Magic Eden Acquires Crypto Trading App Slingshot for On-chain Expansion

In a strategic move signaling a shift in focus, Magic Eden has acquired Slingshot, a decentralized finance (DeFi) platform specializing in cross-chain trading. This acquisition, announced on April 9th, represents a significant expansion of Magic Eden into the broader on-chain trading landscape.

The latest development comes at a time when interest in non-fungible tokens (NFTs) is significantly waning. Slingshot’s core technology facilitates simplified cross-chain trading within the decentralized finance ecosystem.

Magic Eden Acquires Slingshot for Crypto Expansion

Slingshot makes it easy for users to move assets between blockchains, handle multiple wallets for different networks, and get gas tokens to make transactions. The platform lets users place orders for any token using one balance they control. Importantly, users do not have to worry about gas fees or complicated bridging steps.

Jack Lu, CEO of Magic Eden, said the purchase is very important and a “big step forward” for the company. He also said the deal would help Magic Eden achieve its goal of making trading easier for more people.

 “Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto,” Jack Lu, Magic Eden CEO, states.

Slingshot will continue to operate as its own platform, so users will not see any changes. Existing accounts, fees, and trading services will also stay the same. There are no plans to launch a Slingshot token right now, but Magic Eden is considering ways to add incentives, like referral programs, and use the Magic Eden (ME) token in the future.

Waning Interest in NFTs

The timing of this purchase is interesting because of recent NFT market trends. According to DappRadar’s Q1 2025 report, NFT trading volume dropped to $1.5 billion, a 24% drop from Q4 2024. Additionally, total sales fell by 10%, showing that fewer expensive NFTs are being traded.

By buying Slingshot, Magic Eden seems to be preparing for changes in the digital assets industry. The company hopes that token trading will keep growing and help it stay on top.

Over the past month, several NFT platforms have closed their doors amid waning investor interest. NFT marketplace X2Y2 revealed last month that it will shut down its NFT trading operations in April. The announcement came just a few days after electronics giant LG closed its NFT platform, LG Art Lab.

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