In game design theory, the "magic circle" is a liminal space, either physical or imaginary, that's set aside for play. By entering the magic circle, ordinary people assume extraordinary identities, and real-world events take on special meanings (for example, "kicking a ball" becomes "scoring a goal"). It's a place of immersion, narration, catharsis, and dreams. The emerging medium of mixed reality heralds an era in which the lines between reality and fiction blur in unprecedented ways across multiple contexts. How are magic circles being drawn in this new storytelling tradition, and how can this be medium be used and abused? The answer will take us on a romp through the Major Arcana, the Soviet LARP scene, psychogeography, hypersigils, immersive theater, "alternative facts," micronations, escape rooms, and the city of Tlön.