Disclaimer: the following analysis contains spoilers for the nature of the One Piece treasure. It is possible that reading this theory may reduce the enjoyment you will feel once the mystery gets revealed in the series. Read at your own risk.
With that out of the way, let's begin.
Whatever the One Piece is, I contend that it cannot be something that for which there exist no prior hints, clues and foreshadowing. Every decent artist leaves hints to the reader so he can put the puzzle pieces together by himself before final reveal. Even if the reader doesn't figure it out, on a reread of the manga after the series has concluded, he can have a moment of "Aha! The clues were there all along, I just wasn't paying enough attention". The final mystery cannot be something that's retroactively explained with no prior hints. While it could be argued that Oha has done retcons before, he will not do that for the mystery among mysteries of his series. This is something he has been planning since nearly 30 years ago, and if you have any faith at all that he is a decent artist, it must be the case that the reveal will not be something that will feel like it came out of nowhere.
This text will focus on exactly that: clues, hints, logic and symbolism. I will begin, however, with a short thematic analysis.
One of the very first themes Oda establishes in One Piece is that not everyone means the same thing when they say the word "treasure." This is reflected through the philosophical divide between Luffy and Buggy, depicted through their conversation about this very topic in Orange Town.
For Buggy, treasure is exactly what you'd expect: gold, jewels, wealth, pearls, something tangible.
For Luffy, his greatest treasure is a simple straw hat.
For Chouchou, it was a pet shop left behind by his owner.
From the very beginning, Oda quietly tells us that treasure is not objective. Its value depends entirely on the person searching for it. The relevance of this conclusion will become slowly apparent as we progress through this analysis.
So, let's cut to the chase and examine probably the most important clue with regards to the nature of the One Piece that we have from the series: the reaction of Roger as he "interacted" with the treasure. As we all know, he laughed. He laughed to tears. He referred to the treasure as a "tale full of laughs".
Several things to note. First, Roger doesn't react like he discovered an inanimate object, a historical record, or an ancient weapon. He reacts as though he had met someone. He says: "Joyboy, I wish I'd been born in your era". He laughs, cries and regrets that he hadn't been born in the same era as Joyboy. That sounds as though Roger had a real, personal interaction with him. It sounds like someone who spent time with another human being.
Another thing to note is that the One Piece is referred to as a "tale". A tale full of laughs. Hence the name Roger gave the island. There's only a handful of ways someone can tell a "tale" to another person.
So we learn two important things. First, Roger speaks as though he actually met Joyboy. Second, he speaks as though he heard a story from him.
So how does Roger "meet" a man that died 800 years ago and hear a tale from him? Some people assume that he left behind a written message. The problem with that is that this would be infinitely boring to someone like Luffy, and Oda has repeatedly stated that the final treasure will be something rewarding to the main character. And it doesn't account for the deeply personal reaction that Roger has upon interacting with the One Piece.
This leads me to the main point of this analysis. So, without beating around the bush for any longer:
I think the One Piece is a Tone Dial.
A Tone Dial containing a story which Joy Boy recorded.
While this is not the first time this theory has been brought up on the internet, this analysis differs from previous attempts in two ways. First, I do not claim that this is merely a vague possibility, I am claiming that this is the only logical conclusion one can arrive at when you examine Roger's reaction as well as the foreshadowing and symbolism that we'll get to in a minute. Second, I feel that this theory has never been elaborated on properly before.
Think about what Tone Dials actually do.
They preserve voices across time. They allow people long gone to speak to future generations. In other words, they are the only mechanism in One Piece that can create a direct connection between people separated by centuries.
Now look at the symbolism Oda keeps repeating.
Jaya is shaped like a skull.
According to Noland's journal, the City of Gold—-which effectively can be seen as a treasure (Noland's men even refer to it as a "city of treasure")--is located inside the skull (the right eye of the skull).
Where else do we find a skull hiding something precious?
Brook.
And what is hidden inside Brook's skull?
A Tone Dial.
What is recorded on that Tone Dial? The song "Binks' Sake".
Not just any song.
The song which has generated perhaps some of the most popular and well-respected theories about Joy Boy, the Void Century and the ending of the series. In fact, there is even somewhat of a consensus among One Piece theorists that Binks' Sake is an allegorical story about Joyboy and his life journey. If I am correct, and the One Piece is a Tone Dial containing the narration of Joyboy's life from his mouth, then the fact Brook's Tone Dial is a poetic retelling of that same life corroborates my thesis further.
