Magic Eden expands beyond NFTs with acquisition of trading platform Slingshot
Despite the decreasing popularity of NFTs, Magic Eden has remained active in the market. Monthly trading volume for non-fungible tokens has significantly dropped from its peak in January 2022 to $429 million in March, as reported by Solana blockchain. Magic Eden has expanded its support for NFTs issued on various blockchains including Ethereum, Polygon, and Bitcoin.
In response to the declining NFT market, Magic Eden introduced its own crypto wallet in January 2024. This wallet allows users to store their NFTs and cryptocurrencies in one place. Co-founder Lu referred to this strategy as “one platform, all chains, all assets.”
While users can currently swap tokens using the Magic Eden wallet, it is not a traditional trading platform like U.S. crypto exchanges.
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