Treasure is a decentralized ecosystem for NFT and Metaverse on Arbitrum. $MAGIC is the native governance and utility token of Treasure. The projects in Treasure Ecosystem all utilize $MAGIC and share the same economic model of $MAGIC.
$MAGIC is one of the currencies for marketplace transactions. The TreasureDAO uses $MAGIC emissions to grow new projects and continue supporting existing ones.
Bridgeworld is the central metaverse in Treasure went live on Jan 25, 2022. It is a game of strategic commerce, trade, and domination. Through participating in activities on Bridgeworld, users can ultimately extract $MAGIC. Thus, Bridgeworld is where $MAGIC is emitted and harvested.
The relationship between $MAGIC, Treasure, and Legion
Bridgeworld utilizes a three-part resource economy:
- $MAGIC (Power)
- Treasures (Resources)
- Legions (NFT | Players)
Legions use treasures to mine for $MAGIC and build larger forms of infrastructure and equipment. $MAGIC is the resource that allows legions to quest and craft new items using treasures.
$MAGIC is an increasingly scarce resource needed to “power on” treasures and allow them to function as productive assets. Treasures produce the instruments and materials needed to continue mining MAGIC. This dance between treasures and MAGIC forms a base layer metaverse on which other metaverse economies can be built and connected.
Treasure began as a Loot derivative on Ethereum Layer 1. In September 2021, Treasure launched its first native DeFi project: the $MAGIC farm. Users will be able to deposit Loot cards, $AGLD, n project tokens, and treasures to earn $MAGIC. Through the $MAGIC farm, Treasure completed the initial distribution of $MAGIC and NFTs.
In Oct 2021, Treasure moved to Arbitrum. Then, it launched a native NFT marketplace and TreasureDAO a month later. The DAO is managed by $MAGIC stakers, which means the token stakers can control the Treasure economy as well as the NFT marketplace. And all the revenues of the marketplace went to the DAO treasury. In Jun 2022, Treasure introduced a new NFT marketplace, Trove, which replaced the original Treasure Marketplace. Trove supports both game cartridges with the Treasure Ecosystem (priced in $MAGIC) and the other generalized collections (priced in $ETH).
In Sep 2022, the project announced its $3.5m token sale at an $80m fully diluted valuation. The token sale was led by Digital Strategies Guild with participation from its previous partners, 1kx, Neon DAO and ID Theory, and new participants, Arbitrum, Skycatcher Crypto, IOSG, Alchemy Ventures, IndiGG, StreamingFast, and other strategic partners.
