TreasureDAO is taking a huge leap forward in realising our vision of the connected metaverse. We're teaming up with Strider and a former lead designer from one of the world's leading MMORPGs to build one of the first bottom-up AAA NFT and web3 game studios.
Approval of this proposal will see the DAO fund up to $1.9M USD over 9-12 months to seed the development of the game (codenamed “Project Bilbo”) up to pre-production and a playable ‘vertical slice’ (a non-optimised, feature complete run-through of the core gameplay leveraging actual game art). From there, self-funding mechanisms will be explored. For Treasure, partnering with teams with AAA gaming experience will catapult us to a new level of web3 gaming and enable the Treasure team to double down on creating the economic engine and infrastructure that powers a leading ecosystem of games.
Powered by MAGIC, Project Bilbo will deliver a world class game designed to attract a mass-market audience into gamefi and the world of Treasure.
- Prove out that top tier / high fidelity games can thrive on the Treasure ecosystem.
- Enable the next wave of web3 game designers with infrastructure and tooling.
- Develop a ‘scalable playbook’ to launch top tier games on Treasure (eg. from onboarding, development through to go to market).
- Drive the push towards fun and economically viable web3 gaming (both for creators and players).
- Drive broader user adoption beyond just ‘crypto natives’ to cross the chasm towards mainstream gamers.
- Pioneer player / user ownership and governance models in gaming.
- Embed further utility of the MAGIC token in a top tier game driving network effects, royalties through the Treasure Marketplace and share of earnings.
- Shift Treasure’s focus back to its core (economic and narrative layer, infrastructure) and partner with experts in respective fields.
Approve funding for up to $1.9M USDC over 9-12 months to seed the development of a high fidelity game built on Treasure leveraging the MAGIC token and Treasure infrastructure.
A Production sub-DAO will be created to deliver the game, representing a decentralised collective of talent groomed by seasoned experts at Strider. Strider will be leveraging their decades of experience at AAA studios to project manage the delivery of the game end-to-end.
TreasureDAO will provide input into the broader game design (eg. interplay with MAGIC, NFTs), community engagement, and key pieces of technology / infrastructure such as the Treasure Marketplace and AMM. Representatives of TreasureDAO will participate in governance of the Production sub-DAO, along with Strider and members of the sub-DAO itself. It is intended for the Treasure community to also participate in game design elements through on and off-chain governance to drive a bottom-up build design. The sub-DAO / Strider will be providing the community monthly updates on status and deliverables, along with more detailed reporting to TreasureDAO.
The $1.9M USD funding covers the initial 9-12 months, including:
- ‘standing up’ the Production sub-DAO including all talent to design and deliver the game
- Concept design and pre-production
- Shipping initial gameplay (‘vertical slice’) to the Treasure community to enable self-funding models.
Funding will be released on a milestone basis:
- On long-form signing: Initial funding to cover initial development expenses (7.9%)
- Milestone 1: Securing initial core team members (40.7%)
- Milestone 2: Concept complete - core game design established and additional pre-production team members hired (17.3%)
- Milestone 3: Initial NFT release (17.3%)
- Milestone 4: Release of playable ‘vertical slice’ (17.3%).
Funding up to pre-production (‘vertical slice’) constitutes approximately 35-40% of the total funding required to develop and deliver a high quality game (ex marketing costs). It is envisaged that the Production sub-DAO will introduce self-funding models to cover the remaining cost of production beyond the initial capital outlay. This may include but is not limited to:
- Royalties from NFT sales on the Treasure Marketplace
- In-game purchases or pre-releases (eg. NFTs).
Any capital required beyond the approved amount will be proposed via a TIP.
TreasureDAO will receive 2.5% of royalties on Project Bilbo NFTs sold on the Treasure Marketplace plus a percentage of net income after all operational expenses have been covered.
A non-binding Memorandum of Understanding has been established between TreasureDAO and Strider. Ratification of this TIP would approve the initial funding and allow the process to proceed to long-form agreements and kick-off operations.
The polling process begins now and will end at 10:00 UTC on May 5, 2022. If quorum is reached, a Snapshot vote will be put up shortly thereafter.