42 & Magic Square: How a Digital Studio Launched a News-Worthy Crypto Product
In this world of lightning innovation, it’s hard not to look at the news. On one side, we have a booming, fast-paced digital revolution, and on the other, what seems to be a long-lasting crypto winter. The market is crashing, and there’s not much we can do about it.
Facing the current market and introducing your brand new idea seems like a risky move right from the start. Entering the web3 space in this day and age takes a fearless approach and a little help from a well-versed digital studio that can take you places.
This is how the collaboration between 42 Studio and Magic Square came to be. The Studio built an idea into a solid and promising web3 project from the ground up, paving the way for other, ground-breaking results.
In fact, last Friday was a big day for the dynamic duo — Binance Labs and Republic Capital announced their $3 million seed funding for Magic Square. These funds are supposed to help hyper-scale Magic Square’s product development, community growth, and talent acquisition. But what about the ice age the industry is facing? Before we get into the gloomy numbers and market stats, let’s introduce Magic Square to those who haven’t heard of it just yet.
Magic Square — “The first-ever community-driven Web3 multi-chain crypto app store.”
The subtitle says it all. Imagine an all-access, user-friendly app store ecosystem explicitly made to support all sorts of crypto applications, from dApps, DeFi, and CeFi, to NFTs, games, and more. It’s made for users and developers, allowing them to experience all sorts of blockchain-based worlds in one space. Multiple products are available, tailor-made to support different kinds of crypto apps: MagicID, Magic Community, Magic Affiliates, and Magic Store.
The Magic Store is a community-driven, web3-based solution. Community members have a chance to rank, vet, and give certain apps a priority, all thanks to a DAO mechanism. Validators, creators, and users get rewards for their participation thanks to the intelligible earning metrics and Magic Square’s own SQR tokens.
As for accessibility, all community-vetted content is available to users with just one click, thanks to MagicID. Plus, the Magic Affiliates referral program gives extra exposure to up-and-coming projects with the community’s support and a network of partners. It’s safe to say that Magic Square delivers a little bit of everything for everyone in the crypto space. Quite a promising start for such a cutting-edge solution. But what about the timing of it all?
You can call it as you’d like; crypto winter, web3 ice age; it all means the same thing, though — the market is crashing. Hundreds of billions of dollars worth of industry that discovered fame overnight is now spiraling. It only took a couple of weeks for the web3 space to lose over 65 percent of its value.
Nonetheless, history has a couple of examples that show us that serious innovators use the crashing markets to their advantage and build a new world of possibilities. In fact, it seems as if there’s no better time to build something new. This is definitely not the first nor the last time the market went down. These unprecedented times show us that opportunities might be hidden in the most hopeless places. It takes a lot of guts to go against all odds and swim against the tide, only to come up on the other side successfully.
Cases in point:
- After the Dot-Com Crash of the early 2000s, the tech companies that survived included Google, Amazon, and Netflix. Some of today’s giants were also formed at that exact time: YouTube, Facebook, Uber, and the now-retired social media dinosaur, MySpace.
- A couple of years into the web2 boom, the public noticed its shortcomings — the unnoticeable but present loss of privacy, the fast spread of false information, social media addiction, etc. But the solution was already there; created back in 2009, Bitcoin emerged as a problem-fixer. The thing was, the public was unaware of it at the time. Luckily, the innovation would prove itself worthy in the coming years. The need for decentralization was growing. Ethereum was created at that time, too. Blockchain technology was getting ready to take the world by storm. Somewhere around 2014, a new word was coined to explain the cutting-edge technology — web3. Not many people have paid attention to it for a long time, but today, the interest is growing fast. After all, it’s the future.
Now, let’s look at the numbers one more time. The total value of crypto assets fell from $3 trillion to just $800 billion, which means a drop of 73 percent. When we look at the infamous Dot-Com Crash, the market cap of all tech companies fell by 76 percent. Comparing the two crashes, the market slaughter in the early 2000s was much graver than 20 years later — today.
Back then, the web1 companies’ total market cap was an estimated $11.4 trillion in today’s dollars. That means that it was four times the size of today’s web3 market cap, plus at a time when there were far fewer internet users. Just to compare, it was 415 million, and today it is 3.4 billion internet users. If we can conclude that the previous crashes were much more severe than this one, it certainly puts things in perspective. This is why we can claim that this web3 collapse is the perfect time for gutsy investors, with cutting-edge projects paired with life-changing technology. And right here, we come to the star of the show and this article, Magic Square.
Success is for the Brave
Finally, after reviewing the epic market crashes that happened in the past, it’s safe to say that only the brave ones get to bask in the glory of success. In fact, each and every downfall created something new that everyone needed; ground-breaking innovation that inspired new eras. After all, the market is alive and follows its users and their needs.
We can look at web3 as a necessity — an inevitable switch that marks a new digital epoch. The world as we know it is changing. Despite the so-called web3 ice-age, if we’ve learned anything from history and past mistakes, it’s to have the courage to withstand the hardest of times and use them to your advantage.
Magic Square is one of those projects that will launch web3 back on track after the ice age with the help of 42 Studio. The seed funding news proves that the market wants to regain its power and sees large potential in this multi-layered solution. The only thing left to do is build up the courage to make bold moves and go where no one has set foot yet.
Check out Magic Square here: https://magicsquare.io/
Get in touch with 42 Studio here: https://42studio.io/