On the 9th (local time), Magic Eden co-founder and CEO Jack Lu
In an interview with the media, Lu said, "The acquisition of Slingshot is the first step in the development of Magic Eden's token trading market.
"Slingshot's chain abstraction technology allows users to share millions of tokens across 10+ chains without a complex understanding of blockchain.
This is Magic Eden's first major acquisition outside of the NFT sector, and is a stepping stone to stepping up competition with centralized exchanges (CEXs).
The acquisition comes at a time when the NFT market continues to see declining trading volume and waning public interest, but Lu remains a strong believer in NFTs.
"NFTs are still in their early stages of development and will provide a digital foundation for a variety of fields, including gaming, art and collectibles," he said. "Last year, Magic Eden announced that it would begin selling NFTs to consumers through its digital wallets.
"We made about $75 million in revenue from the sale of NFTs," he said. He also emphasized that the key to the future popularization of NFTs is their usefulness. "What the market is waiting for is not a simple fad, but true value," he said.
"It's a tipping point - it could be a brand the masses love, an innovative app or a frictionless user experience."
Magic Eden has previously offered easy cross-chain token swap functionality
With the acquisition of Slingshot, the company will be able to support more expanded trading functions. Slingshot is a “chain abstraction” trading platform that covers all chains.
It is a blockchain app that hides the concept of chains and provides more powerful trading functions and wider token support. CEO Lu said, "Magic Eden now supports more than 5 million token transactions.
Meanwhile, Magic Eden released its own token (ME) in December last year, and as of 4:50 p.m. on the 10th, it was trading at 0.86 on the coin market cap.
It is traded in dollars.
2025/04/11 10:54 KST
Copyright(C) BlockchainToday wowkorea.jp 118