For new/returning followers: Treasure has a token called MAGIC. We are an AI project on Base. We don’t do games and are no longer on Arbitrum. Products: - AI Frens: MAGIC-based launchpad for creating AI characters that can go anywhere with you using x402 (expanding to NFTs soon) - Smol Frens: mobile app targeted at digital companion market (soon) - Redacted (unannounced): DeFAI protocol utilizing ERC-8004 and modules for running agents that can interact with it “Since when?” - Mid to late 2024: we had early prototypes of NFT based agents trading onchain and using OpenSea. We missed out on AI vaporware craze while focusing on real products (weren’t possible yet due to cost) and our Neurochimp framework - Spring 2025: It became possible to build real products. We built a back end to support millions of concurrent agents paying in MAGIC for compute “I heard you were bankrupt” - Runway has been extended to Dec 26/Jan 27. We have ETH reserves taking us to summer 27. Then roughly two more years of MAGIC even at current deflated prices. We aim to be revenue positive (esp with Smol Frens) by mid 2026 and use MAGIC for incenting talent etc - I downsized the team to ~1/3 of original size and cut runway by over 80%. We’re about a dozen people now, primarily developers. No more partnership or BD since we focus on internal made products. 99% of people in my position would have created a new anon account and token and just taken a paycheck from zombie Treasure while having an easier go on a token with no baggage. But I have a soft spot for Treasure and want the comeback story for the community. Decentralizing into a DAO in 2022 was regrettable and ultimately I made the call to DAO-ify so now I want to right the ship while steering it at the level I did in 2021.

If I could go back in time I would’ve gone to the community in 2022 and said: The floor prices are lower than everything else on the market despite higher utility and more $$$ spent on them. The solution is not to dig the utility hole deeper. The community needs to figure out how to promote these as collectibles to extend MAGIC runway. We basically got gaslit into holders who became less active and weren’t growing their influence into spending more and more money on trying to save the NFTs.