Magic Eden acquires Slingshot app to expand beyond NFTs, NFT market facing challenges
From Cointelegraph
April 10, 2025 12:41 am:
Solana NFT marketplace Magic Eden acquires Slingshot app to expand beyond NFTs amid market downturn. Magic Eden now supports over 8 million tokens on major blockchains. Slingshot has nearly 1 million users, offering full-chain abstraction. Magic Eden made $75 million in 2024 from NFT marketplace. NFT marketplaces closing due to falling trading volumes.
Magic Eden and Slingshot to operate independently with increasing connectivity. Magic Eden made $75 million in revenue from NFT marketplace in 2024. NFT marketplaces like DraftKings and GameStop closing. NFT marketplaces have seen $1.6 billion in sales in 2025. Monthly NFT sales volume declining in 2025 compared to 2024.
Read more at Cointelegraph: Magic Eden acquires crypto trading app Slingshot to move beyond NFTs