Treasure is a community-governed ecosystem that serves as a bridge between different games, making it a decentralized metaverse game console. This concept is reflected in the name of its core platform, Bridgeworld. As the name suggests, it serves as a bridge between virtual worlds or games.
The Treasure platform aims to provide communities with all-around support to build and develop their own games. This helps break down the walled garden of the gaming space guarded by large publishing houses.
The lores or storylines of each new game get integrated under the Treasure metaverse umbrella. These games share some similar resources, including MAGIC, the native currency of the Treasure platform.
Treasure's other core platform, Smolverse, launched Smol Brains, a group of popular evolving NFTs. Combined with Bridgeworld NFTs and listed on Treasure's marketplace Trove, the two projects drove 10% of the total volume on OpenSea in early 2022. OpenSea is currently the world's largest digital marketplace for NFTs. Treasure's marketplace and its successor, Trove, are the biggest contributors to Arbitrum's trading volume.![What Is Treasure O](//images.ctfassets.net/4nqoo8goeymu/6vLZ0axzKfURT7NoDg9TaO/ba98a368d3db8ebfc55a6433d4c7296e/What-Is-Treasure-O.png)
Treasure functions on Arbitrum, a layer 2 Ethereum scaling solution which lets platforms like Treasure operate on Ethereum much faster and cheaper.
In this post, we will try to answer questions like What is MAGIC?, How does Treasure work and talk about MAGIC's use cases.
What Is Treasure: Quick Facts
- Treasure is a decentralized game console and metaverse launched around September 2021.
- It migrated from the Ethereum mainnet to Arbitrum, an L2 Ethereum scaling solution, soon after launch.
- The Treasure DAO governs Treasure.
- Bridgeworld is one of Treasure's core platforms. It serves as a virtual bridge or portal to different games or virtual worlds.
- Its NFT marketplace is Trove, which has driven over $250M+ in total market volume to date.
- Smolverse is an NFT project on Treasure which, along with Bridgeworld, has been quite popular.
How Does Treasure Work?![What Is Treasure Ok](//images.ctfassets.net/4nqoo8goeymu/6j5tJbk8ktvyTzg5So5npc/6000b9ea2a90b599c96973a012b711a9/What-Is-Treasure-Ok.png)
Before we talk about what is MAGIC used for, let's briefly go over how Treasure works. This should help us understand the use cases MAGIC better.
The following infographic gives us basic definitions of terms in the Treasure ecosystem.
Treasure has quite a few intricacies in how it operates. This includes the relationship between Treasures, MAGIC, and Legions. Here are some of the things you should know about Treasure.![What Is Treasure Okx](//images.ctfassets.net/4nqoo8goeymu/79x28AyeeTYsk7lMjiJejK/f2542fcf82385f8a5b8aa2e7fb1a6dac/What-Is-Treasure-Okx.png)
Remember that the following items are featured in Bridgeworld and across the games integrated with the Treasure platform. They are digital assets in the form of NFTs or currencies that may also have monetary value outside the game.
You can think of Treasures in the Treasure ecosystem as the raw material or the building blocks of useful equipment.
You can use treasures to build the following:
Consumables – Items that boost or aid in activities like mining and going on quests. Mining here means mining MAGIC which is an integrated game feature. Quests reward players with other valuable items.
Tools – Tools can serve functions like improving the efficiency of mining MAGIC. Therefore, they can help players earn more rewards. Treasure is powered by MAGIC. If the percentage of MAGIC staked in the system falls below 20%, Treasures lose their productivity.
Now to answer the core question, what is MAGIC? MAGIC is the native currency and one of the three core resources of Treasure's gaming ecosystem. This includes Bridgeworld, Smolverse, and all of the other games on the network like Battlefly and Toodstoolz.
MAGIC is not just a transactional currency in Treasure. It literally powers the ecosystem. For example, if the percentage of MAGIC staked in the system falls below 20%, Treasures lose their productivity. This is accompanied by the Atlas Mine – explained below – shutting down.
Legions![What Is Treasure Okx T](//images.ctfassets.net/4nqoo8goeymu/7fEjGJJFIXnu2d3GayUqKw/0d9fcd70f21411f999a5e2a4b95b08d4/What-Is-Treasure-Okx-T.png)
Legions are NFTs that play the part of in-game characters for Bridgeworld. You need to have a Legion to play on Bridgeworld, mine MAGIC, use tools or consumables, and so on.
Proof of Imagination
Treasure works on a relatively novel iteration of the traditional Proof of Work consensus mechanism. John Patten, Treasure's co-founder, calls it Proof of Imagination and this is what Treasure uses to determine the value of its assets.
In Bitcoin, Proof of Work plays a crucial part in determining the value of BTC mined. The harder it is to mine BTC, the more it is supposed to be worth.
