‘MAGIC’ Metaverse Altcoin Skyrockets As Majority of Crypto Market Suffers Major Downturn

A project using bridges to connect different metaverses is soaring in price while the rest of the crypto world enters murky waters.

Magic (MAGIC) is the native token of Treasure, a project which bills itself as the “Metaverse Bridgeworld” while harnessing the features of non-fungible tokens (NFTs), decentralized finance (DeFi) and gaming.

According to the Treasure website, the project employs three distinct assets throughout the Bridgeworld ecosystem.

“MAGIC powers everything. Players can earn MAGIC through playing, mining and participating in Bridgeworld.

Treasures (NFTs) are a set of economic resources shared across the metaverse. As such, each Treasure carries a unique story that weaves different worlds.

Legions (NFTs) are the physical entities of the Bridgeworld [used to] mine, farm, craft, quest, battle, and more…”

A blog post explains that the Legions game will add utility to NFTs by expanding their function beyond simply being profile pictures by matching users who have the same first profile picture (PFP).

“Players team up based on their avatar and go to battle (e.g. CyberKongz, Cool Cats, Bored Apes)… The game will also allow multiple PFP communities to act as teams.”

The project runs on a fully decentralized autonomous organization (DAO) where users control both the marketplace and tokenomics.

Magic witnessed a 391% rally from $1.25 on January 24th to an all-time high of $6.14 on Saturday.

The token climbed 52% over the last week, but has since experienced some choppy price action and is down 6.46% at time of writing to $5.09.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia