There are currently 15 games on the platform. The team is constantly looking for partners (singles or small teams of developers, studios) to introduce their games into the Treasure (Magic) ecosystem. Almost every week a new collaboration is announced.
The project has its own AMM (automated market maker) - Magicswap, which is necessary for the gaming economy. At the end of the fourth quarter, it will become clear how much revenue their AMM generated.
The project recently announced the creation of its gaming blockchain Treasure Chain, where the Magic token will be used as gas.
The project raised a total of $3 million with the participation of Merit Circle, angel investor Jason Choi and others.
Current indicators, behavior of the MAGIC token, competitors
The token was launched in September 2021.
Performed well in the last bull market. In November 2021, it confidently moved beyond BTC, showing its 2021 high at $1.85, and already in February 2022, it surpassed its ATH, reaching a price of $6 per token.
In December 2022, after listing on Binance, volumes appeared and the price of the token increased more than 4 times in two months - from $0.5 to more than $2. But over the course of a year, all growth practically disappeared.
The FVD of the project is $293.45 million. The circulating supply is 75.40%.
Considering the growing hype in the NFT space and the overall growth of the market, 3-4x is easily visible from current levels. And if you compare Magic with another gaming blockchain IMX, whose FDV is $2.83 billion, you can already see 7-8x from current prices. True, IMX and Circulate are worse - 64.27%, but there are tier-1 funds.
Traded on all top exchanges.
MAGIC tokens can be staked along with NFTs by participating in the Bridgeworld: https://docs.bridgeworld.treasure. lol/gameplay/harvesters
Team
John Patten co-founder responsible for strategy. John Patten is also a creative consultant for the platform.
Karel Vuong is a co-founder overseeing operations.
On December 5, Peter Di Cicco joined the team as a narrative director, who will be responsible for history and storytelling in the development of computer games. Before that, Peter worked at Nickelodeon, writing scripts for Teenage Mutant Ninja Turtles. He went on to write for Super Dinosaur and Transformers: Cyberverse, and was head writer for Weird Waters. In the latter stages of his career, he served as director and story supervisor at 555 Comic, TikTok's largest anime account, where he helped develop their flagship project, Conspiracy Research Club.
In total, the company currently employs 29 people.
Activity and Ecosystem
The Treasure ecosystem includes three components:
- Games , running on the Treasure platform using MAGIC.
- Platform on which you can play, collect, trade.
- AMM. Magicswap ensures the functioning of the economy between games - https://magicswap.lol/
Magicswap
Treasure has integrated DeFi, NFT and P2E games into their ecosystem as three separate components:
- MAGIC token, a digital currency for in-game interaction.
- Treasures, in-game NFT items.
- Legions, in-game NFT characters.
On November 25, Magic co-founder Karel Vuong stated that they are currently creating a gaming blockchain and plan to use the MAGIC token as gas.
It is likely that their blockchain will be built on Arbitrum or Cosmos.
Blue Fox Notes: According to information from Magic (TreasureDAO) co-founder Karel Vuong, TreasureDAO is currently actively developing a gaming blockchain and plans use MAGIC as gas. It is assumed that the blockchain will be based on Arbitrum, but the possibility of using Cosmos is also not excluded.
Karel Vuong: Yes, that's true.
How to get tokens
In addition to purchasing from the market, you can earn MAGIC tokens by participating in Bridgeworld, Treasure's flagship game . Currently on the platform Treasure there are 15 games available, including Beacon, a free-to-play fantasy role-playing game with RPG elements, and Realm, a game where players build their own worlds. Some of these games also provide the ability to use and earn MAGIC tokens, similar to Bridgeworld.
Games on the Treasure platform
Screenshot from the game Beacon (reminiscent of Chainmonster in some way)
Some games have a demo mode that allows you to familiarize yourself with the gameplay before connecting your wallet.
Financial condition
Treasury and income report for the third quarter of 2023:
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The total amount of funds in the treasury at the time of the September report is $39.5 million, represented mainly in the form of MAGIC, ARB and stablecoins. Stablecoins make up 17.2% of the total funds.
Taking into account the increase in the price of MAGIC, the amount in the treasury at the moment is most likely greater.
Total revenue generated in the third quarter was $151,592. Of this amount, $81.2 thousand came from trading platform commissions, and $70 .4 thousand – in-game income.
The next report will include AMM fees (from Magicswap).
Compared to the second quarter, revenues fell.
Third quarter expenses were $3.2 million, up 29.8% from the second quarter (excluding liquidity and mining).
The main expenses are related to management fees, human capital costs and incentive plans for participants.
Total liquidity and mining supply for the third quarter amounted to $5,737,117. Costs in the third quarter increased significantly due to the second halving of the MAGIC token that occurred September 1.
This year, legal expenses are expected to be higher as TreasureDAO develops its legal structure and ensures compliance with the growing regulatory impact in the crypto space. This will reduce costs in the future.
The project has a community grants program for community members that includes developing tools and infrastructure, providing data and analytics solutions, supporting educational initiatives, and much more.
For the first year of the program, 750 thousand MAGIC were allocated.
The company actively hired people in 2023 and now employs 29 people. There are currently two vacancies open.
Conclusions, risks and growth drivers
Positive aspects:
< ul>Negative points:
- Expenses are several times higher than income, but promise to stabilize the situation.
- Treasury wallets are not publicly available.
A bull market project, gaining momentum thanks to the hype sector, the creation of a blockchain and excellent team of specialists. As we already mentioned, it can easily become a unicorn, and this is already 4x. If we compare Magic with IMX, whose FDV is $2.83 billion, then with a successful combination of circumstances and competent marketing, 7-8x are quite possible.
