Magic Eden expands beyond NFTs with Slingshot acquisition

Magic Eden, the globally renowned NFT marketplace, has recently acquired Slingshot, a trading platform, to expand its operations beyond NFTs. Following the acquisition, experts praised the move of the marketplace to compete with other NFT marketplaces as they are expanding in other blockchain-based sectors.

In the

X post of Magic Eden dated April 09, 2025, Magic Eden said, “ 8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets on all chains.” 

According to Google PlayStore, Slingshot has 33 million downloads and holds a 3.8 rating. The address of the developers is Slingshot Finance, Inc., based in San Francisco, United States.

Slingshot enables the most convenient trading 

Slingshot is famous for cross chain trading which requires no bridging solution; it also offers instant listing of cryptocurrencies over 10+ blockchain; it also removes the usage of any centralized exchange.

With this acquisition the founder and co-founder and Chief Executive Officer of Magic Eden, Jack Lu said, “ 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.” 

He added, “ Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto.” 

According to data from Crunchbase, Magic Eden’s lead investors are Sequoia Capital, Lightspeed Ventures, Goodwater Capital, Paradigm, Electric Capital, and Alameda Research.

Yet there is no more information about Magic Eden acquisition’s but it has been actively investing in Web3 sectors and has also partnered with known companies like Animoca Brand with 11 other gaming studios.

Is the NFT market losing its ground in the Web3 sector? 

According to CryptoSlam(dot)io, the global NFT market sale volume was $98,387,480 with a loss of 10.01% in the past 7 days. In the same frame NFT buyers are 78,885 and transactions are 1,457,605.

CryptoSlam(dot)io

In the past 7 days the most costly NFT is f(x)wstETH #35 traded for $500,000 followed by Azuki #1402 sold for $96,814, Paradise #BTuiJc…iwKXuQ was traded for $33,913.

Data available on Forbes notes that PMONC has $14.80 billion followed by PBN has $8.24 billion, YOG1 has a cap of $1.50 billion, PUNK has $674.54 million and Catgirl NFT has a cap of $525.16 million. 

NFTs by market dominance are CryptoPunk, which holds 53%, followed by Bored Ape Yacht Club, holding 17%, and Pudgy Penguins, which holds 10%. Trending NFTs are Liberty Cats, Pudgy Penguins, and Runestop.