, is taking a leap beyond digital collectibles with the acquisition of Slingshot, a crypto trading app designed for seamless, multi-chain token swaps.
Slingshot’s platform simplifies crypto trading by enabling users to transact from a single USDC balance across blockchains — bypassing technical barriers like wallet fragmentation, gas fees, and bridging. The move allows Magic Eden to expand its reach well beyond Solana, tapping into the broader crypto ecosystem, including Bitcoin and Ethereum.
“This is a major stride toward our mission to create a frictionless and secure experience for users transacting digital assets on any chain,” said Jack Lu, Magic Eden CEO and co-founder.
Lu highlighted that the Slingshot acquisition positions Magic Eden to challenge centralized exchanges by integrating tools that streamline the user journey — from fiat onramps like Apple Pay and Venmo to AI-powered discovery for tokens and NFTs alike.
Despite a cooling NFT market — with 2024 volumes down 19%, according to DappRadar — Magic Eden reported $75 million in revenue last year and is pushing ahead with product diversification. As competitors exit, Magic Eden is doubling down, aiming to future-proof its platform in a rapidly evolving market.
“Incorporating Slingshot’s abstraction layer unlocks a new era for our users,” Lu said. “It’s not just about NFTs anymore — it’s about building a next-gen gateway to all of Web3.”
