Magic (MAGIC)

Gaming and Metaverse

Magic is the native token of the Treasure metaverse, a decentralized NFT ecosystem built on Arbitrum. It acts as a cross-game currency that connects different gaming communities, allowing users to buy, sell, and trade in-game NFTs. Magic is used in games like Bridgeworld and Smolworld, powering gameplay, quests, crafting, and mining activities.

Marketplace and Economy

Magic serves as the currency in the AI Agent Marketplace and Treasure’s NFT marketplace called Trove. It enables transactions for digital assets and supports the creation and exchange of NFT agents and other in-game items.

Staking and Governance

Users can stake Magic tokens in the Atlas Mine to participate in governance decisions of the Treasure platform. Staking also generates rewards and helps transform NFTs into productive assets within the ecosystem.

Development and Ecosystem Support

Magic helps fund new gaming projects and supports the growth of the Treasure ecosystem by providing economic incentives for developers and players to build and engage with the platform.

In summary, Magic powers a growing AI and gaming ecosystem by enabling cross-game transactions, supporting NFT economies, and fostering community governance.

Pros of Magic

• Magic is a utility token that connects gaming communities within the Treasure Metaverse, a decentralized NFT ecosystem on Arbitrum (Ethereum Layer 2).
• It acts as a cross-game currency linking games, players, metaverses, and communities, enabling seamless interaction across different projects.
• Magic supports decentralized governance through a DAO, allowing community contributors to have a say in the ecosystem’s development.
• The token powers various AI-driven products, NFT agent technology, and gaming infrastructure, showing innovation in combining AI and blockchain.
• Magic is listed on many major exchanges like Binance, Coinbase, and Uniswap, making it accessible and liquid.
• The ecosystem offers features like NFT launchpads, creator dashboards, and flexible royalty systems, empowering creators and users.
• Magic’s design aims for increasing scarcity as more players join, potentially supporting long-term value growth.

Cons of Magic

• Magic’s price can be volatile, with fluctuations influenced by the broader crypto market and gaming sector trends.
• As a niche token focused on gaming and NFTs, its adoption depends heavily on the success and growth of the Treasure Metaverse and related projects.
• The ecosystem is relatively new and evolving, which may mean some features or partnerships are still developing.
• Cross-chain and multi-blockchain support can introduce complexity for users unfamiliar with managing assets across different networks.
• The token’s value and utility are tied to the success of the Treasure platform, so limited adoption could impact demand.

Overall, Magic offers strong utility and innovation in gaming and NFTs but comes with typical crypto market volatility and dependency on ecosystem growth.

Founders of Magic

Magic was founded in 2018 by three co-founders:

• Arthur Jen (CTO)
• Jaemin Jin (Chief Blockchain Officer)
• Sean Li (CEO)

They created Magic to provide passwordless Web3 authentication and wallet infrastructure.

Investors in Magic

• Lead Investor: PayPal Ventures led a $52 million strategic funding round for Magic.
• Venture Capital Firms: Northzone, Tiger Global, Volt Capital, Digital Currency Group, CoinFund, Placeholder, Cherubic Ventures, SV Angel.
• Angel Investors: Alexis Ohanian (Reddit co-founder), Balaji Srinivasan (former Coinbase CTO), Naval Ravikant, Casey Neistat, Ryan Hoover, Guillermo Rauch.
• Others: Istari Ventures, KASIKORN Business-Technology Group, Kx Systems.

These investors have supported Magic through various funding rounds, including a $27 million Series A and the recent $52 million round.

Halal Status of Magic Token

• Halal Rating: Questionable
• Reason: According to Practical Islamic Finance, Magic token (MAGIC) is rated as "Questionable" in terms of halal compliance. This means it is not clearly classified as halal or haram due to uncertainties in its compliance with Islamic finance principles.
• Context: The halal status of cryptocurrencies depends on factors like the project's nature, use cases, and financial structure. Magic is a gaming and metaverse token, but its full Shariah compliance is not confirmed.

For a clear halal investment, it is recommended to consult Islamic finance experts or refer to dedicated halal crypto screening platforms.