Magic Eden Acquires Slingshot to Redefine Web3 Trading Experience

Magic Eden has officially acquired Slingshot, a top-tier crypto trading app, in a move that signals the NFT giant's next evolution. More than just a play for growth, this acquisition marks Magic Eden's shift from a dedicated NFT platform into what could soon become the most full-scale trading hub in the crypto space.

Slingshot Acquisition: What it Means for Magic Eden

For those who've followed Magic Eden's rise, the news might not come as a complete shock. The platform has long hinted at broader ambitions, especially as it continues to build infrastructure across web3. But with this acquisition, Magic Eden is switching gears entirely.

Slingshot, which boasts nearly 1 million users, has built a name for itself by offering a fast, user-friendly crypto experience. It allows users to trade tokens across 10 major blockchains without having to deal with the mess of bridging. No more figuring out the right wallet, no more gas-fee headaches. Just one app, one USDC balance, and access to over 5 million tokens—soon to include Bitcoin-native tokens as well.

Slingshot Brings a Seamless Multi-Chain Crypto Experience

Magic Eden CEO and Co-Founder Jack Lu called the move "a major step forward," adding that the pairing of Slingshot's product talent with Magic Eden's reach would "accelerate [their] ability to have an impact on the future of crypto." Lu said that the two platforms would continue to operate separately for now, but users can expect them to become increasingly connected.

"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. 

Slingshot CEO Clinton Bembry echoed the excitement.

"We are excited to join forces with Magic Eden to change the way the world trades crypto. Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher," said Clinton Bembry, Co-Founder and CEO of Slingshot. 

Slingshot aims to eliminate the need for CEXs. With instant listings across more than 10 chains, and support for buying crypto using Apple Pay, PayPal, Venmo, and credit cards, it gives both new and seasoned traders a reason to move away from traditional platforms. Magic Eden believes that this kind of ease of use is key to pulling around 500 million CEX users into a more crypto-native world.

A Bold Strategy Amid a Cooling NFT Market

In a post on X, Magic Eden made its vision clear: "No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains."

This acquisition also arrives at a time when the NFT market is cooling. Several major players like DraftKings, GameStop, and Bybit have all shuttered their NFT marketplaces. Even X2Y2 is calling it quits by the end of April. While the NFT space has seen over $1.6 billion in sales this year, monthly trading volume has dropped every month in 2025 so far—well below the $8.9 billion total of 2024, let alone the $23.7 billion high of 2022.

Still, Magic Eden seems unfazed by the downtrend. The firm reported $75 million in NFT revenue for 2024 and appears set on continuing to build. The Slingshot acquisition is a part of that longer-term strategy to stay relevant, even as the NFT-only space becomes a tougher place to compete.

Magic Eden's Growing Influence in Web3 Gaming

At the same time, Magic Eden has quietly positioned itself as the backbone of web3 gaming. It supports NFTs on Solana, Ethereum, Polygon, Bitcoin, and Arbitrum, giving game devs a place to build and launch across chains. Last year, it launched MagicMoca with Mocaverse to support gaming-focused NFT drops. And in October 2024, it partnered with Ubisoft to drop NFTs tied to Captain Laserhawk: The G.A.M.E.

Behind the scenes, Magic Eden Ventures has funded 11 web3 game studios, offering them tools like launchpads, APIs, and custom marketplaces. In 2024, it also teamed up with Aethir to boost game performance with cloud power built for scale.

With Slingshot now under its wing, it seems Magic Eden is set to offer much more than just NFTs. It's making a play to become the go-to place for all things crypto—whether that's gaming assets, tokens, or the next big thing onchain.