Magic (MAGIC)

About MAGIC

What is MAGIC?

MAGIC (MAGIC) is the utility token of Treasure, a decentralized gaming ecosystem built on Arbitrum, a Layer 2 scaling solution for Ethereum. Launched in September 2021, MAGIC serves as the primary currency that connects various gaming communities and ecosystems within the Treasure Metaverse, which is a decentralized NFT platform. MAGIC tokens are used for a variety of functions including in-game purchases, NFT transactions, staking, and participation in the governance of the Treasure platform.

MAGIC operates as a cross-game currency, enabling players and communities to interact across different games and metaverses within the Web 3.0 framework. It is designed to be an in-game currency that facilitates trading NFTs, governance decisions, and rewards players for participating in the ecosystem. As more players engage with the platform, MAGIC tokens become increasingly scarce, which could drive up their value over time.

How does MAGIC work?

MAGIC functions as the official currency of the Treasure ecosystem. Its main use cases include:

1. In-Game Currency: MAGIC is used in Bridgeworld, Treasure’s flagship game, and other games hosted on the platform. Players can use MAGIC to buy in-game items, trade NFTs, or purchase other assets.
2. Staking and Governance: Players can stake their MAGIC tokens in the Atlas Mine, which is a platform feature that helps govern the Treasure ecosystem. Staking MAGIC also allows players to have a say in the development and future of the platform, making the token an important part of Treasure’s decentralized governance.
3. NFT Transformation: MAGIC enables players to transform Treasure NFTs into productive assets. These NFTs, known as Treasures or Legions, can be used within games to generate rewards or benefits, helping players to gain more value from their NFT holdings.
4. Community-driven Growth: The platform encourages community participation in game creation and development. Established communities can utilize MAGIC to help fund and launch new games or projects within the ecosystem, which adds to the overall growth of Treasure and the metaverse.

What are the potential use cases for MAGIC?

MAGIC’s wide array of use cases within the Treasure ecosystem includes:

• Cross-Game Transactions: MAGIC is used across different games and metaverses hosted within the Treasure ecosystem, helping to bridge gaming communities together.
• NFT Trading: Players can buy, sell, and trade NFTs on the Treasure marketplace, with MAGIC acting as the currency for these transactions.
• Staking and Governance Participation: MAGIC can be staked in the Atlas Mine to engage in governance activities, helping decide the direction of the platform and its development.
• Productive Assets: Players can use MAGIC to turn NFTs into productive assets, enabling them to earn rewards or generate in-game benefits, such as higher returns from mining or better performance in games.
• Community Development: MAGIC can be used by communities to fund new projects, games, or initiatives, contributing to the growth and expansion of the Treasure platform and the broader decentralized gaming ecosystem.

What is the history of MAGIC?

MAGIC was launched in September 2021 as the native utility token for Treasure, a platform designed to connect decentralized gaming communities through the use of NFTs. The platform was created by John Patten, Gaarp, and Karel Vuong, with the goal of building a decentralized, cross-game ecosystem that would empower gamers, developers, and creators alike.

The Treasure DAO (Decentralized Autonomous Organization), which governs the platform, is made up of a team of 36 community contributors. These individuals include developers, product managers, economists, marketers, artists, and gamers, all working together to ensure the ecosystem’s growth and the adoption of MAGIC.

MAGIC was designed to become scarcer over time as the ecosystem grows, incentivizing early participants and players with the potential for higher value as demand for the token increases. By January 2023, the circulating supply of MAGIC stood at 211,674,541 out of a maximum supply of 347,714,007 tokens.

The goal of MAGIC is to foster a thriving metaverse economy where gamers, developers, and creators can participate in a decentralized, user-driven ecosystem that rewards engagement and promotes community-driven growth.