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.
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.
MAGIC is used in several real-world applications within the Treasure ecosystem and beyond, such as:
Key industries include gaming, NFTs, decentralised finance (DeFi), and metaverse development.
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:
The project continues to evolve, becoming the backbone of a growing ecosystem that bridges gaming, NFTs, and DeFi.
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.