Magic Eden Slingshot Acquisition Signals Bold Shift in Crypto

Key Points

• Magic Eden Slingshot Acquisition Signals Bold Shift in Crypto
• Slingshot supports tokens across 10 major blockchains
• Deal enables seamless trading without bridges or CEXs
• NFT market slowdown pushes Magic Eden to diversify

The Solana-based NFT marketplace Magic Eden is making big moves beyond NFTs. On April 9, the company announced its acquisition of Slingshot, a crypto trading app that allows users to trade tokens across ten major blockchains using a unified USDC balance. This deal marks a significant pivot for Magic Eden, as it positions itself to become a broader crypto trading hub—not just an NFT marketplace.

The Magic Eden Slingshot acquisition brings support for more than 8 million tokens, making it easier for users to trade digital assets without depending on bridges or centralized exchanges. In a post on X, Magic Eden stated, “No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.”

We just acquired @SlingshotCrypto!

8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.

Oh, and Emmy likes green. pic.twitter.com/QmALplzSzB

— Magic Eden 🪄 (@MagicEden) April 9, 2025

That’s a bold claim—but one that highlights a clear trend. As NFT marketplaces struggle with declining volumes and closures, Magic Eden is adapting. CEO Jack Lu mentioned that Slingshot and Magic Eden will continue to operate independently, but we can expect “increasing connectivity” between them going forward.

Lu emphasized the goal of moving more of the estimated 500 million users currently stuck on centralized exchanges toward more decentralized, crypto-native solutions. With Slingshot’s nearly 1 million users and powerful full-chain abstraction tech, that goal might not be far-fetched.

Today’s the last day you ever need to think about chains. Proud to share @MagicEden has acquired @SlingshotCrypto.

First we were on 1 chain
Then we became cross chain
Now, no more chains

Trade instantly on all chains without bridging. This is how we’ll be #1 in NFTs + tokens. pic.twitter.com/weUiwNgWBa

— Jack (@0xLeoInRio) April 9, 2025

This approach aligns with recent shifts in user behavior and technological advancements, such as Bittensor’s ecosystem growth, where new infrastructure enables faster, smarter interactions across the crypto space.

NFT Slowdown Pushes Platforms to Evolve

The NFT market isn’t what it used to be. While 2022 saw a record $23.7 billion in NFT sales, and 2024 managed $8.9 billion, the numbers for 2025 are underwhelming. So far, we’ve seen just $1.6 billion in NFT sales across 14 million transactions—and sales volume has dipped every single month this year.

This downturn is leading many platforms to pull the plug. DraftKings, GameStop, and Bybit have all closed their NFT marketplaces. Bybit cited “falling NFT trading volumes” as the reason in its April 8 announcement. X2Y2 is also shutting down its NFT marketplace by April 30, shifting its focus to artificial intelligence.

Amid this backdrop, Magic Eden is evolving rather than folding. The company reportedly made $75 million from its NFT marketplace in 2024, and now, with the Slingshot acquisition, it aims to push those numbers higher by tapping into the broader world of crypto trading.

Slingshot’s appeal lies in its full-chain abstraction—a system that removes the usual pain points of on-chain trading. Users don’t need to worry about finding the right wallet, loading gas fees, bridging assets, or switching networks. Everything happens in a simple, streamlined interface powered by USDC. This ease of use could be what finally gets crypto-curious users off centralized exchanges.

This user-centric model could also benefit from broader macro trends. For instance, as the Fed rate cut boosts crypto sentiment, platforms like Magic Eden and Slingshot are strategically positioned to attract new capital and users seeking efficient and decentralized options.

At the same time, we will continue our dominance in NFTs. Q1 revenue share has been healthy across chains.

We are the fastest NFT marketplace and a strong community across chains. As a platform, we earned $75M in revenue in ’24 and we will maintain momentum here. pic.twitter.com/6Vi8gJRhDk

— Jack (@0xLeoInRio) April 9, 2025

Centralized Exchanges Face Pressure Amid Regulatory Heat

The push for decentralization isn’t just about user experience—it’s also about regulatory risk. Centralized exchanges have increasingly found themselves under scrutiny from global regulators. As covered in our piece on the DOJ’s crypto investigations, U.S. authorities are ramping up enforcement actions, putting added pressure on centralized players.

With over 500 million users still relying on centralized exchanges, platforms like Magic Eden see a golden opportunity. The Magic Eden Slingshot acquisition could accelerate this shift, offering users the safety and control of self-custody combined with the convenience they’ve come to expect from traditional platforms.

This strategy reflects broader trends in the industry. From XRP’s rising institutional demand to growing conversations about Bitcoin outlasting the US dollar, the move toward on-chain solutions is gaining momentum. Magic Eden’s expansion isn’t just timely—it’s necessary.