Attention and Belonging are the new Oil, and $MAGIC is the purest economic representation of them.
“[I]n an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.” (Simon 1971, pp. 40–41)
The most scarce commodity in the modern age is attention. You know how they say you need to “pay” attention? Yeah, that saying exists for a reason. Covid took the attention trend and threw a bunch of firecrackers and a gallon of gas on what was already a bonfire. Attention is now literally everything. If you don’t understand that you’ll be left behind. Covid also hyper-charged the demand for online belonging, or what we call ‘community’ in the online world. It also accelerated peoples’ understanding of the fact that Web2.0 companies were financializing their attention, their brains, and their lives…their most valuable commodities. Crypto offered the promise of freedom when it first emerged but it was a breakthrough that was not in final form. How could it offer freedom? From banking? What was it for? Payments?
Attention in crypto was initially focused on the charts, because as early Crypto Cavemen, that’s all we had! What was there to actually “do” with crypto? Number go up, dopamine enter system that was it. Then we got DeFi. Innovation! Ok so I throw this in this LP and I’m making an interest rate! I’m lending! I’m borrowing! I’m impermanent losing! But this was…well…it was fucking boring wasn’t it. And it was lonely. As soon as the big incentives burned off and we were all back to making a more normal return on equity we looked at each other and said… now what? Everyone stopped paying attention. But then NFT season began. Ah! Belonging! Community! Community until the prices crashed and then no one cared, and everyone stopped paying attention. What can I do with this jpeg? Nothing? Those discords are ded Ser.
“With the technological breakthroughs of the 20th century, oil emerged as the preferred energy source. The key drivers of that transformation were the electric light bulb and the automobile. Automobile ownership and demand for electricity grew exponentially and, with them, the demand for oil.”-EKT Interactive History of Oil.
GameFi is going to drive the actual, real world demand and use for crypto. Like Oil after the invention of the automobile, the demand for Crypto is going to grow exponentially now that GameFi has emerged. When Axie came out, people started paying attention again. Because it wasn’t taking some bullshit payments app and “gamifying” it. It was an actual game! It was never about your Ichimoku charts, or your moving averages anon. It was never about “hard money”. It was never about your LPs or your Puts or your Straddles. It was always about your attention. Always has been. And do you keep peoples attention? You combine community and games, and you financialize it.
“Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual’s lack of resources to buy commodities.” Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill.
John Patten started Treasure around a single concept. To create a resource to organize the most valuable commodities, which as we’ve discussed are attention and belonging. A resource to SYMBOLIZE those commodities. To stand in their stead. This resource represents your attention, and your intelligence. It represents your desire to belong to a group of like minded people. I invested in Axie early and sold it for a 3X thinking I was smart and then watched it do another 50X before I understood. I invested in DFK at a dollar. GameFi Zelda? Buy. When I came across Treasure and $MAGIC though, I realized right away it was different.
$MAGIC is a scarce resource. John was always extremely clear about this. It flows from a well, but you can only access this well with cunning, intellect, and savvy. I like to think John discovered the Genesis Mine more than created it. He says Treasure is the Nintendo Console of Gamefi, and Bridgeworlds is the first game. Smols is the next. There will be many more. All of these games will center around $MAGIC as will the marketplace on which their NFTs trade.
But, at the end what are these games? They are simply a way to unlock $MAGIC. I’ll get back to that.
“Petrodollar recycling is the international spending or investment of a country’s revenues from petroleum exports (“petrodollars”).[3] It generally refers to the phenomenon of major petroleum-exporting states, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies.[4] The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of US dollars per year — including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not.”
The flow of your attention and your sense of belonging, from one community to the next, from one game to the next, is the new flow of value. The flow of value (attention and belonging) from the various games in the Treasure ecosystem, to the marketplace, to the NFTs, back to the games, is the Petrodollar recycling system. It hasn’t been fully built out yet so I won’t opine too much on it, but this is what it is going to become. It may still now sound somewhat silly but you can write this down, the Treasure economy, the flow of value/attention from one game to the next, is going to be much larger than many IRL economies in the coming years.
Treasure is the Nintendo Console with a lot of different games. Why not just have one game? Lets be clear on why $MAGIC is going to be worth more than Axie and Defi Kingdoms combined, one game gets old. Look at the PFP projects. One theme, one game, one rallying cry (GM), one meme…they get old. Our attention is extremely valuable and it is also extremely fickle. So Treasure will ride the wave of your attention and spit out $MAGIC as you play one game after the next, as you get bored and get engaged again, and bored again. One meme after the other. One community after the next. And you will play all these different games and engage in all of these communities to unlock $MAGIC. You will pay your attention, you will engage your sense of belonging and community, you will use your cunning, and you will get rewarded $MAGIC in return for doing that. Read that again, you will actually benefit, for once, from paying your attention. You will pay your attention and you will get something in return. That is the purpose of the $MAGIC.
Oil powers pretty much every sub-economy on earth. How does the farmer transport his Cattle to the slaughterhouse? How does the restaurant get its raw meat, the people to make it a hamburger, and nowadays how does it get its meals to the end customer? Oil makes everything go. $MAGIC is going to do this for GameFi. $MAGIC will make games and communities “go”. $MAGIC is Attention and Belonging. If you’re a dev and you want to capture value, you will build on $MAGIC/Treasure. You will set up your game, your business around it. It will become absolutely integral to the Metaverse, like oil today. Eventually, as a game or community dev you won’t even think about it, it will be abstracted away. Of course you have to build using $MAGIC like of course you’ll use AWS to spin up a server.
Attention and Belonging are the new Oil. $MAGIC is the economic representation of them. The games are the Oil Wells. The in-game NFTS are the drills.
See you in the Oil Fields.
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Author: adventureNFT, co-founder of ClocksnatcherDAO.
