Inventory of the current state of the TreasureDAO ecosystemCurrent state of TreasureDAO ecosystem inventory
Author: LD Capital
TreasureDAO is an NFT ecosystem created for games, metaverses, and other types of NFTs. It originated from the experimental NFT project Loot and its derivative Yeild Farming in 2021. Users can obtain the native token MAGIC of Treasure by staking Loot and the token AGLD. The protocol was migrated from Ethereum to a layer 2 network in October 2021 and officially launched Treasure DAO in November 2021. Treasure is built around empowering MAGIC, opening its narrative as a chain game platform, and has been called the “Nintendo” of the crypto world. As a top GameFi project, how has its ecosystem developed so far?
TreasureDAO currently has three main products: 1) TroveMarket, which provides market transaction services for NFT assets in various games or metaverse projects within the Treasure ecosystem; 2) BridgeWorld, a game launched by TreasureDAO with MAGIC token distribution at its core; 3) MagicSwap, a DEX that provides liquidity for game assets within the Treasure ecosystem.
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1. Chain active users
Currently, Treasure has around 700 weekly active users, and looking at the changes in its active user data:
1) From January to June 2022, the release of a series of new products such as the BridgeWorld, Smolverse game system, and NFT trading platform gradually put the development of the Treasure ecosystem on 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 frenzy. The game mechanism is very simple and mainly involves clearing levels, answering questions, and buying and selling props.
3) In January 2023, Treasure DAO launched the game creator plan supported by Arbitrum. At the same time, due to the expected impact of the Arbitrum airdrop, Treasure once again ushered in a small peak of chain active users.
Overall, the active users of the Treasure ecosystem are currently in a declining state, which is consistent with the overall trend of the GameFi track. TroveMarket, as the NFT transaction service market in Treasure, and BridgeWorld game ecosystem are the core active places for users, and Magicswap has relatively fewer active users.
2. NFT Trading Volume
Trove is the main marketplace for NFTs, currently built on three chains: Arbitrum, Arbitrum Nova, and Ethereum. The market was launched in June 2022 and evolved from Treasure Marketplace, which was launched by Treasure DAO in November 2021.
According to Dune Analytics data, Trove’s NFT monthly trading volume on Arbitrum is around 460,000 MAGIC tokens (worth about $320,000). The peak trading volume in January 2022 reached 42 million MAGIC tokens, and since then, the monthly trading volume has continued to decline, currently only accounting for about 1% of the peak period.
The current monthly trading volume of NFTs on Ethereum is only 5.6 tokens, worth about $9,600. The peak monthly trading volume was 101.58 tokens, worth about $170,000.
From the above trading data, it can be seen that Trove Market’s current trading volume is mainly concentrated on Arbitrum, with the largest proportion of NFT trading volume belonging to the Legions collection, 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 tokens, followed by Smol Brains, with a trading volume of 490,000 MAGIC tokens, and the collection with the third-highest trading volume was Consumables, with a trading volume of 320,000 MAGIC tokens. The floor price of this NFT collection rose from 0.0038 MAGIC to 0.007 MAGIC in the past 90 days, an increase of 84%.
2. Game Ecosystem Inventory
TreasureDAO has currently incubated more than 10 games, with the hottest ones being Bridgeworld, Realm, Smolverse, The Beacon, and BattleFly.
Bridgeworld is a strategic business, trade, and governance game that evolved from the initial chain game Legions and is also the core game launched by the Treasure DAO team. Bridgeworld combines multiple gameplay modes, and players can purchase legions to complete tasks and obtain various NFT rewards in the tasks. NFT rewards can be used to sell and exchange for the native token MAGIC, or they can be synthesized into more complex NFTs for mining.
Bridgeworld currently has eight locations, including Pilgrimage, Barracks, Ivory Tower, The Forge, Harvesters, Starlight Temple, Corruption, and Monolith. Each location has different gameplay:
Over the past 90 days, the floor price of NFT items in Bridgeworld has increased significantly, especially with a trading volume of 747,000 MAGIC in Treasures over the past 90 days. There is no statistical data on the floor price of Genesis Legion NFT and Auxiliary Legion NFT.
