NFT Marketplace Magic Eden Acquires Trading App Slingshot
NFT marketplace Magic Eden is acquiring trading app Slingshot, confirmed by a company spokesperson. The deal is expected to close soon.
Key points include:
- Magic Eden's CEO, Jack Lu, emphasizes the importance of applications in the current market cycle.
- Slingshot offers fast trading and cross-chain capabilities without token bridging.
- Integration plans include support for HyperLiquid, XRP, Cardano, Sui, TON, and Chainlink.
- Future social features are planned for Slingshot.
- Slingshot provides users with a non-custodial wallet and allows various payment options like Apple Pay and Venmo.
- The app has 10,000 to 50,000 downloads on Google Play Store.
- Magic Eden aims to expand beyond NFTs, similar to other marketplaces like OpenSea.
- Despite current market conditions, Lu maintains a positive outlook and encourages building during downturns.
No financial details of the acquisition have been disclosed.