The $MAGIC of Treasure - Project Rating and Analysis
Treasure is a decentralized NFT ecosystem on Arbitrum. $MAGIC is the native governance and utility token of the ecosystem. Treasure's own metaverse and NFT projects, as well as community projects and metaverses, all use $MAGIC as the default medium of exchange. For example, Treasure built a native NFT marketplace that enables users to trade NFT assets from the ecosystem in one place. $MAGIC is the payment method of these NFTs.
TokenInsight gives Treasure ($MAGIC) a rating of B, with a positive outlook. It now ranks 9th among the gaming projects tracked on our website.
The Ecosystem of Treasure comprises a governing body (TreasureDAO), several gaming metaverses and NFT projects, and a marketplace. The TreasureDAO and the marketplace (Trove) are the core components to connect the various parts. Bridgeworld (a strategy game that went live in January 2022) plays a central part in the Treasure metaverse. It is the place where $MAGIC is emitted and harvested.
Apart from Bridgeworld, Treasure also launched a game called Smolverse, where NFT characters from the smol brains collection can be played. Treasure has integrated 8 games developed by the community into the ecosystem, including BattleFly, Toadstoolz, Tales of Elleria, The Lost of Donkey, etc.
Overall speaking, these games have attracted the attention of gamers. As summarized below, each game has amassed a following not small by crypto standards. And all these games are run on top of $MAGIC.
Treasure was launched in August 2021 on Ethereum. It started as a derivative of the well-known Loot Project. In September 2021, Treasure released $MAGIC as its native cryptocurrency. Players could deposit Loot cards, $AGLD, and others to earn $MAGIC.
Treasure migrated to Arbitrum in October 2021 and launched its native NFT marketplace and TreasureDAO. In January 2022, Treasure released Bridgeworld, a strategy game that sits at the center of the Treasure metaverse. In June 2022, Treasure introduced a new NFT marketplace, Trove, which replaced the original Treasure Marketplace. Trove supports both Treasure ecosystem items (priced in $MAGIC) and general NFT collections (priced in $ETH).
All the metaverse/gaming projects in the Treasure ecosystem share the same economic model, in which the projects intend to reduce the liquidity of $MAGIC by making users lock up more assets. Generally, the projects will have three economic infrastructures, $MAGIC (ERC-20), Treasures (ERC-1155), and each game's native characters (ERC-721).
Take Bridgeworld as an example, users must own $MAGIC to start the game. Players may use the $MAGIC to build legions while gaining other resources such as Treasures and other materials via the legions. The materials can be used to build stronger legions and cast more powerful tools, which could further lead to more $MAGIC being produced. In addition, the game also encourages players to lock assets and materials to get more rewards.
As for $MAGIC, it is the governance and utility token of Treasure. Users can use the token to participate in the games. But more importantly, the token can be used to govern the TreasureDAO, which means the token stakers can decide the future of the Treasure economy, the TreasureDAO treasury, as well as the NFT marketplace.
The $MAGIC token is initially distributed through a fair launch, and the team only holds 10% of the token supply, which will be released in 12 years. The tokenomics design can contribute to the sustainability of the project.
According to data gathered by TokenInsight, $MAGIC is now listed on more than 20 Exchanges under more than 67 trading pairs. The current market cap of Treasure is $170,957,309 (ranked #156 overall by TokenInsight), and the 24h trading volume of $MAGIC is $40,946,859.
The below graph shows the price change of $MAGIC, $ETH, and $BTC over the past half year. $MAGIC convincingly outperformed the other two.
Team, Partners & Investors
Treasure is supported by an anonymous team of 29 members, of which more than 30% of them are responsible for the project development. One of the co-founders, John Patten, is also working for Osmosis (an AMM on Cosmos).
The team announced a $3.5m token sale in Sep 2022 at an $80m fully diluted valuation. The sale was led by Digital Strategies Guild with participation from 1kx, Arbitrum, Skycatcher Crypto, IOSG, Alchemy Ventures, IndiGG, StreamingFast, Neon DAO, ID Theory, etc.
Roadmap & Progress
The project has not disclosed its development roadmap, but it regularly synchronizes the development progress as well as the upcoming events with the community.
Underlying Technology & Security
Treasure's NFT marketplace was hacked on March 3, 2022, and over 100 users' NFTs were stolen (worth ~$1.4 million). The project founder, John Patten, tweeted to cover the cost of the exploit. But fortunately, almost all of the hacked NFTs were returned after a few hours. The team then claimed that they were creating a peer review group and bug bounty program. However, as of writing, there is no bug bounty program or audit progress officially announced yet.
Treasure stands out with its cohesive ecosystem and innovative token economy, which helps it attract massive attention from the market. The project design could also contribute to increasing the scarcity of the token as well as supporting the token value. However, Treasure's token model heavily relies on the development of the project's ecosystem, which might facilitate or affect the project's future development.
In addition, $MAGIC is currently listed on more than 20 exchanges with high liquidity and its recent token performance has outperformed the market.
On the other hand, the project still has a lot of room for improvement in terms of security. It suffered a serious incident in March, but the team has not officially disclosed any audit reports or bug bounty programs yet. The rating result of Treasure is also influenced by factors such as anonymous team and roadmap disclosure.
Based on the above information, TokenInsight gave Treasure a B rating with a positive outlook.