Non-spongied Token (NFT) Marketplace Magic Eden has acquired Slingshot, a trade app that allows users to see their crypto balance across multiple protocols.

Slingshot allows users to trade tokens from a single universal USDC balance, distant obstacles such as wallet setup, broda formation of assets across chains and juggling gas fees, which extends Magic Eden well past Solana to each chain, including Bitcoin.

“This acquisition is a big step forward to promoting the Magic Eden Vision, which is to give users around the world a seamless and secure way to buy and sell crypto and digital assets across all chains,” said Jack Lu, CEO and co-founder of Magic Eden in a blog post.

“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling features accelerates our ability to influence Crypto’s future.”

Magic Eden says the slingshot acquisition will strengthen its plans to offer multiple Fiat-to-Crypto-onramps through platforms such as Apple Pay and Venmo and introduce AI-assisted tools to more easily discover token discovery and trade.

Magic Eden even generated $ 75 million in NFT market revenue in 2024, according to a post of X by LU. Lu said that incorporating slingshot’s abstraction technology positions it to effectively compete against centralized crypto exchanges.

At the same time, this comes as the NFT market continues to contract. A report from Dapptradar shows that the NFT trading volumes in 2024 fell by 19% despite a broad market driving. Recently, NFT Marketplace X2Y2 said it closed its virtual doors with reference to falling trading volume.