MAGIC is the native cryptocurrency asset that is used to play games, especially Legions games on the Treasure Metaverse platform. It is the natural resource of the $MAGIC Farm project, which can be yielded by players as a digital asset. This digital asset can have cross-game utility and can also be used for trading.
MAGIC Farm Project is the first DeFi project launched by the Treasure metaverse ecosystem. It is seen as an effort by Treasure to expand into the world of decentralized finance with its own tradable crypto. Hence, $MAGIC will be a native utility token in the metaverse that will connect gaming communities.
It was launched in September 2021 for buying and selling various in-game NFTs in the Treasure metaverse and beyond. It can be earned by playing games, mining, farming yields in the metaverse, and trading digital cards and other NFTs. It can also be called the currency of the Treasure metaverse.
It also aims to extend the influence of Treasure beyond its own metaverse, to other metaverses as well. It can serve as a cross-game currency to be traded among players of the same game, different games, or games in another metaverse. It connects communities by enabling them to buy and sell utility NFTs (including in-game and xNFTS) that can be used in a metaverse.
Interestingly, users can also earn MAGIC by depositing Loot cards (an NFT platform) and AGLD (Adventure Gold, the native tokens of the Loot NFT project).
Also, the currency is designed to become increasingly scarce as the ecosystem expands by onboarding more traffic. Hence, it has a hard cap of 350 million tokens, as it mimics the halving process of Bitcoin, except that the halving occurs every year instead of every 4 years. It has a hard cap of 347,714,007 MAGIC.
Treasure is a decentralized online gaming ecosystem that makes extensive use of NFTs like digital trading cards, xNFTs, gaming merchandise, and other digital collectibles. The community-driven gaming project is built on Arbitrum, which is a Layer 2 scaling solution on the Ethereum blockchain.
It was founded by John Patten, Karel Vuong, and Gaarp, and is governed by an active Decentralized Autonomous Organization (DAO) consisting of 36 members who are experts from various backgrounds like developers, gamers, economists, tech evangelists, etc. It was started with the aim of establishing decentralized metaverses that do not fall under any centralized authority.
MAGIC is not only a reserved currency in the Treasure metaverse, but also the sole currency for marketplace transactions for NFTs. The native token of Treasure can also be used as a cross-metaverse currency, enabling Treasure’s dominance over the entire web of multiple metaverses connected with it. Hence, MAGIC is also being touted as a bridge connecting a wide range of metaverse projects.
It is used as the main currency for purchasing and trading NFTs and other digital collectibles and it is also generated as in-game rewards in a host of games on the Treasure platform. These include Beacon, a fantasy action role-playing game, Realm, a building and exploration game; Bridgeworld, a gilding and commerce game (also the flagship game of the platform); Loot, a digital card trading game, and many more.
The token will also be the in-game currency for Treasure’s first profile picture-based (PFP) Massively Multiplayer Online Role-Playing Game (MMORPG)- Legions. Notably, in Legions, players can use PFP NFTs from highly popular collections like Bored Apes, CyberKongs, Cool Cats, etc.
Besides being the in-game driving currency and used for purchasing NFTs, the token can be traded in the secondary markets, and used for staking, providing liquidity through liquidity pools, etc.
If we talk about the figures, at the time of writing the article, the current price of MAGIC is $0.843429, which is a rise of 1.95% over the last 24 hours. The current 24-hour trading volume is $34,468,331. With a current circulating supply of 217,476,881 MAGIC, its market cap is $183,426,351.
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