There's another piece of symbolism that feels oddly fitting.
Tone Dials are shells.
And throughout mythology and literature, shells are often associated with pearls—treasures hidden inside something ordinary.
If Oda wanted to hide the world's greatest treasure inside a shell, it would be strangely poetic. And to go even further, there's another layer to this. Hold a shell to your ear, and people often say you can hear the sea. The sea is one of the most powerful and universal symbols of freedom. And freedom is the goal Luffy is ultimately after.
Now, in the opening passage I mentioned Buggy and Luffy's diverse philosophies on what treasure is. It's time to dive into that a little more. There's a popular theory in the fandom that I personally subscribe to:
Buggy will be the first person to reach Laugh Tale.
At first, it sounds ridiculous.
But then you remember Buggy's entire story.
He accidentally became a Shichibukai.
He accidentally became an Emperor.
His entire career has been one long joke where luck repeatedly elevates him to positions he never earned.
Narratively, accidentally becoming the "Pirate King" before Luffy almost feels like the logical conclusion of that running gag.
And Oda loves ironic inversions. He constantly mirrors characters and flips expectations.
Roger smiled at his execution and inspired the world.
Noland cried at his execution while telling the truth, yet history remembered him as a liar.
So what if Roger's laughter on Laugh Tale is mirrored by Buggy's disappointment?
Roger laughs.
Buggy's face shows utter disappointment (think Robin, Franky and Usopp when they learn Luffy had been defeated by Kaido).
Because Buggy is searching for the wrong kind of treasure.
One thing I think many theories get wrong is that they assume the One Piece has to be something overwhelmingly grand on the surface.
A world-ending weapon.
The mechanism that destroys the Red Line.
A mythical artifact.
The equivalent of Excalibur waiting to be pulled from the stone.
But that's not how Oda usually writes.
Oda loves taking ordinary, almost laughably simple objects and revealing extraordinary meaning hidden beneath them.
A straw hat isn't just a hat.
A pirate flag isn't just a flag.
A poneglyph isn't just a stone.
A simple song isn't just a song.
Their significance isn't obvious at first glance—it unfolds as the story unfolds.
That's why I don't think the One Piece has to look spectacular.
In fact, I think its apparent simplicity could be exactly what makes the final revelation so powerful.
The greatest treasure in the world might be something that appears almost mundane... until you understand what it truly contains.
-----------------------------------------------------------------------------------
Appendix: The Voice of All things
The following is admittedly the most speculative part of the theory.
Although Buggy is drawn primarily by gold, wealth and other material treasure, that doesn't quite fully explain why he would be as disappointed as I theorize.
Even Buggy would surely realize the significance of hearing the true history of the world.
Unless...
What the One Piece Tone Dial contains isn't a recording that just anyone can hear.
We already know that certain individuals like Luffy possess the Voice of All Things, a mysterious ability that has never been fully explained.
Could Joy Boy's final message have been left in such a way that only those capable of hearing the Voice of All Things can truly receive it?
If so, Buggy could reach Laugh Tale first and find... silence.
Then Luffy arrives.
And finally, 25 years after Roger first arrived on Laugh Tale, Joy Boy's voice is finally heard again.
But there is a potential problem with the "Voice of All Things" aspect of this theory. Namely, the fact that Roger's crewmates, other than Oden, were able to interact with the One Piece treasure. In defense of the theory, we could say that, perhaps, it's not impossible that someone who has "The Voice of All Things" can somehow share this ability with the people who are around him. If that seems like a stretch to you - that's fine, this is not an essential piece of the puzzle. It is also possible that Buggy may arrive at the island, but will be unable to interact with the treasure for reasons currently unknown to us.
That would be all, folks. Thanks for reading this.
Credits for this theory (the whole thing) goes to my friend. He figured all this out all the way back in 2020, right after Chapter 967 was released (the one where Roger reaches Laugh Tale). The only reason why he didn't publish this on the internet earlier is that he was concerned that, if the message somehow reached Oda, he would change his mind. However, as the years passed, he realized that Oda will not change his mystery of mysteries just because of an internet theory.
