TreasureDAO is an NFT ecosystem built for games, metaverse and other types of NFTs. It originated from the 2021 experimental NFT project Loot and its derivative Yeild Farming. Users can obtain Treasure's native token MAGIC by staking Loot and tokens AGLD.
The protocol migrated from Ethereum to the second-layer network in October 2021, and officially launched Treasure DAO in November 2021. Treasure was built around empowering MAGIC, opening up its narrative as a blockchain gaming platform and was once called the "Nintendo" of the crypto world. As a leading project of GameFi, how has its ecosystem developed so far?
1. Products
TreasureDAO currently has three main products: 1) TroveMarket, which provides market trading services for NFT assets in various games or metaverse projects within the Treasure ecosystem; 2) BridgeWorld, a game launched by TreasureDAO that focuses on distributing MAGIC tokens; 3) MagicSwap, a DEX that provides liquidity for game assets within the Treasure ecosystem.
1. Active users on the chain
Currently, Treasure has about 700 active users per week. Looking at the changes in its active user data:
1) From January to June 2022, the launch of a series of new products such as BridgeWorld, Smolverse game system and NFT trading platform has gradually put the development of the Treasure ecosystem on the right track.
2) From November to December 2022, the pixel-style Free 2 Play action role-playing game The Beacon once again set off a Treasure ecosystem craze. The game mechanism is very simple, mainly completing levels, answering questions, buying and selling items, etc.
3) In January 2023, Treasure DAO launched a game creator program supported by Arbitrum. At the same time, due to the expected Arbitrum airdrop, Treasure once again ushered in a small climax of active users on the chain.
Overall, the number of active users in the Treasure ecosystem is currently declining, which is consistent with the overall trend of the GameFi track. TroveMarket, as the NFT trading service market in Treasure, and the BridgeWorld game ecosystem are the core active places for users, while Magicswap has relatively few active users.
2. NFT Trading Volume
Trove is the main trading venue for NFTs, currently built on three chains: Arbitrum, Arbitrum Nova, and Ethereum. The market was launched in June 2022 and evolved from the Treasure Marketplace launched by Treasure DAO in November 2021.
According to Dune Analytics data, Trove's current monthly NFT trading volume on Arbitrum is around 460,000 MAGIC (worth about $320,000). The peak trading volume reached 42 million MAGIC in January 2022, and since then, the monthly NFT trading volume has continued to decline, and the current trading volume is only about 1% of the peak period.
The current monthly transaction volume of NFTs on Ethereum is only 5.6, worth about US$9,600, while the peak monthly transaction volume is 101.58, worth about US$170,000.
From the above transaction data, we can see that Trove Market’s current transaction volume is mainly concentrated on Arbitrum, among which the Collection with the largest NFT transaction volume is Legions, accounting for 34%, followed by Smol Brains, accounting for 22.2%, and Treasures accounting for 11.9%.
In the past 90 days, the Collection with the largest trading volume was Treasures, with a trading volume of 750,000 MAGIC, followed by Smol Brains, with a trading volume of 490,000 MAGIC, and the third largest trading volume was Consumables, with a trading volume of 320,000 MAGIC. The floor price of this series of NFTs rose from 0.0038 MAGIC to 0.007 MAGIC within 90 days, an increase of 84%.
2. Game Ecosystem Inventory
TreasureDAO has currently incubated more than 10 games, among which the most popular ones are Bridgeworld, Realm, Smolverse, The Beacon and BattleFly.
1.Bridgeworld
Bridgeworld is a strategic business, trade and governance game upgraded from the original blockchain game Legions, and is also the core game launched by the Treasure DAO team. Bridgeworld combines multiple gameplays. Players can purchase legions to complete tasks and receive various NFT rewards during the tasks. NFT rewards can be sold in exchange for the native token MAGIC, or synthesized into more complex NFTs for mining.
There are currently eight locations in Bridgeworld, namely Pilgrimage, Barracks, Ivory Tower, The Forge, Harvesters, Starlight Temple, Corruption and Monolith. Each location has different gameplay:
In the past 90 days, the floor price of NFT items in Bridgeworld has increased significantly, especially the transaction volume of Treasures has reached 747,000 MAGIC in the past 90 days. There are no statistics on the floor prices of Legion Genesis NFT and Legion Auxiliary NFT.
