Treasure Price (MAGIC)

What Is Magic (MAGIC)?

MAGIC is the utility token that connects gaming communities in the Treasure Metaverse: a decentralized NFT ecosystem which sits on Arbitrum, one of Ethereum’s Layer 2 scaling solutions.

MAGIC is a cross-game currency that connects games, players, metaverses, and communities, all within Web 3.0. The token was launched in September 2021 so its community could buy and sell in-game NFTs on Treasure. It also acts as a reserve currency for Treasure’s metaverse.

Players can earn MAGIC tokens by gaming, mining, and participating in Bridgeworld, Treasure’s flagship game. Treasure now hosts twelve other games on its platform, some of which allow you to use and generate MAGIC tokens like in Bridgeworld. These include Beacon, a free-to-play fantasy action rogue-lite RPG; and Realm, a world-building and exploration game.

Who Are the Founders of Magic?

Treasure, the platform served by MAGIC, was established by three co-founders: John Patten (Strategy), Gaarp (Growth), and Karel Vuong (Operations). Not much is known about the team’s experience prior to launching Treasure.

Treasure and $MAGIC are operated by a decentralized autonomous organization (DAO), which consists of 36 community contributors. The DAO’s team members include experienced developers, product managers, economists, creative marketers, artists, and many enthusiastic gamers.

What Makes Magic (MAGIC) Unique?

MAGIC is the official currency of the Treasure ecosystem. It acts as a cross-metaverse currency that links together separate gaming communities. It was designed to become increasingly scarce over time as more players join the ecosystem.

You can earn and use MAGIC tokens in Bridgeworld, Treasure’s flagship game, and in Treasure’s twelve other games. You can also stake MAGIC tokens in the Atlas Mine in order to help govern the Treasure platform.

Treasure is a community-driven gaming project: small gaming communities are at the center of its ecosystem. Each smaller gaming community is “connected through lore, guilds, resources, and MAGIC.” These separate communities can trade NFTs and collaborate using MAGIC tokens. More established communities can, for instance, use MAGIC to help develop new or emerging projects.

Treasure integrates DeFi, NFTs and gaming into its ecosystem as three separate elements: there’s MAGIC, the cross-game digital currency; Treasures, which are in-game NFT items; and Legions, the platform’s in-game NFT characters. MAGIC tokens let you transform Treasure NFTs into productive assets, and Legions help you earn Treasure NFTS and mine MAGIC tokens.

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Check out the ultimate guide to the Arbitrum ecosystem by CMC Alexandria.

Learn more about non-fungible tokens (NFTs) with CMC glossary.

CoinMarketCap takes a deep dive into GameFi.

How Many Magic (MAGIC) Coins Are There in Circulation?

$MAGIC is an ERC-20 token with a maximum supply of 347,714,007 coins. It’s a deflationary token whose holders can vote on governance matters in the Treasure ecosystem.

MAGIC was distributed at the following ratios:

Treasure Farm: 33%

Extraction (Mining): 25%

Staking / Liquidity: 17%

Ecosystem Development Fund: 15%

Team / Contributors: 10%

As of January 2023, MAGIC’s circulating supply is  211,674,541 / 347,714,007 (61%).

How Is the Magic Network Secured?

Treasure and MAGIC were built on Arbitrum, a layer-2 scaling solution which sits on Ethereum. MAGIC is therefore secured by Ethereum’s Layer-1 proof-of-stake (PoS) consensus mechanism.

Where Can You Buy Magic (MAGIC)?

As of January 2023, MAGIC is listed on Binance, Coinbase Exchange, Uniswap (V2) and Uniswap (V3), SushiSwap, Gate.io, OKX, Huobi, Bybit, Bitget, MEXC, LBank, CoinEx, BitMart, BTCEX and BitForex.

Want to keep track of MAGIC prices live? Download the CMC mobile app.

What are the top NFT games? Find out with CMC Alexandria.