Metaversal

Share this post

A quick guide to Treasure

metaversal.banklesshq.com

A quick guide to Treasure

Your intro to the NFT marketplace taking Arbitrum by storm!

William M. Peaster
Jan 20, 2022
24
4
Share this post

A quick guide to Treasure

metaversal.banklesshq.com

Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles


Dear Bankless Nation,

With the recent surge of Ethereum’s layer-two scaling ecosystem, more than a few folks are hailing this year as “L222.”

And while it’s fair to say that this ecosystem is still very young and has a ways to go in various senses, it’s also true that some L2s and top L2 apps are starting to see the beginnings of serious organic traction. 

In that vein, one L2 project that’s been facilitating major activity recently is TreasureDAO, which created the Treasure universe that’s taken the Arbitrum One rollup by storm lately.

Twitter avatar for @DeFi_Dad
DeFi Dad ⟠ defidad.eth ≡🦇🔈 @DeFi_Dad
Can anyone ELI5 @Treasure_DAO for me? Looks fascinating but I haven’t fully grasped it yet. https://t.co/Ax2q1kcMlb
Twitter avatar for @Treasure_DAO
TreasureDAO @Treasure_DAO
1/ To prepare for the launch of our native marketplace, we wanted to recap the project for new users. Treasure began with a simple idea: what if we built a metaverse around fictional resources instead of characters? From there, the Treasure metaverse was born. https://t.co/4RB3W4P6B8
2:58 PM ∙ Jan 19, 2022
69Likes7Retweets

For today’s Metaversal, then, let’s get you up to speed on the basics of Treasure, the MAGIC token, and TreasureDAO’s upcoming Trove project. 

-WMP


🙏 Sponsor: Unstoppable Domains - Your name, universal wallet address, and login for web3.


An intro to Treasure

The beginnings of Treasure

Treasure’s origins date back to Aug. 2021, when the creators launched a Loot derivative project; each of the 10k NFTs in the generative collection, now simply known as treasures, bore eight randomized resources (e.g. Emeralds, Grain, Honeycombs, etc.).

Afterwards the TreasureDAO community began to quickly grow and the builders therein immediately started plans for Legions. These would be PFP characters that owners could use to “mine, farm, craft, quest, and battle” in the Bridgeworld, Treasure’s gaming universe. Note: both treasures and Legions were free-to-mint drops. 

The reveal of MAGIC

In Sept. 2021, TreasureDAO introduced MAGIC as the native token of the Treasure ecosystem via “fair launch” DeFi yield farms. 

In other words, the only way to earn new MAGIC rewards was to deposit select NFTs or Sushi MAGIC-WETH liquidity provider (LP) tokens into Treasure’s staking app. 

This initial farming period took place over the course of a month, after which 1/3rd of the planned MAGIC was distributed. In the years ahead, the majority of the remainder of the token’s supply will be allocated through further liquidity mining and staking campaigns. 

Image via Stakingbits

The Treasure marketplace rollout

As the TreasureDAO ecosystem started to rapidly swell, the project migrated its operations to the Arbitrum One rollup in Oct. 2021 to offer better and cheaper UX around transactions. Doing so paved the way for the launch of the Treasure, the first NFT marketplace on Arbitrum, in Nov. 2021. At this time the project started charting its path toward full decentralization.

Treasure today

Image via Treasure

Fast forward to today, and Treasure’s now a teeming center of NFT activity on the Arbitrum One rollup. For example:

  • The marketplace has facilitated nearly $85M worth of trading volume over the last 30 days. 

  • The market cap of the MAGIC token is now +$90M. 

  • The platform’s Smol Brains NFTs, which started as a free-to-mint project for Treasure Discord members, are now majorly in demand and have become something of a CryptoPunks analogue for the fledgling Arbitrum ecosystem. 

Twitter avatar for @jpatten__
John Patten @jpatten__
In five months, Treasure went from a $0 valuation to a billion dollar DAO with dozens of contributors who bleed passion for the project. If you’re fading that, anon I…
1:35 AM ∙ Jan 15, 2022
661Likes130Retweets

Trove and more on the way

The Treasure marketplace is curated for the Treasure ecosystem. Yet take note because TreasureDAO is also currently working on a generalized NFT marketplace called Trove that they’re designing as an L2 competitor to OpenSea. 

Twitter avatar for @Treasure_DAO
TreasureDAO @Treasure_DAO
In the next few weeks, we’re launching the Bridgeworld game, Life, an OpenSea competitor called Trove, Smolville, and DeFi’s first farm inside a farm (more soon 👀). Hbu?
2:18 AM ∙ Jan 17, 2022
1,506Likes407Retweets

Whether TreasureDAO can take away serious market share from OpenSea in short order remains to be seen, but the project certainly has plenty of resources and committed community members to decisively start down that path. 

In the meantime the decentralized collective will additionally focus on actualizing Bridgeworld, developing partnerships, and beyond. 


Action steps

  • Check out these additional Treasure resources to dive deeper:

    • Treasure docs

    • Treasure Tools - analytics and hub

    • Smol Street Journal - Treasure market reports

    • MAGIC - Coingecko dashboard

  • Read my previous write-up On NFT maximalism if you missed it!


Author Bio

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, DeFi Pulse, JPG, and beyond!


Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.


🙏Thanks to our sponsor

UNSTOPPABLE DOMAINS

Unstoppable Domains is The #1 provider of NFT domains. With endings like .crypto, .x and .nft you can replace your long complex wallet addresses, verify ownership of your NFTs, login into web3 apps and join 10’s of thousands of people using them as their Twitter usernames. Better yet, with Unstoppable domains you don't have to worry about gas or renewal fees, YOU OWN IT.

👉 Get your name for as low as $5 here.

👉 Head to Unstoppabledomains.com

👉 Buy your own web3 Username

👉 Show it off!


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

4
Share this post

A quick guide to Treasure

metaversal.banklesshq.com
4 Comments
Rosie Hamer (HRH) 🌐👌
Writes Rosie Hamer HRH ’s Newsletter
Jan 20, 2022Liked by William M. Peaster

Thank you William for all You dedication and hard work.

Interesting article, I enjoyed reading it. Keep up with your good work. HRH

Expand full comment
Reply
1 reply
David M
Mar 22, 2022

Dear William M. Peaster,

Thanks for sharing such wonderful content with your audience. I also particularly appreciate the time you spent offering your assistance. It's good to know that there are people out there willing to help.

Warmest thanks!

Expand full comment
Reply
2 more comments…
TopNewCommunity

No posts

Ready for more?

© 2023 Ryan Sean Adams
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing