Digital asset firm Okcoin is now offering MAGIC, which is the native crypto token of Treasure DAO.
According to Okcoin, here’s what MAGIC and Treasure are all about, in simple terms:
You can now deposit MAGIC on Okcoin. This offer is for all Okcoin clients “including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.”
As confirmed in the update, deposits were live “as of April 28.” And withdrawals and trading were scheduled to go “live as of April 29.”
What’s Treasure DAO’s MAGIC token?
As noted by Okcoin, you may have heard about “the Metaverse” but “who owns it?”
And why should there “only be one?” Treasure DAO says there “should be multiple metaverses, owned by their users, and strung together by a common, decentralized protocol.”
Treasure DAO is thus building “a decentralized NFT ecosystem on the Arbitrum network where communities can bootstrap new, decentralized metaverses.”
Each metaverse is “bridged together through Treasure’s interrelated resource model that is powered by three resources: MAGIC, Treasures, and Legions.”
As noted in a blog post, MAGIC is “the native token of the Treasure DAO and the glue that binds each metaverse together.” It’s used to “take part in governance, purchase NFTs on the Treasure Marketplace, and stake to earn additional tokens.”
Treasures are NFTs that are “used as economic resources shared across the Metaverse.”
As mentioned in the update, players will be able “to use Treasures to craft consumables or burn them for special effects.”
Legions are also NFTs of physical beings (or characters) that “are essential to gameplay.”
As explained in the update, they “complete tasks, gain experience, and obtain valuable items. You choose their path.”
Treasure DAO aims “to make MAGIC the reserve currency of the metaverses.”
MAGIC itself “is designed to get scarcer as the complexity of the metaverses’ economy increases,” the update explained.
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