Magic (MAGIC)

Gaming and Metaverse Use Cases

Magic is the native token powering the Treasure Metaverse, a decentralized gaming platform on Arbitrum. It acts as a cross-metaverse currency connecting different gaming communities. Players use Magic to buy in-game assets, participate in games like Bridgeworld and Smolverse, and earn rewards through gaming and staking. It also supports the creation and trade of NFTs within the Treasure ecosystem.

NFT and Digital Asset Use Cases

Magic NFTs represent unique digital assets with individual metadata, used for real-world asset tokenization and digital art. They allow true ownership of virtual items such as skins, characters, and weapons in games. Magic tokens facilitate buying and selling NFTs on decentralized marketplaces like Trove.

Governance and Ecosystem Development

Magic tokens can be staked to participate in governance decisions within the Treasure platform. They help fund early-stage game projects and support the growth of gaming communities by enabling decentralized governance and economic models.

Wallet and User Experience

Magic provides wallet-as-a-service solutions that simplify user onboarding by allowing sign-up with email or Google, removing the need for seed phrases or private keys. This service is used by corporate clients to offer crypto wallets to their customers easily.

AI and Advanced Applications

Magic powers AI-driven products in the Treasure ecosystem, including NFT agents created by Neurochimp and AI-powered games like Smolworld. It serves as the currency in the AI Agent Marketplace and supports a growing AI ecosystem within the metaverse.

Pros

• Magic is the official currency of the Treasure Metaverse, connecting different gaming communities and metaverse projects.
• It acts as a cross-game and cross-metaverse currency, linking games, players, and communities within Web 3.0.
• Magic integrates DeFi, NFTs, and gaming, allowing players to convert NFTs into productive assets and earn rewards.
• The token is designed to become increasingly scarce as more players join, potentially increasing its value.
• Magic supports staking and governance, giving holders influence over the ecosystem.
• It is built on Arbitrum, a Layer 2 Ethereum scaling solution, which offers faster and cheaper transactions.
• Magic is supported by a decentralized autonomous organization (DAO) with experienced developers and community contributors.
• The ecosystem includes AI-driven products and games, enhancing user engagement and innovation.
• Magic is listed on many major exchanges, providing good liquidity and accessibility.
• The Treasure ecosystem is open source, allowing community contributions and rewards.

Cons

• Magic’s market is relatively small, so large holders ("whales") can significantly influence its price.
• The token price can be volatile, with notable downtrends and corrections observed.
• The follower base and social media presence are relatively small, which may affect community growth.
• As a gaming and NFT token, its value depends heavily on the success and adoption of the Treasure ecosystem.
• Price fluctuations can be affected by broader crypto market trends and regulatory changes.
• Some users may find the ecosystem complex due to its integration of gaming, NFTs, DeFi, and AI technologies.

Founders of Magic (the wallet-as-a-service provider)

Magic was founded in 2018 by three co-founders: Sean Li (CEO), Arthur Jen (CTO), and Jaemin Jin (Chief Blockchain Officer). They created Magic to provide passwordless authentication and simplify onboarding to web3.

Founders of Magic crypto token (MAGIC)

The MAGIC token is supported by the Treasure platform, which was founded by three co-founders: John Patten (Strategy), Gaarp (Growth), and Karel Vuong (Operations). They launched MAGIC in September 2021 to connect gaming communities within a decentralized NFT ecosystem.

Investors in Magic

Magic has raised over $80 million in funding from a mix of venture capital firms and prominent angel investors. Key investors include:

• PayPal Ventures: Led a $52 million strategic funding round.
• Northzone: Lead investor in a $27 million Series A round.
• Tiger Global
• Volt Capital
• Digital Currency Group
• CoinFund
• Placeholder
• Cherubic Ventures
• SV Angel
• Naval Ravikant (angel investor)
• Guillermo Rauch (angel investor)
• Alexis Ohanian (angel investor)
• Balaji Srinivasan (angel investor)
• Synchrony
• KX Systems
• Claribay Capital
• Unicorn Capital Partners (Hong Kong)
• KASIKORN Business-Technology Group

These investors support Magic’s mission to provide passwordless, non-custodial wallet services and expand its reach globally.

Halal Status of Magic Token

• Halal Rating: Questionable
  Magic token (MAGIC) is rated as "Questionable" in halal compliance by Practical Islamic Finance. This means it is not clearly halal or haram but requires caution.

• Reason:
  Magic is a utility and governance token used in gaming and NFT marketplaces within the Treasure DAO ecosystem. While it serves real-world purposes, its halal status is uncertain because it may not fully meet all Islamic finance principles such as avoiding riba (interest), gharar (excessive uncertainty), and ensuring clear asset backing.

• General Islamic Finance View on Crypto:
  Cryptocurrencies are considered halal if they have inherent value, serve a real-world purpose, and avoid prohibited elements like interest or gambling. Since Magic’s halal rating is questionable, it does not clearly fulfill these criteria.

Answer: No, Magic is not clearly halal; its halal status is questionable due to uncertainties in compliance with Islamic finance principles.