Historical data shows that the floor price of Treasures has been around 8 MAGIC for a long time, with little change and small trading volume.
Realm is a metaverse game where players can explore and create virtual worlds and games. There are mainly two types of roles in the game: Adventurer and Realmer. Realmer is a Realm NFT holder, mainly competing for the highest ranking on the leaderboard to obtain MAGIC rewards and produce NFTs and items for sale to other Realmer. Adventurer’s gameplay is to enter the game field, find tasks, engage in PvP battles, and obtain two types of game token rewards, BlockingRTICLE and ANIMA (both are non-transferable soul-bound tokens).
The floor price of the game NFT Collection has seen significant increases, especially Realm’s floor price which has risen 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 has reached 1.3 million MAGIC. Although it has seen significant increases in the past 90 days, it is still relatively low overall and has a small trading volume.
Smolverse is a native NFT project on TreasureDAO, which began free minting in October 2021. The project consists of two 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 rarity. The current gameplay is relatively simple. Players only need to have Smol Brains, and then stake them on the Smolverse official website. The longer the staking time, the higher the Smol IQ, which determines the activities that players can participate in the metaverse in the future. Players can also mine Smol Treasure with Smol Brain.
In August 2022, it was announced that Smolverse would collaborate with StriderDAO to build Smolville, a flagship game on Smolverse, which is still in the conceptual stage. TreasureDAO has established a dedicated studio, Darkbright, to develop Smolville.
In the past 90 days, the NFT with the largest trading volume is still the core NFT Smol Brains, but its floor price has fallen from 825 MAGIC to 525 MAGIC. The floor price of Smol Treasure has seen significant increases.
4. The Beacon
The Beacon is an RPG (role-playing game) set in a dungeon adventure background, which once caused a wave of enthusiasm. The gameplay includes single-player challenges, team adventures, and casual dress-ups. Currently, single-player battles, multiplayer battles, and housing systems have been developed. The game’s revenue comes from various NFT props, such as skin accessories and decorative accessories.
The Beacon is the first diamond partner (highest level) of the Treasure DAO GBP program, and has recently launched the Harvester event. The first phase of the event runs from June 5th to June 19th, and not only produces regular loot and limited edition sets, but also drops the Scale of Emerion, which will play a role in the subsequent Harvester mechanism for distributing MAGIC tokens. After June 19th, the Harvester program will operate in full force, and players can collect the Scale of Emerion and exchange it for Ancient Permits to interact with other activity mechanisms, pledging Ancient Permits to earn MAGIC rewards.
The launch of the Harvester event has led to a slight increase in character NFTs, which has not yet been reflected in the Trove market statistics.
BattleFly is an experimental casual strategy battle game developed by an anonymous team, in which players compete against each other (PvP) to win rewards. The game is divided into two scenes: The Garden, where users obtain weapon equipment, and the Hyperdome arena for battles. During battles, both players need to pledge a certain amount of MAGIC (5-100), and the winner can receive a portion of the loser’s pledged MAGIC. The game will officially enter public beta testing in March 2023.
Currently, the highest trading volume in the Collection is for the battle NFT BattleFly, with a trading volume of 1.6 million MAGIC. Looking at its historical trading data, the trading volume of this NFT is currently also falling sharply, and the floor price has dropped by about 17 times.
Looking at the monthly activity and trading volume of the above game projects, the only game with a monthly active user count over one thousand is The Beacon, which has a close relationship with its recently launched Harvester event. The monthly active user count of the core game Bridgeworld is only 800+.
Throughout the historical data of Treasure’s ecological game projects, the overall monthly activity is showing a downward trend, and NFT trading volume is also plummeting. The user stickiness is relatively poor, and it can also be seen that there are no games with relatively high playability within TreasureDAO at present. New projects are difficult to maintain their popularity after a short period of new hotness.
3. Token Release
Treasure’s native token MAGIC has a total supply of 350 million and its uses include: 1) staking to earn MAGIC; 2) summoning legions and synthesizing NFTs in Bridgeworld; 3) settlement currency for TroveMarket; 4) used as pledge currency for battles in BattleFly; 5) participation in project governance, such as ecological funds or treasury income allocation in the game.
