When the announcement about claiming treasures was made, many of the big shots in the crowd showed little interest and didn't immediately head to the Treasure Pavilion.
The current available talismans came in five grades: gray, green, blue, purple, and gold.
Golden Carp Talisman: 1;
Purple Carp Talisman: 4;
Blue Carp Talismans: dozens.
Judging by this, it likely required at least a Blue Carp Talisman to exchange for something even slightly decent.
Considering Dragon Sect's prior status as a Burning Sun-level force, it wouldn't be realistic for them to instantly distribute dozens of fourth-level materials, Epic Purple Cards, Epic Star Artifacts, or other fourth-grade items.
Thus, the Blue Carp Talisman appeared to pertain to items in the range of above third level but below fourth level.
Such items, however, were not particularly valuable to the many Shining Star-level elites present, and fell short of the worth of the Transcendence Tokens themselves.