Web3 is shaping the future of the internet, and the metaverse stands out within this landscape. Among the beneficiaries of the metaverse's transformative potential is the gaming sector. Yet, while metaverse ecosystems, games, and decentralized apps (dApp) offer unique experiences, they often lack seamless integration. Addressing this challenge, Treasure introduces MAGIC, a solution designed to enhance connectivity across gaming communities within its metaverse ecosystem.
What is MAGIC
MAGIC is the token that powers the Treasure metaverse. Originally launched on the Ethereum blockchain in August 2021, Treasure later transitioned the protocol to the Arbitrum chain in October of the same year. This strategic move has solidified Treasure's position as a prominent decentralized game publisher within the Arbitrum network. Across the Treasure platform, every listed project or game operates through MAGIC tokens, fostering seamless interactions among games, players, metaverses, and Web3 communities.
Beyond its role as a currency within the Web3 ecosystem, MAGIC offers a robust software development kit (SDK) that simplifies the construction and deployment of Web3 applications for developers. This SDK enhances both efficiency and user-friendliness, contributing to the growth and accessibility of the Web3 landscape.
The MAGIC team
In August 2021, John Patten launched MAGIC alongside a team of skilled creatives and technology experts. The project's co-founders, John Patten and Karel Vuong, spearheaded its inception. Currently, MAGIC operates under the governance of a decentralized autonomous organization (DAO) comprising more than 30 community contributors.
How does MAGIC work
An integral component of the MAGIC ecosystem is MagicSwap. MagicSwap facilitates the exchange of MAGIC tokens for other digital assets utilized in various Web3 games. By utilizing MagicSwap, users can access multiple games without the need to individually purchase or trade for in-game assets.
Another component is Bridgeworld, the central metaverse. Bridgeworld serves as a focal point for connecting and accessing other metaverses.
Additionally, there exists Trove, a specialized non-fungible token (NFT) marketplace that operates on the Arbitrum chain. It is in Trove where MAGIC holders, collectors, and game players converge to engage to buy and sell gamified NFTs. These NFTs, known as Treasures, act as valuable resources that enhance gameplay and assist in completing quests across different games within the MAGIC world.
The utility token of Magic: MAGIC
MAGIC serves as the utility token within the Magic protocol, functioning as the primary currency. Beyond that, MAGIC connects different metaverse platforms, acting as a seamless bridge between them. Furthermore, MAGIC takes on a foundational governance role within the Treasure network, empowering MAGIC token holders with voting rights in crucial decision-making processes that mold the platform's trajectory.
MAGIC tokenomics
MAGIC is an ERC-20 standard asset created with a maximum supply of 347,714,007 tokens. The tokens are distributed among gamers, miners, network stakers, the treasury, and the development team. MAGIC is a deflationary asset, meaning the total supply of MAGIC reduces as more tokens are burnt.
MAGIC use cases
MAGIC has an array of applications, encompassing enabling in-game characters to embark on quests and craft new items, paying network fees, acquiring NFTs, and procuring in-game assets. Its role extends to being the reserve currency within the Treasure ecosystem, while also serving as a bridge to connect diverse metaverse platforms.
MAGIC distribution
MAGIC launched in 2021 with the following distribution:
- 33 percent: Treasure Farm
- 25 percent: Mining rewards
- 17 percent: Staking and liquidity
- 15 percent: MAGIC ecosystem fund
- 10 percent: MAGIC team
