A introduction of $MAGIC and the Treasure Ecosystem
The new talk of the town. What is this?
Recently I’ve been curating my Twitter feed to get back my De-Fi alpha. But to my amazement, many of the biggest crypto names now rocked a SMOL PFP (Case in point below)
Like wtf is going on? On top of that, you have the original project, Treasure For Loot, making a huge run-up. The floor for this had been <0.1 for the longest time, but it seems like the market has finally realised that something is brewing. Although considering that the next migration may not be anytime soon, I’m not sure whether it’s justified to buy in at these prices.
But that’s beside the point. As someone who has absolutely 0 clue what $MAGIC or Treasure or Smols are, I’m here to red-pill you.
What IS Treasure?
Simply put, Treasure DAO is building a GAME. The game is called Bridgeworld, and it’s being built by the team at Treasure DAO, consisting of big brains like John, Gaarp, yyyy, and many more brilliant minds.
They have come together to build a composable universe based on the original Treasure For Loot on the Arbitrum Network.
Conceptually, it’s easy enough to understand. $MAGIC is the token that will run the game. Think of it as $JEWEL for DFK users, Blue Essence for LoL players, etc. It’s your in-game currency. Legions are your heroes - presumably the ones you send on quests, collecting items, etc. And Treasures are your items - they’re to be used in crafting in-game items for purposes currently unknown.
But that’s just scratching the surface of what’s being BUILT. When you zoom out, you’ll see what’s actually being built - a modular ecosystem that’s powered by $MAGIC. What do I mean?
I mean that a literal metaverse of games is being built. We currently have a few other NFTs in-store - Smol Brains, Seeds of Life, MushrOhms, Ether Orcs, Battlefly, etc. These are all INDIVIDUAL projects, with their own Devs, their own Team, but ALLLL connected to Bridgeworld.
How? While we’re not sure yet, the docs have provided some speculation - the idea of $MAGIC being used as a liquidity tool to “Bridge” to other worlds - hence the name “Bridgeworld”.
So, to sum it up with the example I so love to use, each NFT project looking to partner with Treasure is just a Nintendo Game Card. The console itself will be Bridgeworld, the flagship product of the Treasure DAO.
But why is it the talk of the town?
An innovative product
Something like this has never been built (yet). Treasure is inter-linking different projects altogether, allowing many brilliant minds all over the world to work on their games at the same time.
This innovation is similar to the App Store’s creation - with the creation of such a product, you enable developers from all over the world that aren’t working on Apple Products to instead work on THEIR OWN products to be launched on the App Store.
Similarly, instead of having everyone work on one game, Bridgeworld “pools” the brainpower of developers from all over the world, to build on their platform!
Gamefi Hype + People don’t want to buy into old bags
As with my previous articles, I’m heavily bullish on GameFi and believe that it’ll be the driving narrative of 2022. But more importantly, a secondary factor would be that people don’t want to buy into OG’s bags.
The crypto game is as such - when something new and innovative pops up, early adopters quickly buy into it, and reap the rewards. Latecomers see that the product has already 10-100x from it’s initial price; instead of buying into it and hoping for another 2x, they instead look for something newer, something with the potential to “pump”.
I’m not saying if it’s good or bad - I’m just saying it as I see it. $JEWEL on DFK is a great game - I’m heavily invested into it as well. But at $20 per $JEWEL, all you’ll get is a 5x to reach $100 - the same price as $AXS.
On the other hand, $MAGIC is only sitting at $4 - this means that a 5x would only take it to $20, and you’ll get a 25x if it goes to $100. The pumpanomics are there, hence the massive buys we’re seeing now.
So, gamefi narrative + people wanting new products for that larger multiple = $MAGIC hype
Big names buying
Contrary to popular beliefs, a huge project won’t necessarily take off without the proper marketing. You can’t just will the pump into existence - it needs some sort of bullish catalyst. And we have the perfect one - many huge, influential names have bought into $MAGIC.
Just this week, we’ve had KeyboardMonkey, GaryVee, Zeneca, and probably a million other influencers buy into Smolbrains.
This has obviously caused much curiosity into the project in general, and as more and more people realise what’s being built, more and more people buy into this, creating the natural positive feedback loop that’s often seen when new projects rise to Valhalla in this space.
PFP-ability & Community
Smol-brains (one of the projects building on Bridgeworld) are just cute pfps in general, and the community behind them is one of the best I’ve seen. Community is extremely important when it comes to projects like these - you need diamondhanders to hold through the bear, and to spread the word when it’s time to pump.
The meteoric rise in the awareness of Smols can be attributed to the great artists in the space, @commonopoly and many others. These artists have been “smol-ifying” PFPs for free, turning them into their “smol” versions. Case in point:
Smolified Evil Pepe. This gracious act of service has made many aware of the existence of smols - and awareness breeds curiosity, which develops into interest, etc. In a community like CT, domino effects cannot be underestimated. You just need that one little push, and just like that, my whole timeline is full of smols.
So what can I do to get in this?
So, to summarize: A bet on $MAGIC is a bet that the ecosystem will keep growing. And let me ask you this: If you could buy a part of the App Store in its initial phases, would you? I think the answer is pretty clear.
If you’re looking to buy into a solid project with still lots of room to grow instead of buying into the bags of OGs, then I welcome you with open arms. The first thing you should do is bridge some ETH to Arbitrum, and get ready to start shopping.
I won’t be covering how exactly you can do that, but here’s a guide:
More importantly, I’m glad to have you on board. Last I heard, tons of projects were looking to build on Bridgeworld, so don’t worry, you’re still early.
Hey great post! FWIW, this part where you say:
"I’m not saying if it’s good or bad - I’m just saying it as I see it. $JEWEL on DFK is a great game - I’m heavily invested into it as well. But at $20 per $JEWEL, all you’ll get is a 5x to reach $100 - the same price as $AXS.
On the other hand, $MAGIC is only sitting at $4 - this means that a 5x would only take it to $20, and you’ll get a 25x if it goes to $100. The pumpanomics are there, hence the massive buys we’re seeing now."
Is a bit misleading. The token price is only one factor when evaluating how expensive or not a token is (and therefore the underlying protocol). What matters here is really Token price*Total # tokens = market cap. Market cap is a better proxy for expensive vs inexpensive because it controls for the price / token and looks at total value captured by the ecosystem. Magic, as of writing sits at 1billion dollar of fully diluted value, meaning that if all the tokens were unlocked and circulating at today's price, the ecosystem would be worth $1b. Now we can compare that to other similar project's market caps like Jewel. Jewel as of writing is a 9.2 billion dollar market cap. I think that argument is stronger!!! Though, I will admit, Bridgeworld is not fully functioning yet.
Thanks again for the post! Love it!