Magic Eden Acquires Slingshot to Expand Beyond NFTs

Magic Eden, a leading Solana-based NFT marketplace, has acquired crypto trading app Slingshot as part of a strategy to diversify beyond non-fungible tokens (NFTs). This move comes amid challenges in the broader cryptocurrency market downturn and a trend of other marketplaces halting NFT platforms. 500 million Magic Eden users have been accustomed to using centralized exchanges, but this acquisition will help them transition towards more on-chain, crypto-native trading experiences.