Magic Eden, a prominent player in the NFT trading space, is broadening its reach amid a notable decline in digital collectibles trading volumes. Recent statistics indicate a significant drop in monthly NFT trading, plummeting from a high of $6 billion in January 2022 to just $429 million by March 2025. So far this year, NFT marketplaces have generated $1.6 billion from 14 million transactions, yet each month in 2025 has seen a continuous decline. This trend suggests that the market is unlikely to reach the previous year’s total of $8.9 billion, let alone the remarkable $23.7 billion record set in 2022.
While several NFT platforms have exited the market during this downturn, Magic Eden continues to thrive and innovate. Recently, the company announced its acquisition of Slingshot, a cryptocurrency trading platform. Slingshot was valued at $84 million in 2022 and the deal was finalized after talks that began in January. Though co-founder and CEO Jack Lu did not disclose specific financial details, he mentioned that the acquisition included a mixture of equity and the company’s cryptocurrency, $ME.
Since its inception in 2021, Magic Eden has evolved from focusing exclusively on Solana-based NFTs to supporting multiple blockchains, including Ethereum and Bitcoin. To adapt to slowing trading activity, the company introduced a cryptocurrency wallet in January 2024, further diversifying its offerings. “Our strategy is one platform, all chains, all assets,” Lu emphasized. The Slingshot acquisition is particularly significant as it enhances Magic Eden’s capabilities, allowing users to trade tokens across more than ten blockchains without complex bridging issues.
This move aligns with the trend of competitors like DraftKings and GameStop shutting down their NFT marketplaces due to declining volume. Slingshot, with nearly a million users, supports various payment methods and plans to include Bitcoin-native tokens for trading soon. Slingshot CEO Clinton Bembry expressed enthusiasm about collaborating with Magic Eden to redefine the crypto trading landscape.