Solana-based NFT marketplace Magic Eden is pivoting beyond digital collectibles by acquiring crypto trading app Slingshot, signaling a strategic shift amid a widespread NFT market slowdown. Announced on April 9, this acquisition allows Magic Eden to support over 8 million tokens across nearly every major blockchain, bypassing centralized exchanges (CEXs) and bridges.

Slingshot, known for its universal USDC balance and seamless access to tokens on 10 major blockchains, has attracted nearly one million users. The platform aims to simplify crypto by removing the need for multiple wallets, bridges, or gas calculations—ushering in a new era of full-chain abstraction.

Magic Eden CEO Jack Lu said the deal is part of their mission to transition the 500 million users still dependent on centralized platforms into a more decentralized, on-chain experience. While both companies will operate independently for now, Lu promised deeper integration in the future.

Despite the NFT market’s struggles—monthly sales volume has dropped every month in 2025—Magic Eden still generated $75 million in revenue from NFTs this year. Lu believes Slingshot could push those earnings even higher.

Meanwhile, industry giants like DraftKings, GameStop, Bybit, and X2Y2 have closed their NFT marketplaces due to falling volumes. NFT sales have reached $1.6 billion across 14 million transactions in 2025 so far, but that figure lags far behind 2024’s $8.9 billion and 2022’s record $23.7 billion.

Magic Eden’s latest move is a calculated bet: expand or fade away with the rest. And in a market where survival demands innovation, this acquisition could redefine what a Web3 marketplace truly means.