NFT Marketplace Magic Eden Acquires Trading App Slingshot
Magic Eden has acquired Slingshot, a trading app that simplifies crypto transactions across multiple protocols. Key points include:
- Slingshot enables trading from a universal USDC balance, eliminating the need for wallet setups and bridging assets.
- This acquisition expands Magic Eden's operations beyond Solana to other chains, including Bitcoin.
- CEO Jack Lu stated this move aims to enhance user experience in buying and selling crypto across all chains.
- The integration will support more fiat-to-crypto onramps through services like Apple Pay and Venmo.
- Magic Eden reported $75 million in NFT marketplace revenue for 2024.
- DappRadar noted a 19% decline in NFT trading volumes in 2024 despite a broader market upswing.
- X2Y2 is shutting down due to decreased trading activity in the NFT sector.