Magic (MAGIC): An Overview of the Project
By Kateryna Salnichenko 150 18 May 2023
Magic (MAGIC) is the native token of the Treasure cross-metaverse ecosystem. It is used for in-game transactions, platform management, and forms a unified economic system for numerous projects.
Treasure is a decentralized NFT ecosystem based on Arbitrum, designed to create gaming metaverses. It allows users to launch their own virtual narratives while utilizing the resources provided by the platform. Decisions to implement projects on Treasure are made through DAO voting.
The founders of Treasure are John Patten, entrusted with charting the project's strategic direction, Gaarp, responsible for overseeing growth, and Karel Vuong, charged with managing daily operations. The Treasure team is made up of a global network of specialists dedicated to the project's development. This includes developers, project managers, artists, gamers, marketers, economists, and brand architects.
Magic (MAGIC) Token: Everything You Need to Know
The Magic (MAGIC) token serves as the currency within the larger economic framework of the cross-metaverse. It connects the various narrative bridges, which are continually expanding, and serves as the sole official virtual currency for transactions.
There are several ways to obtain the Magic (MAGIC) token:
- Through mining or participating in platform games. Every project in the ecosystem contributes its own unique knowledge and associated narratives about Magic. Of particular note is Bridgeworld, which holds a prominent position among the gaming metaverses and serves as a flagship project of Treasure. It is focused on strategic commerce, trade, and social interactions;
- The development of key components of the ecosystem such as quests, knowledge, tools, and more;
- Through purchasing it on popular cryptocurrency exchanges, such as Coinbase and Binance.
The main utility of the Magic (MAGIC) token is for buying and selling in-game collectibles on the Trove marketplace. Additionally, Magic (MAGIC) can be staked in the Atlas Mine to assist in managing the ecosystem. The Treasure ecosystem is governed by a decentralized autonomous organization (DAO), allowing all token holders to participate in decision-making through voting.
Treasure economy features
In the central metaverse of Bridgeworld, the economy comprises three fundamental components:
- Legions, which are the players or NFTs;
- The MAGIC token, which powers everything;
- Treasures which serve as resources.
Legions use treasures to mine tokens and build infrastructure, creating a balance between treasures and Magic (MAGIC) that underpins Bridgeworld and enables the development of economies in other metaverses.
Issuance and allocation
Total supply of Magic (MAGIC) token is approximately 350,000,000 tokens. They are distributed as follows:
- 33% for the team;
- 25% went to Ecosystem Fund;
- 17% is in Staking/Liquidity;
- 15% lies in mining;
- 10% for a treasure farm.
The Magic (MAGIC) token has an artificially reduced coin emission rate, similar to Bitcoin halving. However, unlike BTC, this happens annually rather than every four years. According to the developers, the initial high inflation rate will ensure the project's long-term stability.
Current market conditions
At the time of writing, Coinmarketcap reports that MAGIC is ranked as the 131st digital currency by market capitalization. The circulating supply is 213,899,293 Magic (MAGIC), and the coin is trading at $1.35. The market capitalization of the asset has reached $288,824,589, with a daily trading volume of $56,189,603.