Review of the Current State of the TreasureDAO Ecosystem
TreasureDAO is a burgeoning NFT ecosystem designed for games, metaverses, and other forms of NFTs. Its inception lies in the experimental NFT project, Loot, and its offshoot, Yeild Farming, which took root in 2021. Users can obtain the native token of Treasure, MAGIC, through staking Loot and its associated token, AGLD.
In October 2021, the protocol made the strategic transition from Ethereum to a Layer 2 network and officially launched Treasure DAO in November of the same year. Constructed with an emphasis on empowering MAGIC, Treasure has established its narrative as a blockchain gaming platform. It has even been hailed as the “Nintendo of the Cryptoverse”. As a leading project in the GameFi sector, what does its ecological development look like to date?
I. Product Overview
Currently, TreasureDAO’s offerings consist of three main products: 1) TroveMarket, which provides market trading services for NFT assets from various games or metaverse projects within the Treasure ecosystem; 2) BridgeWorld, a game launched by TreasureDAO centered on the distribution of MAGIC tokens; and 3) MagicSwap, a decentralized exchange (DEX) that provides liquidity for game assets within the Treasure ecosystem.
Currently, Treasure maintains around 700 weekly active users. A review of the changes in active user data shows:
1) From January to June 2022, the launch of a series of new products such as the BridgeWorld and Smolverse game systems, as well as the NFT trading platform, gradually set the development of the Treasure ecosystem on the right track.
2) From November to December 2022, The Beacon, a pixel-style Free 2 Play action role-playing game, sparked another wave of enthusiasm for the Treasure ecosystem. The game mechanics are very simple, mainly involving level completion, answering questions, and buying and selling items.
3) In January 2023, Treasure DAO launched a game creator program supported by Arbitrum. At the same time, due to expectations of an Arbitrum airdrop, Treasure once again experienced a minor surge in on-chain user activity.
Overall, the active user base in the Treasure ecosystem is currently on a decline, which aligns with the overall trend in the GameFi sector.?TroveMarket, serving as the NFT trading market in Treasure, and the BridgeWorld gaming ecosystem are the primary active user spaces, while MagicSwap sees relatively fewer active users.
2. NFT Transaction Volume
Trove, the main trading platform for NFTs, is currently built on the Arbitrum, Arbitrum Nova, and Ethereum chains. The market was launched in June 2022, evolving from the Treasure Marketplace launched by Treasure DAO in November 2021.
According to data from?Dune Analytics, Trove currently sees a monthly NFT transaction volume on Arbitrum of around 460,000 MAGIC tokens (worth approximately $320,000). The trading volume peaked at 42 million MAGIC in January 2022, after which the monthly NFT transaction volume has continued to decrease. Currently, the transaction volume is only around 1% of its peak.
The current monthly NFT transaction volume on Ethereum is a mere 5.6 ETH, worth about $9,600, while the peak monthly transaction volume was 101.58 ETH, worth approximately $170,000.
From the transaction data, it can be seen that the current trading volume of Trove Market is mainly concentrated on Arbitrum. The collection with the largest proportion of NFT transaction volume is Legions, accounting for 34%, followed by Smol Brains, with 22.2%, and Treasures, with 11.9%.
In the past 90 days, the collection with the largest transaction volume was Treasures, reaching 750,000 MAGIC. Next was Smol Brains, with a transaction volume of 490,000 MAGIC. The third-largest in terms of transaction volume was Consumables, with a transaction volume reaching 320,000 MAGIC. The floor price of this NFT series rose from 0.0038 MAGIC to 0.007 MAGIC in the past 90 days, an increase of 84%.
II. Game Ecosystem Overview
TreasureDAO has so far incubated more than 10 games, among which Bridgeworld, Realm, Smolverse, The Beacon, and BattleFly are relatively popular.
1.Bridgeworld
Bridgeworld, an upgraded version of the initial blockchain game Legions, is a strategic commerce, trade, and rule game and is also a core game launched by the Treasure DAO team. Bridgeworld integrates multiple types of gameplay. Players can buy legions to complete tasks, receive various NFT rewards in these tasks, and exchange NFT rewards for native MAGIC tokens, or combine them into more complex NFTs for mining.
