MAGIC: Where it came from
A “Decentralized Nintendo”, composable metaverses, the reserve currency of the metaverse…
If you’ve been anywhere on Twitter in the last few months, you’re bound to have heard a few people talking about MAGIC, Treasures, Bridgeworld, Legions. Or perhaps you’ve seen the flood of Smolbrain pfps.
Here’s a quick overview of it and all the reasons why we have the conviction to base our first product off it.
Bottom-up, fair launch
It all started in September 2021 as a Loot derivative but has since been blazing its own trail as a bottoms-up, fair launch ecosystem. Loot’s original belief was that if the mint was free and the NFT’s functionality was omitted, others would be inspired to build on it and grow the ecosystem.
Since the NFT industry took off in the summer of 2021, projects have required community members to part with their hard earned ETH and simply put good faith in a team’s ability to deliver on their roadmap.
These teams have to engineer scarcity or inspire FOMO to maintain conviction of holders and incentivize new buyers. If unable to offer something innovative or useful, their projects die off.
By flipping the pay-up-front model for NFT mints on its head and launching as a free mint, the Treasure team essentially tied their own economic success to that of the project. The incentive structure is similar to that of a DAO — the more effort team members put in, the more they are rewarded in the long-term.
Once others saw the sustained hard work and conviction the team had, Treasure became a magnet for talent and attention and a sustainable bet in the game-fi space.
The people
The talent of the team speaks for itself, including the co-founder, John Patten, Head of Growth at Osmosis, Jumpman, head of Origins NFT and ex-Amazon, and Tei, former head of graphics at Netflix, among others.
Advice and support came from other pioneers in the bottoms-up free mint initiative, such as Dom from Loot, Tony from The n project, Jiho from Axie, and OlympusDAO.
Notable investors are Gary and AJ Vaynerchuk, a 1kx round including VP Marketing of Blizzard, and crypto-Twitter influencers including Keyboard Monkey, Tropofarmer, Deeze, and Ansem.
But what makes us believe in $MAGIC? Find out in our next article.
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