Magic Eden is shifting away from NFTs and is setting its sights on dominating the onchain token trading space.
In a bold move that marks a new chapter for the company, Magic Eden has acquired Slingshot Finance, a mobile-centric crypto trading app known for its slick user experience and multi-chain capabilities.
Slingshot’s appeal lies in its ability to simplify an otherwise messy process—trading across multiple blockchains without needing to navigate the usual technical headaches like bridging or managing gas tokens. The platform supports millions of tokens and operates across more than ten chains, including Solana and Ethereum, with Bitcoin integration on the horizon. This fits snugly into Magic Eden’s vision of making crypto accessible to everyone, not just the technically inclined.
While NFTs remain part of Magic Eden’s DNA, the marketplace is clearly diversifying. With trading volume in the NFT sector cooling off, Magic Eden isn’t backing down—it’s evolving. CEO Jack Lu maintains that NFTs still have long-term potential, especially in areas like gaming and collectibles, but admits the next wave of adoption will require real-world utility, not just hype.
The Slingshot deal accelerates Magic Eden’s entry into full-fledged token trading. Although the platform had already dipped its toes into cross-chain swaps, Slingshot dramatically expands those capabilities, offering a far more powerful and intuitive trading experience.
Slingshot, launched in 2020, brings with it nearly a million users and a strong backing from major investors including Coinbase Ventures and Electric Capital. Its co-founder, Clinton Bembry, is no stranger to successful exits—his previous project was acquired by Coinbase in 2019. Now, he and the entire Slingshot team (somewhere between 11 and 50 people) are joining Magic Eden as part of the deal, which was quietly finalized after talks began late last year. The acquisition was handled internally, with legal backing from Cooley and Cahill.
Magic Eden, now backed by $147 million in funding from big-name firms like Sequoia and Paradigm, sees this as more than just a product expansion—it’s a strategic shift. As Lu puts it, this is the company’s first serious acquisition, signaling a clear ambition to go head-to-head with centralized exchanges by offering a better, fully onchain alternative.
With the Slingshot integration, Magic Eden’s evolution from an NFT hub into a full-spectrum crypto platform is officially underway.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/magic-eden-breaks-into-crypto-trading-with-major-slingshot-acquisition/