Currently, there are eight places in Bridgeworld, namely Pilgrimage, Barracks, Ivory Tower, The Forge, Harvesters, Starlight Temple, Corruption, and Monolith. Each place has a different gameplay:
Within the past 90 days, the floor price of NFT items within Bridgeworld has seen a significant increase, particularly the Treasures which had a trading volume reaching 747,000 MAGIC. However, there are currently no statistical data on the floor prices for Legion Genesis NFTs and Legion Auxiliary NFTs.
Historically, the floor price of Treasures has long been around 8 MAGIC, with little fluctuation and low trading volumes.
2.Realm
Realm is a metaverse game where players can explore and create virtual worlds and games. In the game, there are two main roles: Adventurer and Realmer. Realmers, who are Realm NFT holders, primarily earn MAGIC rewards and generate NFTs by competing for the highest ranks on the leaderboard, and selling items to other Realmers. The gameplay for Adventurers involves entering game domains, seeking missions, engaging in PvP battles, and earning PARTICLE and ANIMA, two game tokens that are soul-bound and non-transferable.
The NFT Collection of this game has seen a substantial rise in the floor price, especially the Realm, which has increased from 109 MAGIC to 299 MAGIC in the past 90 days, with a trading volume of around 90,000 MAGIC.
The total trading volume of Realm NFT is currently at 1.3 million MAGIC. Despite a significant increase in the past 90 days, it is still at a relatively low level in terms of overall trend, with a smaller trading volume.
3.Smolverse
Smolverse is a native NFT project on TreasureDAO. It began free minting in October 2021. The project consists of two core NFT series: Smol Bodies and Smol Brains, which can be categorized into Moon Rock, Stardust, Comet Shard, Lunar Gold, and Alien Relic according to rarity. The current gameplay is relatively simple. Players only need to own Smol Brains and stake them on the official Smolverse website. The longer the staking period, the higher the IQ of the Smol, which determines the activities that players can participate in the metaverse in the future. At the same time, players can mine Smol Treasure through Smol Brain.
In August 2022, it was announced that a partnership was formed with StriderDAO to create the flagship game Smolville on top of Smolverse, which is still in the conceptual stage. Furthermore, TreasureDAO has established a specialized studio, Darkbright, to develop Smolville.
Over the past 90 days, the NFT with the largest trading volume 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, on the other hand, has seen a significant increase.
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4.The Beacon
The Beacon is an RPG (Role-Playing Game) with a dungeon adventure theme. It once ignited a wave of popularity, with gameplay including single-player challenges, team adventures, and casual dressing up. So far, single and multiplayer battle modes, as well as a housing system, have been developed. Game rewards include various NFT items, such as skin ornaments, decorative accessories, etc.
The Beacon is the first diamond partner (highest level) of Treasure DAO’s GBP program and recently initiated the Harvester activity. The first phase of the activity lasts from June 5th to June 19th. The event will not only produce regular spoils of war and limited-edition sets, but also drop the Scale of Emerion, which will play a role in the subsequent distribution of MAGIC tokens through the harvester mechanism. After June 19th, the Harvester plan will be in full operation. Players can claim the Scale of Emerion, exchange it for Ancient Permits, and interact with other activity mechanisms. Staking Ancient Permits can earn MAGIC rewards. The launch of the Harvester activity resulted in a slight increase in character NFTs, although this change has not been reflected in the Trove Market yet.
5.BattleFly
BattleFly is an experimental casual strategy combat game developed by an anonymous team. Players earn rewards through Player vs Player (PvP) competition. The game is split into two scenarios: The Garden, where users acquire weapons and equipment, and the competitive arena Hyperdome. During combat, both players must stake a certain amount of MAGIC (5–100), and the winner earns a portion of the loser’s staked MAGIC. The game was officially open for public testing in March 2023.
Currently, the highest trading volume in the Collection is for the combat NFT BattleFly, which reached a trading volume of 1.6 million MAGIC. Looking at its historical trading data, this NFT’s trading volume is currently sharply declining, and its floor price has dropped approximately 17 times.
Looking at the monthly activity and trading volume of the above game projects, currently, only The Beacon has over a thousand monthly active users, closely related to its recent Harvester activity. The core game Bridgeworld has only over 800 monthly active users.
A comprehensive view of the historical data of Treasure ecosystem game projects?shows a decline in overall monthly activity. NFT trading volume is also significantly reduced, and user stickiness is relatively poor. It is evident that there have not yet been highly playable games within TreasureDAO. New projects struggle to maintain popularity after a brief initial surge.