The distribution of MAGIC tokens is as follows:
According to Coingecko’s data, the current total supply of tokens is 339,645,510, and the circulating supply of tokens is 217,195,443, which accounts for approximately 64% of the total supply. The following information has been disclosed:
1) Team tokens and genesis mining rewards have all been unlocked.
2) The staking mining reward completed the first halving on September 1, 2022, and the weekly release amount decreased from about 778,000 to 417,000.
3) The first-round financing token has not been fully unlocked, and the second-round financing token has not yet started to be unlocked.
4) The two-year Sushi LP incentive will vote in January 2023 to reduce the reward by 30%, which is expected to change from the original 2,775,000 tokens to 1,942,500 tokens.
MAGIC releases tokens by initially having a high circulation and later halving the output every year. According to the original release curve, the inflation in the later stages is not particularly high. However, in order to better align token release with network growth for the long-term development of the project, TreasureDAO announced in January 2023 that it will gradually abandon liquidity mining Atlas Mine in phases. Therefore, MAGIC that was originally staked in the mine will be withdrawn.
The inflation pressure of MAGIC is mainly concentrated in January-March 2023, because the approximately 50 million MAGIC of the first 12-month stakers will be unlocked and begin to be attributed on January 26, and the deposit will experience a linear release period of 45 days. Currently, there are 4.265 million tokens left in the mine waiting to be withdrawn, and the token release from the mine (linear release) is relatively small compared to other sources.
In the future, MAGIC tokens will no longer be released through staking, but instead through Harvesters or other gamified means.
IV. Recent Activities
1. Othkeeper’s Insignia Minting
On June 13, Knights Of The Ether (KOTE) fantasy card game launched an Othkeeper’s Insignia minting event. There are 1,500 insignias in total, 80 reserved for the team and 1,420 for public sale at a cost of 150 MAGIC each.
Owning an Othkeeper’s Insignia not only increases Blightfell gameplay damage, but also grants a Bridgeworld Ancient Permit and epic prizes and extra Ancient Permits in weekly challenges. The insignia has a limited period from June 21 to December 21.
Ancient Permits will be released in the upcoming Thundermane Harvester event for staking to earn MAGIC.
However, community participation in this event was low, with only 278 insignias minted seven days after the event went live.
2. New game Kaiju Cards to go live
The turn-based combat card game Kaiju Cards is joining the Treasure ecosystem, produced by Los Angeles game and entertainment company Permadeath Studios, with team members from Adult Swim, Nickelodeon, DisneyTV, Cartoon Network, and Netflix.
The Pioneer Event will start at the end of July, and Pioneer Kaiju NFTs will include three types of characters: Penguins, Warhogs, and Frogs, as well as three classes: Knights, Wizards, and Rogues. Each type of character Kaiju will have its own Genesis kit, various attributes, and professions.
3. Treasure will distribute some ARB to game developers who contribute to the ecosystem
On April 25, Arbitrum airdropped 8 million ARB to Treasure. On June 5, the Treasure community agreed to the proposal of “allocating some ARB to consolidate strategic cooperation with game studios” initiated by Treasure DAO. According to the proposal, 2 million ARB out of the 8 million ARB obtained from the Arbitrum Foundation will be allocated to game developers who contribute to the ecosystem, including The Beacon, Realm, Tales of Elleria, Knights of the Ether, and The Lost Donkeys.
Currently, TreasureDAO and even the entire GameFi field are still in the original play-to-earn mode, without a better economic model to extend the life cycle of game projects. Combined with the low playability of GameFi games, this leads to poor user stickiness. Furthermore, the current market conditions are not good, and both daily active users and transaction volume have plummeted. Without incentive activities, the game field is basically deserted and ignored.
However, GameFi, as a low-threshold and highly viral field, is indispensable in the crypto world. The current GameFi is still in the early stage of exploration. Treasure, as a game platform, can absorb the joining of other game studios and has a greater chance compared to single-chain game projects.
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