Judging from historical data, the Treasure floor price has been around 8 MAGIC for a long time, with little change and small trading volume.
2.Realm
Realm is a metaverse play-and-earn game where players can explore and create virtual worlds and games. There are two main roles in the game: Adventurer and Realmer. Realmer is a Realm NFT holder, who mainly competes for the highest ranking on the leaderboard and obtains MAGIC rewards and produces NFTs and items to sell to other Realmers. The way to play Adventurer is to enter the game realm, look for tasks, PvP battles, and obtain two game token rewards: PARTICLE and ANIMA (both are soul-bound tokens that cannot be transferred).
The floor price of the NFT Collection of this game has increased significantly. In particular, the floor price of Realm has increased from 109 MAGIC to 299 MAGIC in the past 90 days, and the transaction volume has reached about 90,000 MAGIC.
The current total transaction volume of Realm NFT has reached 1.3 million MAGIC. Although there has been a relatively large increase in the past 90 days, from the overall trend, it is still at a relatively bottom state with small transaction volume.
3.Smolverse
Smolverse is a native NFT project on TreasureDAO. It started free minting in October 2021. The project consists of 2 core NFT series, Smol Bodies and Smol Brains, which can be divided into Moon Rock, Stardust, Comet Shard, Lunar Gold, and Alien Relic according to their rarity. The current gameplay is relatively simple. Players only need to own Smol Brains and then stake them on the Smolverse official website. The longer the stake, the higher the Smol's IQ. IQ determines the activities that players can carry out in the metaverse in the future. At the same time, players can also mine Smol Treasure through Smol Brain.
In August 2022, it was announced that it would cooperate with StriderDAO to build Smolville, the flagship game on Smolverse, which is still in the conceptual stage. In addition, TreasureDAO has established a dedicated studio Darkbright for the game, which is responsible for the development of Smolville.
The most traded NFT in the past 90 days is still the core NFT Smol Brains, but its floor price has dropped from 825 MAGIC to 525 MAGIC. The floor price of Smol Treasure has increased significantly.
4.The Beacon
The Beacon is an RPG (role-playing) game with a dungeon adventure as the background. It has set off a wave of craze. The gameplay includes single-player level-breaking, team adventure, casual dress-up, etc. At present, single-player battle, multiplayer battle, housing system and other modes have been developed. The game revenue is various NFT props, such as skin accessories, decorative accessories, etc.
The Beacon is the first Diamond Partner (highest level) of the Treasure DAO GBP program and recently launched the Harvester event. The first phase of the event will be from June 5 to June 19. The event will not only produce regular loot and limited edition sets, but also drop Scale of Emerion, which will be used by the Harvester mechanism to issue MAGIC tokens. After June 19, the Harvester program will be fully operational, and players can claim Scale of Emerion and exchange it for Ancient Permits and interact with other event mechanisms, staking Ancient Permits to obtain MAGIC rewards.
The launch of the Reaper event has caused a slight increase in character NFTs, but the Trove market has not yet recorded this change.
5.BattleFly
BattleFly is an experimental casual strategy battle game developed by an anonymous team. Players compete with each other (PvP) to get rewards. The game is divided into two scenes: The Garden where users obtain weapons and equipment, and the Hyperdome, a battle arena. During the battle, both players need to stake a certain amount of MAGIC (5–100), and the winner can get part of the MAGIC staked by the loser. The game will be officially open for public beta in March 2023.
Currently, the battle NFT BattleFly has the highest transaction volume in the Collection, with a transaction volume of 1.6 million MAGIC. Judging from its historical transaction data, the transaction volume of this NFT has also dropped sharply, and the floor price has also dropped by about 17 times.
Judging from the monthly active users and transaction volumes of the above game projects, currently only The Beacon has over 1,000 monthly active users, which is closely related to its recently launched Reaper event. The core game Bridgeworld has only 800+ monthly active users.
Looking at the historical data of Treasure ecosystem game projects, its overall monthly active users are currently on a downward trend, NFT transaction volume has also dropped sharply, and user stickiness is relatively poor. It can also be seen that there are currently no games with high playability in TreasureDAO, and it is difficult for new projects to maintain popularity after a short period of new product craze.
