Fashionable NFT market Magic Eden has acquired crypto buying and selling app Slingshot in a transfer that indicators a strategic shift past digital collectibles. The acquisition will give Magic Eden customers direct entry to over 5 million tokens throughout greater than ten blockchains—with out the necessity for bridges or centralised exchanges.
Slingshot will proceed to function as a standalone app for now, however additional integration with Magic Eden is anticipated. No instant modifications to the person expertise have been introduced, although help for Bitcoin-native tokens is reportedly on the horizon.
Magic Eden’s management indicated the transfer is a part of a longer-term effort to simplify crypto buying and selling throughout networks and asset sorts.
Supply: SlingshotWhat’s Slingshot?
Slingshot is a decentralised crypto buying and selling utility that permits customers to swap tokens throughout a number of blockchains while not having to bridge property or depend on centralised platforms.
The app helps buying and selling throughout greater than ten blockchain networks utilizing a single USDC steadiness, providing entry to thousands and thousands of tokens. With an estimated person base approaching a million, Slingshot has gained recognition for its emphasis on ease of use and multi-chain performance.
It has aimed to streamline token discovery and buying and selling by eradicating frequent friction factors, reminiscent of community switching and gasoline charge administration.
Supply: Magic EdenWhat does this acquisition imply for Magic Eden?
For Magic Eden, the acquisition of Slingshot represents a step away from its authentic focus as an NFT-only platform. While it’s going to proceed to help NFT buying and selling, the corporate seems to be repositioning itself as a extra complete web3 buying and selling hub.
“This acquisition is a serious step ahead in advancing the Magic Eden imaginative and prescient, which is to offer customers worldwide with a seamless and secure means to purchase and promote crypto and digital property throughout all chains,” stated Jack Lu, CEO and Co-Founding father of Magic Eden.
By integrating token buying and selling into its ecosystem, Magic Eden is prone to broaden its enchantment to a wider phase of crypto customers—significantly these looking for a unified interface for each NFTs and fungible tokens. Though the platforms will function independently for now, the long-term plan seems to contain nearer technical and product alignment.