III. 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) Summoning legions in Bridgeworld and synthesizing NFTs; 3) Serving as the settlement currency for TroveMarket; 4) Other scenarios in game projects, such as the battle stake currency in BattleFly; 5) Participating in project governance, such as the ecosystem fund in the game or the distribution of treasury income.
The following details the distribution of MAGIC tokens:
According to Coingecko data, the current total token supply is 339,645,510, with 217,195,443 tokens in circulation, accounting for about 64%. The information disclosed so far is as follows:
1) All tokens for the team and genesis mining rewards have been fully unlocked.
2) On September 1, 2022, the staking mining reward completed its first halving, reducing the weekly release from about 778,000 to 417,000.
3) Not all tokens from the first round of financing have been unlocked, and the unlocking of tokens from the second round of financing has not yet begun.
4) The Sushi LP incentive, which lasts for two years, was decided by a vote in January 2023 to reduce the reward by 30%, meaning it is expected to change from the original 2,775,000 to 1,942,500.
MAGIC adopts a token release approach of high circulation in the early stages and halving of subsequent production every year. According to the original release curve, the inflation in the later period is not particularly large. However, for the long-term development of the project, to make the token release better align with network growth, TreasureDAO announced in January 2023 that it would phase out the liquidity mining Atlas Mine. Consequently, the MAGIC originally staked in the mine will be withdrawn.
The main inflationary pressure for MAGIC will be concentrated between January and March 2023, as approximately 50 million MAGIC from the first batch of 12-month stakers will be unlocked and start to be allocated on January 26th, experiencing a 45-day linear release. Currently, there are about 4.265 million tokens remaining in the mine waiting to be withdrawn, and the token selling pressure from the mine (linear release) is relatively small.
Going forward, MAGIC tokens will no longer be released through staking but will be done through Harvesters or other gamified methods.
IV.Recent Activities
1. Oathkeeper’s Insignia Minting
On June 13th, the Knights Of The Ether (KOTE) fantasy card battle game initiated the Oathkeeper’s Insignia minting event. The total supply of the badges is 1,500, with 80 reserved for the team and 1,420 for public sale, at a cost of 150 MAGIC each.
Owning an Oathkeeper’s Insignia not only enhances damage in the Blightfell game but also grants one Bridgeworld Ancient Permit and additional rewards of epic-level prizes and extra Ancient Permits in the weekly challenges. The badge is valid from June 21st to December 21st.
The Ancient Permits will come into play in the upcoming Thundermane Harvester event, where they can be staked to earn MAGIC.
However, the community participation in this event was quite low. Seven days after the event’s launch, only 278 badges have been minted so far.
2. The New Game Kaiju Cards is set to Launch
The turn-based battle card game Kaiju Cards has joined the Treasure ecosystem. The game is developed by Permadeath Studios, a Los Angeles-based game and entertainment company with team members from Adult Swim, Nickelodeon, DisneyTV, Cartoon Network, and Netflix.
At the end of July, The Pioneer Event will be launched. The Pioneer Kaiju NFTs will feature three characters: Penguins, Warhogs, and Frogs, and three occupations: Knights, Wizards, and Rogues. Each Kaiju character will have its own genesis accessories, various attributes, professions, etc.
3. Treasure Plans to Allocate Part of ARB to Contributing Game Developers
Arbitrum airdropped 8 million ARB to Treasure on April 25th. On June 5th, the Treasure community approved the Treasure DAO proposal “to allocate part of the ARB to strengthen strategic gaming studio partnerships”. According to the proposal, 2 million of the 8 million ARB received from the Arbitrum Foundation will be allocated to game developers who have contributed to the ecosystem. The recipients include The Beacon, Realm, Tales of Elleria, Knights of the Ether, and The Lost Donkeys, etc.
Conclusion
TreasureDAO and the entire GameFi track are still in the original play-to-earn mode. Without a good economic model to prolong the lifecycle of gaming projects and the generally low playability of GameFi games, user stickiness is poor. Moreover, the current market conditions are not good, with a significant decline in both game daily activity and transaction volume. Without incentive activities, the gaming track is basically deserted.
However, GameFi, with its low entry threshold and high communication ability, is indispensable in the crypto world. The current GameFi is still in the early exploration stage. As a gaming platform, Treasure can absorb other game studios, offering greater opportunities compared to singular blockchain game projects.
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