MAGIC

What is Treasure (MAGIC)?

Treasure is a decentralized video game console that brings games and communities together through NFTs (non-fungible tokens) and the “MAGIC” cryptocurrency.

A decentralized NFT ecosystem on Arbitrum built specifically for metaverse projects, Treasure serves as a central point to which projects can link both narratively and economically.

MAGIC is the native token of the Treasure ecosystem, meaning that it serves as the sole currency for marketplace transactions and is utilized by every Treasure project. The Treasure DAO (decentralized autonomous organization) uses MAGIC emissions to grow new projects and continue supporting more mature ones.

Treasure is a fair-launch, community-driven project where every item in the ecosystem is distributed for free. Treasure itself is open-source, and anyone can contribute to its publicly-hosted marketplace, quests, and lore.

Who are the Founders of Treasure?

Treasure is described as a collective of builders composed of a globally distributed team of developers, product managers, artists, brand builders, marketers, economists, and gamers. Its founders are John Patten, Karel Vuong, and “Gaarp.”

The project was initially launched on the Ethereum mainnet but has since migrated to Arbitrum, an Optimistic Rollup scaling solution. Abitrum allows users to enjoy far lower gas fees, which is why it’s considered extremely secure and is enjoying rapid adoption.

How Does Treasure Work?

According to the Treasure team, the project’s goal is to allow communities to bootstrap new, decentralized metaverses. These metaverses are then viewed as community-written stories, and resources are the threads by which the fabric of the metaverse is sewn.

The Treasure DAO is central to how things work because it is the DAO that decides which projects to onboard, how MAGIC is distributed, and how revenue-sharing agreements for the marketplace work.

The central metaverse is Treasure, a place called Bridgeworld, where MAGIC is emitted and harvested. The MAGIC cryptocurrency serves as “Power,” which is one of a triad when it comes to the resource economy of Bridgeworld.

Legions, the second part of the resource economy, refer to NFTs and Players. These Legions use the third resource, treasures, to mine for MAGIC and build larger infrastructure and equipment. MAGIC is then used to allow Legions to quest and craft new items using treasures.

This relationship between treasures and MAGIC defines Bridgeworld’s equilibrium. The MAGIC token is becoming increasingly scarce and required for players to “power on” or make the most out of their in-game treasure resources. Then, treasures can produce the instruments and materials needed to mine more MAGIC, creating Bridgeworld’s economy.

What makes Treasure Unique?

Treasure is unique in that it brings all of the projects under its umbrella together narratively and economically using the MAGIC token. Furthermore, this isn’t just a glitzy vision—Treasure already has a fast-growing stable of titles, including Toadstoolz, Tales of Elleria, Realm, Knights of the Ether, LifeVerse, BattleFly, and more.

The Treasure ecosystem allows projects to scale growth and network effect and onboard into one of blockchain’s most vibrant and passionate grass-roots communities of builders. Treasure offers community bootstrapping, cross-title NFT and token composability, shared infrastructure, and a unified unit of account in the MAGIC token.

How is the Treasure Network Secured?

Within the Bridgeworld metaverse, the MAGIC token is subjected to a process conceptually similar to proof-of-work, with the goal of creating an economy of assets in which the rarest assets are earned through labor.

For example, users can stake MAGIC tokens and diamond assets to create drilling tools. However, creating the tools has incurred a certain amount of cost, such as that of the diamonds that were required and the time taken to perform the action.

As a network, though, Treasure is deployed on Arbitrum, a layer 2 scaling solution for Ethereum. Powered by over 500,000 validators, Ethereum is one of the most decentralized blockchains in the world and is secured by proof-of-stake (PoS).

What is the Use of MAGIC?

MAGIC is the natural resource of the Treasure metaverse and is required to “power on” NFTs for them to become productive, yield-bearing assets. Players can earn MAGIC tokens by playing, mining, and participating in Bridgeworld.

MAGIC holders also constitute the Treasure DAO, which is central to the project. Governance on Treasure is carried out by the DAO and is done via the submission of Treasure DAO Improvement Proposals (TIP) followed by Snapshot voting.

MAGIC holders who have staked their tokens in the Atlas Mine and those with MAGIC-WETH SLP in the Arbitrum LP Rewards contract are eligible to vote. Voting is also weighted towards MAGIC tokens vested for longer periods.

How Much MAGIC is In Circulation?

MAGIC has a total supply of around 350 million tokens, and the emission is subject to a halving schedule carried out every year. The circulating supply of MAGIC is currently over 206 million tokens, and inflation remains high to reward users willing to lock up tokens for a longer period.

How Do You Buy MAGIC?

The level of excitement and hype around MAGIC and the Treasure ecosystem is reflected in the fact that it has already garnered some top-tier exchange listings. However, as an Ethereum-based token found on Arbitrum, it’s very easy to buy MAGIC in a decentralized manner and benefit from the immediate settlement.

How Do You Store MAGIC?

You can store MAGIC in any Ethereum-compatible wallet. It’s also possible to keep MAGIC tokens on an exchange account, but you lose all of MAGIC’s benefits by doing so. For one thing, you can’t stake MAGIC or use it in any of Treasure’s metaverses or games.

You also don’t get a vote or a seat at the Treasure DAO table unless you take ownership of your MAGIC tokens with your own non-custodial wallet.

Is MAGIC a Good Investment?

Treasure is one of a raft of exciting projects making full use of blockchain technology to offer gamers the ability to earn real-world rewards through their favorite hobby. Fully part of the Play-to-Earn revolution in gaming spurred by projects like Axie Infinity, Treasure offers a grass-roots, community-built DAO that aims to become a “decentralized Nintendo.”

The MAGIC token itself has been carefully engineered to serve as the resource tying the entire ecosystem together. Even without explosive network effects, it is attractive from a scarcity perspective.

Still, the success of a gaming ecosystem will ultimately come down to the quality of its games. If Treasure proves to be a trove of fun, engaging offerings that can entertain and reward in equal measure, then very little stands in the way of its success.