On a final note, while we are confident in the truth of this theory, we do not mean to come across as arrogant. Although these are the conclusions we've reached, we encourage you to post any differing interpretations that you might have in the comments down below.
With that out of the way, let's begin.
Whatever the One Piece is, I contend that it cannot be something that for which there exist no prior hints, clues and foreshadowing. Every decent artist leaves hints to the reader so he can put the puzzle pieces together by himself before final reveal. Even if the reader doesn't figure it out, on a reread of the manga after the series has concluded, he can have a moment of "Aha! The clues were there all along, I just wasn't paying enough attention". The final mystery cannot be something that's retroactively explained with no prior hints. While it could be argued that Oha has done retcons before, he will not do that for the mystery among mysteries of his series. This is something he has been planning since nearly 30 years ago, and if you have any faith at all that he is a decent artist, it must be the case that the reveal will not be something that will feel like it came out of nowhere.
This text will focus on exactly that: clues, hints, logic and symbolism. I will begin, however, with a short thematic analysis.
One of the very first themes Oda establishes in One Piece is that not everyone means the same thing when they say the word "treasure." This is reflected through the philosophical divide between Luffy and Buggy, depicted through their conversation about this very topic in Orange Town.
For Buggy, treasure is exactly what you'd expect: gold, jewels, wealth, pearls, something tangible.
For Luffy, his greatest treasure is a simple straw hat.
For Chouchou, it was a pet shop left behind by his owner.
From the very beginning, Oda quietly tells us that treasure is not objective. Its value depends entirely on the person searching for it. The relevance of this conclusion will become slowly apparent as we progress through this analysis.
So, let's cut to the chase and examine probably the most important clue with regards to the nature of the One Piece that we have from the series: the reaction of Roger as he "interacted" with the treasure. As we all know, he laughed. He laughed to tears. He referred to the treasure as a "tale full of laughs".
Several things to note. First, Roger doesn't react like he discovered an inanimate object, a historical record, or an ancient weapon. He reacts as though he had met someone. He says: "Joyboy, I wish I'd been born in your era". He laughs, cries and regrets that he hadn't been born in the same era as Joyboy. That sounds as though Roger had a real, personal interaction with him. It sounds like someone who spent time with another human being.
Another thing to note is that the One Piece is referred to as a "tale". A tale full of laughs. Hence the name Roger gave the island. There's only a handful of ways someone can tell a "tale" to another person.
So we learn two important things. First, Roger speaks as though he actually met Joyboy. Second, he speaks as though he heard a story from him.
So how does Roger "meet" a man that died 800 years ago and hear a tale from him? Some people assume that he left behind a written message. The problem with that is that this would be infinitely boring to someone like Luffy, and Oda has repeatedly stated that the final treasure will be something rewarding to the main character. And it doesn't account for the deeply personal reaction that Roger has upon interacting with the One Piece.
This leads me to the main point of this analysis. So, without beating around the bush for any longer:
I think the One Piece is a Tone Dial.
A Tone Dial containing a story which Joy Boy recorded.
While this is not the first time this theory has been brought up on the internet, this analysis differs from previous attempts in two ways. First, I do not claim that this is merely a vague possibility, I am claiming that this is the only logical conclusion one can arrive at when you examine Roger's reaction as well as the foreshadowing and symbolism that we'll get to in a minute. Second, I feel that this theory has never been elaborated on properly before.
Think about what Tone Dials actually do.
They preserve voices across time. They allow people long gone to speak to future generations. In other words, they are the only mechanism in One Piece that can create a direct connection between people separated by centuries.
Now look at the symbolism Oda keeps repeating.
Jaya is shaped like a skull.
According to Noland's journal, the City of Gold—-which effectively can be seen as a treasure (Noland's men even refer to it as a "city of treasure")--is located inside the skull (the right eye of the skull).
Where else do we find a skull hiding something precious?
Brook.
And what is hidden inside Brook's skull?
A Tone Dial.
What is recorded on that Tone Dial? The song "Binks' Sake".
Not just any song.
The song which has generated perhaps some of the most popular and well-respected theories about Joy Boy, the Void Century and the ending of the series. In fact, there is even somewhat of a consensus among One Piece theorists that Binks' Sake is an allegorical story about Joyboy and his life journey. If I am correct, and the One Piece is a Tone Dial containing the narration of Joyboy's life from his mouth, then the fact Brook's Tone Dial is a poetic retelling of that same life corroborates my thesis further.