Proof of Imagination works on a similar idea: that any asset should be worth at least the amount of work put into it. According to the system, the value of an asset is equal to the sum of the following:
- Cost of mining
- Collectors’ affinity for their Treasure, i.e., sentimental value
Where Is MAGIC Used?
Now that we know a little about what is MAGIC and have answered how does Treasure work let's talk about MAGIC's utility.
The community must stake a certain proportion of MAGIC's supply for the platform to keep running properly. Without it, the Atlas Mine, the main source of MAGIC's emissions or minting, will shut down.![What Is Treasure Okx Tr](//images.ctfassets.net/4nqoo8goeymu/78zRts4yePWIRMXcqvSOg0/8e882483ff09f2940b83bd9b70a8d478/What-Is-Treasure-Okx-Tr.png)
Making or Powering In-Game items
Like a role-playing game, one must level up their characters (legions) by mining and using Treasure. The players require MAGIC to do so.
Necessary in-game items such as Treasures will not work the same if the staked proportion falls below 20% of the circulating supply. Some Treasures may also require MAGIC to work individually.
The Treasure DAO uses Snapshot voting to decide on Treasure DAO Improvement Proposals or TIPs.
Only vested MAGIC or veMAGIC holders can cast votes on proposals set forth by the DAO after they make their way through the discussion forum. The voting power depends on the amount and duration of staked MAGIC.
Treasure started as a collection of 10,000 original Ethereum-based NFT cards on the Loot platform. That is why the founders call Treasure a Loot Derivative. Loot is an NFT platform where users can create and mint their own collections of NFTs. The community decides the worth of these NFTs.
Treasure's co-founders, John Patten, and @gaarping seem like they took a lot of inspiration from Loot.
Like Loot provided communities the building blocks for building NFT collections, Treasure set out to build a decentralized system where people can develop their own worlds and storylines, or Lores in Treasure's terms. Different communities would come together, thriving on the same resources. They would also have interwoven storylines that would gamify the relationship between the communities.
These games would integrate their NFT collections into the Treasure marketplace. The current Trove marketplace is the successor to the original Treasure marketplace.
A majority of the project's team was selected from the Treasure community, and the team now stands at around 30 members strong.![What Is Treasure Okx Tre](//images.ctfassets.net/4nqoo8goeymu/3wC2CszX3DDYCeWHfrnVI7/18d8b4dffa64caad99c6e273bd2d7f26/What-Is-Treasure-Okx-Tre.png)
What is MAGIC's coin allocation?![What Is Treasure Okx Trea](//images.ctfassets.net/4nqoo8goeymu/2BmfC0VnCbnBpRmix5d7J8/6455f227777479f0a774505d346b5dbd/What-Is-Treasure-Okx-Trea.png)
MAGIC was distributed in a fair launch in September 2021, where users could earn it by staking assets like Treasure, Loot, and ALGD. 33.3% of MAGIC's total supply of about 348 million tokens was allocated for this purpose alone. MAGIC price was at an all-time low right after the initial farming period ended, almost at the same time when Treasure migrated to Arbitrum.
25% of the supply is dedicated to emitting Magic through the Atlas Mine and Harvesters. This mine's predecessor, Genesis Mine, emitted 20 million coins or about 5.7% of the maximum MAGIC supply. The rest of the supply portion earmarked for this purpose should be released by late 2031.
It's worth noting that MAGIC emissions are designed to deflate the economy. This means obtaining MAGIC from Bridgeworld, the main source of the currency, will get harder as time goes on and that puts buying pressure on Treasure price. Every year's annual emissions will be half that of the previous years. This sets up a reward incentive for early contributors and supporters.
Out of the remaining supply, 17% is allocated to provide system liquidity. Another 15% will be used as a reserved fund for the ecosystem, and the remaining 10% is allocated to the team.
How Is MAGIC Created/Minted?
The main source of MAGIC in the Treasure ecosystem is the Atlas Mine. They are supplemented by Harvesters, the most efficient tools for mining MAGIC that require investment by players.
Over the next nine years, the Atlas Mine will mint a portion of MAGIC's total supply.![What Is Treasure Okx Treas](//images.ctfassets.net/4nqoo8goeymu/7z4b9AGsC7fpCCwNbziT2L/22a9226fec7da21ef9da2b0f3fae3b6c/What-Is-Treasure-Okx-Treas.png)
Players can earn MAGIC by using Treasures or making equipment from the Treasure to mine the platform's native currency.
Treasure Competition and How It Fares
Although Treasure is unique in how it is built and what it offers, there are other metaverse-based decentralized platforms like Treasure.
The Sandbox is a good example of this. It is one of the most popular NFT games around. As the name suggests, it allows players to build virtual assets. However, it is worth pointing out that while the Sandbox does give you creative power, it does not allow you to develop and integrate games with their own unique stories into the platform as Treasure does.
