Magic Eden Ventures Beyond NFTs

Magic Eden expands by acquiring Slingshot, eyeing broader crypto horizons amidst NFT market struggles. The Solana-based NFT platform, Magic Eden, has bought the crypto trading app Slingshot, aiming to expand beyond NFTs as several competing marketplaces face downturns. Slingshot boasts almost 1 million users, offering access to tokens across major blockchains. This acquisition supports Magic Eden’s goal to shift users from centralized exchanges to more crypto-native platforms. With NFT sales dwindling, the move could diversify and increase Magic Eden’s trading activities, potentially boosting its revenue.