{"id":126863,"date":"2025-04-10T05:16:31","date_gmt":"2025-04-10T05:16:31","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126863"},"modified":"2025-04-10T05:16:31","modified_gmt":"2025-04-10T05:16:31","slug":"magic-eden-acquires-crypto-trading-app-slingshot-to-move-beyond-nfts","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126863","title":{"rendered":"Magic Eden acquires crypto trading app Slingshot to move beyond NFTs"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSolana non-fungible token (NFT) marketplace Magic Eden has acquired crypto trading app Slingshot as part of a strategy to expand beyond NFTs as other marketplaces fold amid a prolonged market downturn.<br \/>\nThe move expands Magic Eden&#8217;s support to more than 8 million tokens across almost every major blockchain, the firm said in an April 9 X post.<br \/>\n\u201cNo bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,\u201d Magic Eden said.<br \/>\nSource: Jack LuSlingshot has amassed nearly 1 million users to date, allowing users to access any token on 10 of the largest blockchains with a universal USDC (USDC) balance.<br \/>\nSlingshot is one of several crypto platforms aiming to deliver full-chain abstraction \u2014 eliminating the need for users to choose the right wallet, ensure they have enough gas fees, find a trusted bridge and move funds \u2014 only then to buy the token they\u2019re after.<br \/>\nMagic Eden CEO Jack Lu hopes the integration will help shift more of the 500 million users still relying on centralized exchanges toward more crypto-native, onchain platforms.<br \/>\nNFT marketplaces shutter as market lulls<br \/>\nLu said that Magic Eden and Slingshot and Magic Eden will continue to operate independently but noted there will be \u201cincreasing connectivity\u201d between the platforms over time.<br \/>\nLu also noted that Magic Eden made $75 million from its NFT marketplace in 2024 and hopes the Slingshot acquisition will help drive those numbers up even higher.<br \/>\nRelated: Bitcoin NFTs, layer-2 and restaking hype \u2018completely gone\u2019<br \/>\nMagic Eden\u2019s expansion comes as several NFT marketplaces have shuttered in recent months.<br \/>\nDraftKings, GameStop and the crypto exchange Bybit all closed their NFT marketplaces, with Bybit citing falling NFT trading volumes in its April 8 announcement.<br \/>\nX2Y2 also recently announced that its NFT marketplace would shut down on April 30 as the firm looks to pivot into artificial intelligence.<br \/>\nNFT marketplaces have seen $1.6 billion worth of NFT sales across 14 million transactions so far in 2025, CryptoSlam data shows.<br \/>\nHowever, monthly sales volume has fallen every single month in 2025, and the $1.6 billion is nowhere near on track to match the $8.9 billion total from 2024, let alone the record $23.7 billion seen in 2022.<br \/>\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<a href=\"https:\/\/cointelegraph.com\/news\/magic-eden-acquires-crypto-trading-app-slingshot?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSolana non-fungible token (NFT) marketplace Magic Eden has acquired crypto trading app Slingshot as part of a strategy to expand beyond NFTs as other marketplaces fold amid a&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126863"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126863"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126863\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126863"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}