Original source: Chain Tea House
Original author: Beichen
Treasure DAO is a phenomenon-level project in the field of blockchain games. When we directly examine it, we will inevitably be judged by its rich and even complex ecological interference-what is TreasureDAO?
Chain Tea House sorted out TreasureDAO's iterative path according to the timeline, we can clearly find "where it came from" and "where it is going", so as to have a more accurate judgment on "who it is".
Getting started: Loot imitation disk
Everything has to start with Loot, which turned out in August 2021.
Loot is a series of 8000 NFTs, NFTs are TXT files consisting of 8 phrases, each phrase is equivalent to a randomly generated attribute (such as weapon, chest armor, head armor, necklace, ring, etc.), with different rarity.
This NFT project with only 8 lines of text and even no front-end interface is confusing. A few hours after the release, an exclusive community of holders appeared, and the free mint skyrocketed to a floor price of 20 ETH. This incomprehensible but upbeat emotion will reappear until XEN in October 2022.
Loot holders are free to interpret and use them in any way, which completely subverts everyone's imagination of NFTs, games, and even the metaverse. It can be said to open a new paradigm for constructing the metaverse from the bottom up.
Based on Loot, a series of derivative projects have emerged, some of which are to visualize the text of Loot, some are to generate new Loot NFTs starting from 8001, and some are based on the idea of Loot, but start a new set of phrases as NFTs, Treasure is this idea .
As a derivative project of Loot, Treasure's NFT also follows the gothic mysterious and dark style, but the phrases are gold coins, silver pennies, emeralds, pearls, shells, dragon tails and other historical and legendary currencies.
Treasure has a total of 10,000 NFTs, the first 90% are free mint, the latter 7.5% are airdropped to the Loot, xLoot, The N Project and AGLD communities (in short, they are all Loot ecology), and 2.5% are controlled by the team.
At this time, there is no difference between Treasure and other Loot imitation disks, except that Loot is original, and the imitation disk cannot be operated no matter how it is operated (the current floor price is only 0.049 ETH).
Treasure officials also seem to be trying their best to clear up the history of Treasure NFT - the early project Twitter has been logged out, and the official website does not mention Treasure NFT. Now everything is operating as TreasureDAO.
Curve to save the country: chain games + DeFi
The imitation disk is destined to be fine, but Treasure can go today because after the issuance of NFT, the team immediately issued MAGIC tokens, with a total of 350 million tokens. The mining incentives are halved year by year, and tailored for MAGIC Launched a DeFi project - MAGIC Farm.
This logic is a bit jumpy, please be patient and understand...
MAGIC Farm is easy to understand, that is, users deposit Treasure's NFT, or Loot's NFT, AGLD tokens, and then earn MAGIC tokens. Just, what are MAGIC tokens?
In order to empower Treasure's NFT series, the Treasure team announced that it will develop a chain game Legions, which is to re-launch a PFP series and make it a PFP vs PFP game (the gameplay can refer to Tiny World), and MAGIC is Game tokens can be used to make tools and upgrade props.
From Treasure NFTs to Legions
But how does the chain game Legions empower Treasure's NFT series? As mentioned earlier, you can earn MAGIC tokens by depositing Treasure's NFT in MAGIC Farm, thus indirectly increasing the value of Treasure's NFT...
The reflex arc of this curve to save the country is too convoluted, and the success or failure depends on whether the chain game Legions can explode. Judging from the current situation that Treasure’s NFT is basically cold, the original intention of the curve to save the country has completely failed, but it opened up by mistake. The new base - MAGIC ecology.
Abandon the original intention: MAGIC becomes the core
Less than a month after the launch of MAGIC Farm, the Treasure team has fully felt the potential of MAGIC - more than 40% of The N Project and 10% of Loot are locked in MAGIC Farm, and 60% of the MAGIC produced has been recovered Throw in MAGIC Farm.
Since the market's interest in MAGIC tokens is much higher than that of Treasure's NFT, then simply abandon MAGIC's original intention of empowering the Treasure NFT series as a Loot imitation disk. From then on, everything revolves around empowering MAGIC.
On October 6th, MAGIC Farm migrated from Ethereum to Arbitrum, and the Treasure team specially launched an incentive plan - for every 10,000 MAGIC pledged and NFT with 1 Treasure, you will get a common legion, and every 100 common legions will be airdropped A special class of regiments (Assassin, Warrior, Siege, Spellcaster and Ranged).
At this time, the Treasure community has begun to take shape. Not only community members donated money, but also developers and designers who came here spontaneously as community volunteers to assist the team in performing tasks.
Note that the value of MAGIC is that it is the platform currency of the chain game Legions, but there is no shadow yet.
Empowerment Failure: Life NFT
The blockchain game Legions cannot be developed in a month, which means that MAGIC is still an air currency at this time. Since Treasure wants to empower MAGIC, it must give new expectations.
The Treasure team and Jumpman launched another chain game Life NFT, which is a simplified version of "The Sims". The way to empower MAGIC is that users can only keep their virtual characters alive by pledging MAGIC, otherwise they will die directly after 48 hours.
