NFT marketplace Magic Eden has acquired trading app Slingshot to diversify beyond non-fungible tokens and establish itself as a comprehensive crypto trading platform.

The acquisition, announced on April 9, 2025, will allow users to trade tokens across multiple blockchains without the typical hurdles of wallet setup and asset bridging.

Magic Eden, which generated $75 million in NFT marketplace revenue in 2024, is looking to broaden its reach as the market shows signs of contraction. According to DappRadar, the trading volumes fell by 19% in 2024 despite a broader crypto bull run.

It’s no secret that NFTs, or collectible images that once fetched hundreds of thousands of dollars, aren’t buzzy. The monthly trading volume for non-fungible tokens has plummeted from a high of $6 billion in January 2022 to $429 million in March, according to data from CryptoSlam.

Some companies born in crypto’s NFT era have since sputtered out, but Magic Eden, an NFT marketplace, is still at it—while also branching out from what critics deride as tradable JPEGs.

Magic Eden Streamlining Cross-Chain Trading.

Slingshot’s technology allows users to trade from a single universal USDC balance. This removes typical barriers to crypto trading, such as complicated wallet setup, bridging assets between chains, and managing different gas fees.

Furthermore, the app’s mobile-first interface has attracted nearly 1 million users. It currently supports trading across over 10 blockchain networks with instant token listings.

Magic Eden plans to leverage Slingshot’s technology to offer access to over 5 million tokens. The platform will soon support Bitcoin-native tokens, expanding its reach to the original cryptocurrency network.

Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to impact the future of crypto,” Lu stated.

As other exchanges are acquiring NFT platforms, Jupiter got DRiP Haus. DRiP Labs is a platform specializing in developing NFTs and digital collectibles.

Despite the challenges facing the NFT community after the SEC dropped its investigation into OpenSea, this is another win that shows that Eden keeps expanding his horizons.

Additionally, Magic Eden plans to integrate more fiat-to-crypto options through platforms like Apple Pay, Venmo, PayPal, and credit or debit cards. This will make it easier for users to enter the crypto market without navigating complex on-ramps.