Magic Eden Pushes into Multi-Chain Crypto with Slingshot Acquisition

Magic Eden is breaking out of the NFT mold.

The leading NFT marketplace has acquired Slingshot, a cross-chain crypto trading app, signaling a bold move to expand beyond collectibles into broader digital asset trading.

Slingshot’s core feature—a unified USDC balance that works seamlessly across multiple blockchains—eliminates traditional friction points like wallet configuration, cross-chain bridging, and gas fee management. It’s a step toward a more fluid crypto trading experience, one Magic Eden believes is key to onboarding the next wave of users.

“The future of crypto is cross-chain, simple, and accessible,” said Jack Lu, CEO and Co-Founder of Magic Eden. “Slingshot helps us get there faster by bringing intuitive trading mechanics into our ecosystem.”

The acquisition fits squarely into Magic Eden’s strategy to become a full-stack crypto platform. The company plans to integrate fiat onramps via Apple Pay and Venmo, and develop AI-powered features to personalize and optimize token discovery and trading.

While NFT market volumes declined by 19% in 2024—per DappRadar—and platforms like X2Y2 have exited the space, Magic Eden posted $75 million in revenue last year. Lu sees the integration of Slingshot’s tech as a way to stay ahead of the curve and compete directly with centralized exchanges, leveraging abstraction and accessibility as its differentiators.

By building an experience that lowers entry barriers and broadens utility, Magic Eden is making a clear bet: NFTs were just the beginning.