There's another piece of symbolism that feels oddly fitting.
Tone Dials are shells.
And throughout mythology and literature, shells are often associated with pearls—treasures hidden inside something ordinary.
If Oda wanted to hide the world's greatest treasure inside a shell, it would be strangely poetic. And to go even further, there's another layer to this. Hold a shell to your ear, and people often say you can hear the sea. The sea is one of the most powerful and universal symbols of freedom. And freedom is the goal Luffy is ultimately after.
Now, in the opening passage I mentioned Buggy and Luffy's diverse philosophies on what treasure is. It's time to dive into that a little more. There's a popular theory in the fandom that I personally subscribe to:
Buggy will be the first person to reach Laugh Tale.
At first, it sounds ridiculous.
But then you remember Buggy's entire story.
He accidentally became a Shichibukai.
He accidentally became an Emperor.
His entire career has been one long joke where luck repeatedly elevates him to positions he never earned.
Narratively, accidentally becoming the "Pirate King" before Luffy almost feels like the logical conclusion of that running gag.
And Oda loves ironic inversions. He constantly mirrors characters and flips expectations.
Roger smiled at his execution and inspired the world.
Noland cried at his execution while telling the truth, yet history remembered him as a liar.
So what if Roger's laughter on Laugh Tale is mirrored by Buggy's disappointment?
Roger laughs.
Buggy's face shows utter disappointment (think Robin, Franky and Usopp when they learn Luffy had been defeated by Kaido).
Because Buggy is searching for the wrong kind of treasure.
One thing I think many theories get wrong is that they assume the One Piece has to be something overwhelmingly grand on the surface.
A world-ending weapon.
The mechanism that destroys the Red Line.
A mythical artifact.
The equivalent of Excalibur waiting to be pulled from the stone.
But that's not how Oda usually writes.
Oda loves taking ordinary, almost laughably simple objects and revealing extraordinary meaning hidden beneath them.
A straw hat isn't just a hat.
A pirate flag isn't just a flag.
A poneglyph isn't just a stone.
A simple song isn't just a song.
Their significance isn't obvious at first glance—it unfolds as the story unfolds.
That's why I don't think the One Piece has to look spectacular.
In fact, I think its apparent simplicity could be exactly what makes the final revelation so powerful.
The greatest treasure in the world might be something that appears almost mundane... until you understand what it truly contains.
-----------------------------------------------------------------------------------
Appendix: The Voice of All things
The following is admittedly the most speculative part of the theory.
Although Buggy is drawn primarily by gold, wealth and other material treasure, that doesn't quite fully explain why he would be as disappointed as I theorize.
Even Buggy would surely realize the significance of hearing the true history of the world.
Unless...
What the One Piece Tone Dial contains isn't a recording that just anyone can hear.
We already know that certain individuals like Luffy possess the Voice of All Things, a mysterious ability that has never been fully explained.
Could Joy Boy's final message have been left in such a way that only those capable of hearing the Voice of All Things can truly receive it?
If so, Buggy could reach Laugh Tale first and find... silence.
Then Luffy arrives.
And finally, 25 years after Roger first arrived on Laugh Tale, Joy Boy's voice is finally heard again.
But there is a potential problem with the "Voice of All Things" aspect of this theory. Namely, the fact that Roger's crewmates, other than Oden, were able to interact with the One Piece treasure. In defense of the theory, we could say that, perhaps, it's not impossible that someone who has "The Voice of All Things" can somehow share this ability with the people who are around him. If that seems like a stretch to you - that's fine, this is not an essential piece of the puzzle. It is also possible that Buggy may arrive at the island, but will be unable to interact with the treasure for reasons currently unknown to us.
That would be all, folks. Thanks for reading this.
Credits for this theory (the whole thing) goes to my friend. He figured all this out all the way back in 2020, right after Chapter 967 was released (the one where Roger reaches Laugh Tale). The only reason why he didn't publish this on the internet earlier is that he was concerned that, if the message somehow reached Oda, he would change his mind. However, as the years passed, he realized that Oda will not change his mystery of mysteries just because of an internet theory.
On a final note, while we are confident in the truth of this theory, we do not mean to come across as arrogant. Although these are the conclusions we've reached, we encourage you to post any differing interpretations that you might have in the comments down below.