But Life NFT later disappeared. Jumpman also launched Origins NFT, an NFT data analysis platform, and Mirana Ventures led a $4 million seed round.
It is said that the chain game Legions will not be officially launched until May 2022, and it will be placed in a larger narrative-Bridgeworld.
Separate center: Treasure DAO
MAGIC is still being released. Although the Treasure ecosystem has nothing, it has the most valuable thing - community consensus, especially the consensus on MAGIC's currency price expectations.
The Treasure team officially launched Treasure DAO in November, not only handing over the team's power (MAGIC's distribution plan, which projects to incubate in the ecosystem, etc.) to the DAO, but also designating the DAO to be the sole recipient of MAGIC incentives. The DAO is governed by voting by holders who stake MAGIC.
Since then, Treasure has officially started to build around empowering MAGIC, which was unexpected when the team launched the Loot imitation disk.
But having said that, the narrative of Treasure DAO is not new. At that time, almost all chain game platforms had the same narrative template - issue platform currency, and then continue to create chain games (created by the team itself in the early stage, and directly open later), and users Playing these chain games requires the consumption of platform coins, and eventually forms a huge chain game ecosystem.
But so far, only Treasure DAO has succeeded.
Not only because Treasure DAO has continued to launch successful mini-games, but to be honest, that series of mini-games can always find earlier and better competing products (only in terms of the product itself), so it is actually more important to Its community worked so well that only Treasure DAO took off.
Fission: build ecology on top of ecology
After the establishment of Treasure DAO, it officially opened its narrative as a chain game platform in 2022-continuously creating chain games, and absorbing external chain games or other projects. These scenarios need to consume the platform currency MAGIC, and finally form a MAGIC The core ecosystem, or a decentralized Nintendo.
As mentioned earlier, the chain game version of "The Sims" Life NFT is the product of this idea, but it was launched before the establishment of Treasure DAO.
After the establishment of Treasure DAO, it has continuously launched independent small projects to increase the usage scenarios of MAGIC.
The first is to upgrade the originally planned chain game Legions to Bridgeworld. What Legions is to Bridgeworld is basically what Tiny Kingdom is to Tiny World. That is to say, Bridgeworld is not a single game in the MAGIC ecosystem, but an ecosystem that can continue to expand.
The second is to launch another ecosystem, Smolverse, which contains a series of NFT games such as Smol Bodies, Smol Cars, and Smol Brains. For example, Smol Brains is a monkey NFT, but their IQ will continue to grow with staking, thereby unlocking more tasks.
In addition, in addition to the game, Trove and Smolville, the NFT trading platforms that benchmark OpenSea, have also been launched.
In addition to launching its own mini-games, it also actively expands external blockchain games into the MAGIC ecosystem. For example, cooperate with the Strider team to establish a 3A-level NFT and chain game studio.
Treasure DAO is still launching new chain games, and there is no need to repeat the later stories. In short, it continues to attract external users and funds into the MAGIC ecology like a snowball, or at least maintain the players who have already entered the ecology. Lost in a bear market.
Summary: Community Culture + MLP Strategy
We can now summarize Treasure DAO's path to success.
To be honest, their games and other products are not very good in terms of product strength (compared to competing products), but Treasure DAO succeeded, while the performance of competing products is far behind it, I think there are two key factors .
First of all, it has a natural community culture.
Treasure DAO started as an imitation of Loot. Loot, an experimental project, quickly gathered the consensus of those who dared to try new things in the crypto industry (mainly attention and funds). To attract traffic, thus accumulating this part of core users and becoming early contributors.
This kind of community culture is similar to metaphysics, but it really exists, that is, only members of the community can keenly capture emotions and come up with solutions that can resonate (whether it is reliable or not is another matter).
However, the path that investors and entrepreneurs seem to recognize more is: as an external successful person, after seeing the potential of the emerging community, they feel that this set is very simple, so they try to come in and become the leading force. So we will see that there are many 3 A masterpieces in chain game investment. I guess they come in with arrogance, and they will fail because they can’t touch the real community culture of chain games.
It is worth mentioning that the founding team of Treasure DAO has the growth director of Osmosis and the token economics/growth strategist. It can be said that they are experts in crypto Ponzi (neutral term), so they did not use capital when they first started. Power, took off with only a small amount of self-funding.
The second is a clear MLP strategy.
MLP stands for Minimum Lovable Product, which can be understood as the smallest lovable product. Putting this strategy in the field of blockchain games is to continuously launch small games that are “somewhat playable but not many” to continuously attract new users and funds. Treasure DAO has done it The rhythm of releasing at least one chain game every month (actually far more than that).
On the other hand, those who come in from the outside think that chain games are very simple and successful. Their strategy is often to sell a dreamy product story (especially 3 A masterpieces), and the price is that it takes a long time to come out, so they need capital. Long-term blood transfusion.
Even the native developers of blockchain games tend to launch their own products, which limits the pace of releases. Treasure DAO also chooses to cooperate directly with outsiders while conducting self-development, so as to complete the cycle of economic value accumulation.
