Magic Eden has acquired the crypto trading app Slingshot as part of its strategy to diversify beyond non-fungible tokens (NFTs). This acquisition allows Magic Eden to enhance its support for over 8 million tokens across various major blockchains. The firm states that this move aligns with their vision of providing a platform for trading all assets across all chains without the need for centralized exchanges or bridges. Slingshot, which boasts nearly 1 million users, aims to simplify the trading process by offering full-chain abstraction, minimizing the technical hurdles for users. Magic Eden's CEO Jack Lu highlighted the aim to transition users from traditional centralized exchanges to more crypto-native, onchain platforms. Despite ongoing challenges in the NFT market, where several marketplaces have closed due to declining trading volumes, Magic Eden generated $75 million from its NFT operations in 2024. Lu expressed hopes that the acquisition would help boost revenue further.

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