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What is Treasure (MAGIC)?
MAGIC is the native utility token of the Treasure metaverse, a decentralised video game console built on the Arbitrum blockchain. It powers a gaming and NFT ecosystem by facilitating transactions, rewards, and governance, while connecting games and communities through decentralised intellectual property (IP) and infrastructure.
How does Treasure (MAGIC) work?
MAGIC operates on the Arbitrum blockchain, an Ethereum Layer 2 scaling solution, inheriting Ethereum's Proof-of-Stake (PoS) consensus mechanism for security. The token employs a unique Proof-of-Work (PoW) mechanism for issuance, where users stake assets like MAGIC, Legion, or Treasures to mine new items.
MAGIC supports a variety of ecosystem activities, including staking for rewards, powering yield-bearing NFTs, and facilitating governance and cross-game asset transfers.
What are the potential use cases for Treasure (MAGIC)?
MAGIC is used in several real-world applications within the Treasure ecosystem and beyond, such as:
- In-Game Economy: Facilitating purchases and transactions in games within the Treasure metaverse.
- Trading: Buying and selling MAGIC on decentralised exchanges.
- Staking: Locking MAGIC for rewards and mining ecosystem items.
- Governance: Voting on platform decisions.
- NFT Functionality: Powering NFTs to act as yield-bearing assets.
- Cross-Game Assets: Enabling the transfer of assets between games in the ecosystem.
Key industries include gaming, NFTs, decentralised finance (DeFi), and metaverse development.
What is the history of Treasure (MAGIC)?
Treasure was founded in 2021 by John Patten, Karel Vuong, and Gaarp to address the unsustainability of existing play-to-earn models and establish a sustainable blockchain gaming ecosystem. Significant milestones in the project’s history include:
- September 2021: Launch of the MAGIC token.
- October 2021: Migration to the Arbitrum blockchain.
- September 2022: Raised $3.5 million through a token sale.
- Marketplace & AMM: Launched the NFT marketplace Trove and MagicSwap, an automated market maker protocol.
- Rapid Growth: Achieved a market cap of over $1 billion within 48 hours of launch.
The project continues to evolve, becoming the backbone of a growing ecosystem that bridges gaming, NFTs, and DeFi.
Notable Partnerships
- BattleFly: Integration with a play-to-earn web3 game.
- Chainlink: Utilisation of Chainlink’s price oracles for ecosystem functionality.
Evolution of Treasure (MAGIC)
Since its launch, MAGIC has grown from a simple gaming token into a comprehensive platform connecting multiple games, NFTs, and DeFi features. The token’s scarcity model and innovative use cases have attracted significant attention in the crypto gaming space, fostering an engaged community and expanding adoption across blockchain platforms.
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Frequently Asked Questions (FAQs)
What is the current price of Magic (MAGIC)?
The Magic price is $0.67424244 AUD, representing a -5.13% from the day prior.
Where is the best place to buy Magic (MAGIC) in Australia?
The best place to buy Magic (MAGIC) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Magic (MAGIC) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Magic (MAGIC)?
The trading volume of Magic (MAGIC) is $56.3M AUD in the last 24hrs, representing a -5.13% from the day prior.
How can I buy Magic (MAGIC)?
Magic (MAGIC) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Magic (MAGIC)?
The current market cap of Magic (MAGIC) is $201.0M AUD.
Can I convert Magic (MAGIC) to cash?
Yes - With Coinstash you can convert your Magic (MAGIC) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Magic (MAGIC) are there?
The current circulating supply of Magic (MAGIC) is 300.2M.
Is Coinstash a safe place to buy Magic (MAGIC) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Magic (MAGIC) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.