Magic Eden Acquires Slingshot to Expand Beyond NFTs

Popular NFT marketplace Magic Eden has acquired crypto trading app Slingshot in a move that signals a strategic shift beyond digital collectibles. The acquisition will give Magic Eden users direct access to over five million tokens across more than ten blockchains—without the need for bridges or centralised exchanges.

Slingshot will continue to operate as a standalone app for now, but further integration with Magic Eden is expected. No immediate changes to the user experience have been announced, though support for Bitcoin-native tokens is reportedly on the horizon.

Magic Eden’s leadership indicated the move is part of a longer-term effort to simplify crypto trading across networks and asset types.

What is Slingshot?

Slingshot is a decentralised crypto trading application that enables users to swap tokens across multiple blockchains without needing to bridge assets or rely on centralised platforms.

The app supports trading across more than ten blockchain networks using a single USDC balance, offering access to millions of tokens. With an estimated user base approaching one million, Slingshot has gained recognition for its emphasis on ease of use and multi-chain functionality.

It has aimed to streamline token discovery and trading by removing common friction points, such as network switching and gas fee management.

What does this acquisition mean for Magic Eden?

For Magic Eden, the acquisition of Slingshot represents a step away from its original focus as an NFT-only platform. Whilst it will continue to support NFT trading, the company appears to be repositioning itself as a more comprehensive web3 trading hub.

“This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains,” said Jack Lu, CEO and Co-Founder of Magic Eden.

By integrating token trading into its ecosystem, Magic Eden is likely to broaden its appeal to a wider segment of crypto users—particularly those seeking a unified interface for both NFTs and fungible tokens.  Although the platforms will operate independently for now, the long-term plan appears to involve closer technical and product alignment.