In a significant move to broaden its portfolio beyond non-fungible tokens (NFTs), Magic Eden, the leading NFT marketplace on the Solana blockchain, has successfully acquired the crypto trading app Slingshot. This acquisition is seen as a strategic response to the prolonged downturn in the NFT market, particularly as various platforms shut their doors amid evolving market dynamics.
This integration allows Magic Eden to support an impressive range of over 8 million tokens across nearly all major blockchains. As stated in a recent announcement, “No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,” said Magic Eden CEO Jack Lu.
Slingshot has garnered a strong user base, nearly 1 million users to date, allowing seamless access to tokens across ten of the largest blockchains. By offering a universal USDC balance, Slingshot aims to deliver what is termed as full-chain abstraction, simplifying the trading process and making it more user-friendly.
The CEO expressed optimism regarding the integration, noting its potential to entice more of the 500 million users still dependent on centralized exchanges to transition to crypto-native platforms. However, both Slingshot and Magic Eden will maintain their independent operations, with plans for “increasing connectivity” between the two platforms over time.
In the backdrop of this expansion, it is crucial to acknowledge the challenges NFT marketplaces are facing. Several prominent entities, including DraftKings, GameStop, and the crypto exchange Bybit, have recently halted their NFT marketplaces due to declining trading volumes. Bybit specifically pointed to falling NFT activity in its announcements, reflecting a broader trend in the industry.
Data shows that NFT marketplaces have managed to generate approximately $1.6 billion in sales across 14 million transactions as of early 2025. Yet, the monthly sales figures have consistently declined since the beginning of the year. This total is far from matching the $8.9 billion generated in 2024, not to mention the record-breaking high of $23.7 billion seen in 2022. As such, Magic Eden’s pivot towards a diversified service offering indicates an awareness of the shifting landscape and an effort to remain competitive.
The future of NFT platforms will be influenced by the ongoing development of the crypto ecosystem, with continue pressing demands on businesses to innovate and adapt. By leveraging the capabilities of Slingshot, Magic Eden is positioning itself to not only survive but thrive in this evolving environment.
