Hunting for Treasures on Arbitrum.
As the blockchain gaming industry takes off, we are seeing a rise of decentralized conglomerates that help facilitate the growth of new projects.
Projects like Yield Guild Games (YGG) and Merit Circle (MC) invest in blockchain games to potentially earn a cut from their revenues.
In the last six months, the native tokens of these guilds have grown in market capitalization to $500 million for YGG and over $100 million for MC. These guilds have a strong influence on the growth of early-stage gaming projects.
Today, we’ll take a look at an Arbitrum-based project, Treasure DAO, which plans to follow the YGG and MC path. It creates an opportunity for early users to profit off the projects that will potentially join this new ecosystem.
Treasure DAO is a conglomerate for metaverse projects on Arbitrum. It invests in other projects by giving some of its native token, MAGIC, to partner projects. Treasure also has its metaverse project, Bridgeworld, a role-playing game (RPG)-styled blockchain game.
Bridgeworld has NFTs, which users can stake to earn MAGIC during staking periods. The project also enables staking for MAGIC for NFTs of partner projects.
The project added new partners to its ecosystem: Smolverse, Mushrohms, and EtherOrcs, and will likely enable staking for them in the near future. Currently, these NFTs are selling for over $4,000, which is a high amount. However, the potential to earn with them may justify a hefty investment.
Staking NFTs for tokens creates additional value. Good examples are Cyberkongs and X-Consoles.
Cyberkongz NFT owners earn 10 BANANA tokens (~$310) for staking their NFTs. The floor price of CyberKongz NFTs is 7.2 ETH (~$27,500), earning a daily yield of 1.1% or 400% annually. At this rate, one can earn their money back in a few months.
X-consoles NFT owners earn 1 GAME token (~$450) every day. The floor price of X-consoles NFTs is 6 ETH (~$22,500), earning a daily yield of 2% or 730% annually.
Consequently, the prices of these NFTs rose due to the staking yields. The average price of X-consoles jumped 5X in the last week.
As Treasure enabled staking earlier with projects like Loot, the project will likely introduce staking for its new partners. The community expects the NFT staking to begin as early as Jan. 24, when the current staking period ends.
The floor price of Bridgeworld (Legions) and partner NFTs are listed in the table below. The cheapest collection among them is EtherOrcs, going for a minimum of $4,400.
You can also funnel the channel’s messages into your Discord server. This way, you can also create a filter for multiple channels and direct the updates to your server. If you don’t know how to create your own server, follow these steps here.
To direct the messages from #ecosystem-launch to your server, go to the channel on Immutable X and click on Follow at the top of the page.
Treasure DAO Ecosystem Projects
|NFT Collection||Floor Prices|
|Legions||1,200 MAGIC (~$5,600)|
|Smol Brains||2,900 MAGIC (~$13,750)|
|Mushrohms||1.26 ETH (~$4,800)|
|EtherOrcs||1.15 ETH (~$4,400)|
By purchasing these NFTs, early entrants can benefit from the hype created due to MAGIC token staking. This will likely increase the demand for the NFTs as users hunt for yields. At this point, ideally, early owners could flip the NFTs for a profit.
Alternatively, you can also sit out the staking period, earn MAGIC tokens and sell NFTs after the staking ends. In this scenario, even if you don’t earn from NFTs flipping due to mass dumping, you will have MAGIC tokens almost for free.
As mentioned earlier, the relatively higher cost of the NFTs induces risks. To avoid it, you can look for cheaper projects on Aribitrum that have a chance of making it as a Treasure DAO partner.
The process of finding these projects is like looking for diamonds in a coal mine. Nevertheless, you can start on the Arbitrum projects aggregator here. TIP: don’t miss out on NFTs that are going for pennies. Good luck!