On the NFT market front, Treasure sometimes measures its performance compared to OpenSea. This is because OpenSea is the biggest NFT platform in the world. And though Treasure's Trove marketplace has very ambitious plans about competing with OpenSea, the odds are not exactly in Trove's favor. Replacing the market giant is a daunting task for any, even if they have the momentum Treasure has had since launch.
So overall, Treasure faces stiff competition in its metaverse gaming aspect. This is true even though its model is more intricate than what other competitors may provide.
Treasure Partnerships and Investments
Treasure has partnerships with many platforms and personalities like Ryan Foo from Delphi Digital, a Game Economist working on the intersection between blockchains and games. Their other partnerships include:
According to Treasure, both of the platforms are aligned in their views about building platforms in the open and involving the community.
Treasure formed a strategic partnership with 1kx in late 2021. 1kx is an early-stage investment fund focusing on cryptocurrencies, and they led a $3 million round for Treasure with participation from NFT game ecosystems like Ready Player and Merit Circle.![What Is Treasure Okx Treasu](//images.ctfassets.net/4nqoo8goeymu/27wMsaagR5yN3QM4ZWHb5o/fade0728b47eff18b4d69837ee52e5ad/What-Is-Treasure-Okx-Treasu.png)
Treasure SWOT Analysis
Treasure's biggest asset at the moment is the popularity of its core assets including Bridgeworld and Smol Brain collections. Their Trove marketplace, the core trading platform for their NFTs, has driven $250M+ in total marketplace volume to date and was the second highest-grossing marketplace in early 2022.
Although their NFT collections may be somewhat successful, the games available on Treasure are not the most popular ones out there. None of the games incorporated into the Treasure metaverse ecosystem may appear in the list of commonly played NFT games.
This is in contrast to other NFT metaverse platforms like Decentraland and the Sandbox.
Developing higher-quality games like MMORPGs into the network might make the project more interesting for contemporary gamers. Although developing this type of game may require a lot of resources, the platform needs games to be able to stand out from the existing competitors.
Platforms like Immutable X and Enjin allow game developers to integrate NFTs into their games. Immutable X, in particular, has many notable popular games, including Illuvium, Gods Unchained, and Guild of Guardians. Not evolving and integrating games like this may slow down Treasure's growth.
Also, Treasure went through an attack earlier this year which we will talk about below. If something like this happens again, it could badly taint Treasure's public image.
Treasure News, Highlights, and Updates
Treasure went through a bit of a change in June 2022. According to Treasure, their old identity was a bit grimy owing to what the Bridgeworld was supposed to be before it became the infrastructure for Treasure's Web 3 game metaverse. This identity was lagging behind Treasure's newer and broader vision.![What Is Treasure Okx Treasure](//images.ctfassets.net/4nqoo8goeymu/xiSmheVjv6dXldNdJwemX/d17a885d8ab652ffb87adeb544255fe0/What-Is-Treasure-Okx-Treasure.png)
Treasure's new look and logo symbolize a couple of things. The shimmering stars are supposed to represent the symbolic magic expressed by the communities on the platform. The ruby in Treasure's main logo is an ode to where Treasure started out, i.e., a group of NFTs. The background for Trove represents the fact that the marketplace is a window into different virtual worlds.
Treasure also had a bit of a hiccup in March 2022, around the time when Treasure launched the new marketplace.
Some hackers stole over 100+ NFTs, including ones from the popular Smol Brains collection, from the marketplace by exploiting a bug in the ERC-721 smart contract. At the time, these NFTs were worth around $1.4M.
The news spread, and John Patten, a co-founder of Treasure, announced that he would use his own personal NFTs to cover the losses.
Fortunately, almost all of the stolen NFTs were recovered soon after the exploit.
In the next few months, Treasure should launch some core updates for its Bridgeworld platform. Treasure launched Bridgeworlds's first version in the first half of the year. The next few months will see the next version and an MVP.
Besides the team's core roadmap, the Treasure DAO has also ratified many proposals for updating the network. The latest one, which is still to be ratified, proposes lifting the maximum creator royalty call from 2.5% to 20% for NFTs sold on the Trove marketplace.
Why Didn't Treasure Just Use ETH?
In an article published in November 2021, the founder of treasure expressed his views about the project's future. One of the critiques he mentioned he had to answer was that Treasure could have just used ETH instead of inventing MAGIC.
There are a number of reasons why the Treasure team did not make ETH their main token even though the platform was originally built on the Ethereum framework.
Ethereum scalability obstacles and limited transaction throughput are notorious in the crypto space. Using ETH for Treasure would have shackled the project's growth and it may have never been what it is today.
If Treasure had used ETH as their main liquidity token, they would have had no control over the coin that fueled the project. MAGIC's token allocation, annual halving, and integration into the Treasure ecosystem could not have been replicated with ETH.
Choosing ETH over MAGIC would have meant handing over the reins of their project to the mercy of cryptocurrency value fluctuations.
Not Relying on the Value of a Single Coin/Token
The Treasure team designed Treasures and MAGIC to be in equilibrium with one another. That is why you can use MAGIC to create equipment and then use that equipment to mine MAGIC.
Treasure's team clarified that they did not use MAGIC to bootstrap or get the Treasure project up and running. They used the dynamics between Treasures and MAGIC to do so. This is where the project's assets are supposed to get their value from.
Where To Buy MAGIC?
You can buy MAGIC via spot trading at OKX, one of the biggest cryptocurrency exchanges in the world. Here is how you would buy MAGIC at OKX.
- Buy USDT using a Visa, Mastercard, Apple, or Google pay funds transfer.
Skip this step in case you already have USDT. You can connect your wallet to OKX here.
- Open the spot trading option on OKX and:
- Ensure that the MAGIC/USDT trading pair is selected.
- In the 'Manual Trading' tab on the left side, specify the number of MAGIC you'd like to buy.
- You should see the price in USDT you have to pay in the tab. Click 'Buy' to confirm the transaction.
How To Store MAGIC?
Since MAGIC is an ERC-20 token, you can store it in any wallet that supports this type of coin.
OKX offers you both online or hot wallet and offline or cold wallet storage solutions. If you plan on using MAGIC as a resource in Bridgeworld and trade it often, we would suggest using our hot wallets since they should be quicker. These wallets use semi-offline multi-sig authentication whenever you want to withdraw your funds, so your private keys are never exposed to malicious actors.
You can also store MAGIC on popular web wallets like MetaMask. These wallets can be connected to OKX.
On the other hand, if you are planning on holding on to your MAGIC for some time, we would suggest our extra-secure cold wallets. This storage option allows users features like financial-grade Advanced Encryption Standard and no contact with external memory devices.
How To Stake MAGIC
As we mentioned above, staked MAGIC is an essential part of the Treasure platform. You can stake MAGIC in the Atlas Mine in Bridgeworld as follows:
- Log on to Bridgeworld and connect your wallet.
- Enter the mine by clicking on the ATLAS MINE in the center of the Bridgeworld map.
- Scroll down to get to the staking area, where you can see options for MAGIC and NFTs.
- Click on "approve MAGIC," submit the transaction, and click "confirm."
- After this step, you will see stake and unstake buttons under MAGIC.
- Click on "Stake." There will be a window with several time blocks to choose from.
- You have to lock your MAGIC for a minimum period of two weeks to stake.
- Enter the amount you would like to stake, select your time lock, and click the "stake" button
- A window to confirm the operation should appear, and you have finished.
What Games Does Treasure Have?
The Treasure gaming ecosystem has the Bridgewolrd game at its core. Other projects on the platform include the following:
- Smolverse – This is where the popular Smol Brain NFTs come from. Your characters' brain size increases as you gain IQ points in the game. This makes the NFTs evolve progressively.
- ToadStoolz – Developed by @gaarping, co-founder of Treasure, a simple browser-based adventure or map exploration game.
- Tales of Elleria – An immersive 3D RPG with some of the best-looking NFTs in the ecosystem.
Other games on the platform include Battlefly, The Last Donkeys, Knights of the Ether and so on. In total, there are about a dozen games currently on the platform.
What Are Artridges in Treasure?
Cartridge is a term explicitly used in the Treasure ecosystem. You can think of cartridges as individual platforms in the Treasure ecosystem. All of the games mentioned above are individual cartridges.
Bridgeworld and Smolverse are the two core cartridges of the Treasure platform. All of the other games are partner cartridges.
What Are the Different Types of Legions?
We talked about what Legions are and their relationship with Treasures and MAGIC. There are two general types of Legions, i.e., Genesis, G0, or the original Legions, and regular or G1 Legions.
Like most NFT collections, there is a hierarchy of characters in the system as follows:
- Ultra Rare or 1/1
- Rare or All Class
- Special Common
The rarer your Legion is, the more you can earn by staking the NFT as a mining reward booster.
What Are the Different Gameplay Strategies To Play in Bridgeworld or Earn Magic?
There are seven main ways to earn MAGIC on Bridgeworld.
- Farmoor – Earning passive income.
- Tradoor – Buying assets at a low price and selling them at a high one
- Summonoor – Get Legions and use them to summon sub-class or auxiliary Legions. These Legions are worth much less than primary or regular Legions.
- Craftoor – Craft and trade assets.
- Questoor – Find Treasure to craft and sell items.
- Guildoor – Guild management
- Tax Remindoor – A comical addition reminding other players that they must pay their taxes.