3. Token Release
Treasure's native token MAGIC has a total supply of 350 million. The uses of the token include: 1) Staking to earn MAGIC; 2) Used to summon legions in Bridgeworld and synthesize NFTs; 3) As the settlement currency of TroveMarket; 4) Used in other scenarios in game projects, such as combat staking currency in BattleFly; 5) Participating in project governance, such as the game's ecological fund or distributing treasury income.
The following is the distribution of MAGIC tokens:
According to Coingecko data, the total supply of tokens is 339,645,510, and the circulating tokens are 217,195,443, accounting for about 64%. The information disclosed so far is:
1) All team tokens and genesis mining rewards are unlocked.
2) On September 1, 2022, the staking mining rewards will be halved for the first time, and the weekly release amount will be reduced from about 778,000 to 417,000.
3) The first round of financing tokens have not been fully unlocked, and the second round of financing tokens have not yet started to be unlocked.
4) The two-year Sushi LP incentive voted in January 2023 to reduce the reward by 30%, which is expected to change from the original 2,775,000 to 1,942,500.
MAGIC adopts the method of high circulation in the early stage + subsequent output halving every year to release tokens. According to the original release curve, the inflation in the later stage is relatively not very large. However, for the long-term development of the project, so that the token release can be better aligned with the growth of the network, TreasureDAO announced in January 2023 that it would phase out the liquidity mining Atlas Mine, so the MAGIC originally pledged in the mine will be withdrawn.
The inflation pressure of MAGIC is mainly concentrated in January-March 2023, because the first batch of 12-month stakers' approximately 50 million MAGIC will be unlocked and vested on January 26, and the deposits will undergo a 45-day linear release. At present, there are 4.265 million tokens left in the mine waiting to be withdrawn, and the selling pressure of tokens in the mine (linear release) is relatively small.
Subsequently, MAGIC tokens will no longer be released through staking, but through Harvesters or other gamified methods.
IV. Recent Activities
1. Othkeeper’s Insignia (Oathkeeper’s Insignia) Casting
On June 13, the fantasy card battle game Knights Of The Ether (KOTE) launched the Oathkeeper Medal forging event. The total number of medals is 1,500, 80 of which are reserved for the team and 1,420 are for public sale at a cost of 150 MAGIC.
Holding an Oathkeeper Medal not only increases Blightfell game damage, but also grants a Bridgeworld Ancient Permit, as well as epic prizes and additional Ancient Permits in weekly challenges. The medal is valid from June 21 to December 21.
Ancient Permits will be released in the upcoming Thundermane Harvester event, and MAGIC can be obtained by staking Ancient Permits.
However, the community participation in this event is very low. Seven days after the event was launched, only 278 coins have been minted.
2. New game Kaiju Cards will be launched
Kaiju Cards, a turn-based combat card game, joins the Treasure ecosystem and is produced by Los Angeles-based game and entertainment company Permadeath Studios, whose team members come from Adult Swim, Nickelodeon, DisneyTV, Cartoon Network and Netflix.
The Pioneer Event will be launched at the end of July. Pioneer Kaiju NFT will include three characters: Penguins, Warhogs, and Frogs, as well as three professions: Knights, Wizards, and Rogues. Each Kaiju character will have its own creation accessories, various attributes, professions, etc.
3. Treasure will distribute some ARB to game developers who have contributed to the ecosystem
Arbitrum airdropped 8 million ARB to Treasure on April 25. On June 5, the Treasure community agreed to Treasure DAO's proposal to "allocate some ARB to consolidate strategic game studio partnerships." According to the proposal, 2 million of the 8 million ARB obtained from the Arbitrum Foundation will be allocated to game developers who have contributed to the ecosystem, including The Beacon, Realm, Tales of Elleria, Knights of the Ether, and The Lost Donkeys.
Summarize
TreasureDAO and even the entire GameFi track are still in the original play to earn mode. There is no better economic model to extend the life cycle of the game project. In addition, the playability of GameFi games is not high, which leads to poor user stickiness. In addition, the current market conditions are not good, and the daily activity and transaction volume of games have dropped sharply. Without the support of incentive activities, the game track is basically a wasteland and no one is interested.
However, GameFi is an indispensable track in the crypto world as it has a low threshold and high dissemination rate. Currently, GameFi is still in the early stages of exploration. As a game platform, Treasure can attract other game studios to join, and has greater opportunities than a single blockchain game project.
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