About Gala (GALA)
A blockchain-based, play-to-earn gaming development platform, Gala Games has declared its mission is to make blockchain games people "actually want to play.” It also wants to give players control over how games get developed, and which ones take precedence, placing quality over quantity. Earned GALA utility tokens allow users to participate in these types of decisions.
Gala ecosystem participants can also create non-fungible tokens (NFTs) for use within games and also for trading outside games, on secondary markets.
The project eventually plans to migrate to its own native blockchain, Messari said, but for now Gala and its in-house GALA asset runs on Ethereum (as an ERC-20) as well as on the Binance Smart Chain.
"Players are able to truly own their in-game items in the form of NFTs," Messari said.
The Gala platform launched in 2020 and at the time was considered an early mover in the play-to-earn space.
Eric Schiermeyer, Gala’ CEO, helped co-found Zynga, a successful game developer.
Today, Gala boasts more than 1.3 million active users worldwide, according to Capital.com.
Gala as of mid-March has five player-owned/shaped games in development: Mirandus (a fantasy realm where players battle monsters); Spider Tank: Spider Tank (multiplayer online battle arena); Town Star (town building and development game); Fortified (tower defense game); Echoes of Empire (sci-fi war over the scarce resources).
Gala Games also has an NFT project called VOX.
In January, the company posted on its blog site that it's close to launching its own blockchain, GalaChain, so as to avoid high transaction fees and network congestion on Ethereum.
The GALA post said: "Our proprietary blockchain is in the later stages of development, and we expect the migration to GalaChain to provide some of the most highly anticipated news of the year to our community. This blockchain has been built for Gala Games; it will drastically reduce network fees and solve many problems surrounding Ethereum that could otherwise inhibit long-term growth."
Additionally, Gala has entered into a partnership with layer-2 scaling protocol Polygon.
Gala has plans for a $100 million fund, co-seeded with C2 Ventures, for developing blockchain-based metaverse projects.
The current price of GALA
As of mid-March, GALA was $0.22 having lost 29% over the prior 30 days, according to CoinGecko.
GALA has shed 74% of its value since hitting its all-time high of $0.82 in late November of 2021. A few months prior to that, GALA was listed on Binance. In just a few days in September of 2021, GALA rallied 270%, from $0.02 to $0.10. The real spike came several weeks after that amidst a feverish splash of attention surrounding the metaverse around the same time Facebook's parent company changed its name to Meta.
How the price of GALA is determined
The GALA token has a fixed maximum supply of 50 billion units. Out of this, close to 7 billion GALA are currently circulating. This represents 14% of the maximum total.
According to GALA, a total of 17,123,286 GALA are distributed each day; half go to the founder's node operators, while the other half goes to the Gala Games conservatorship.
Similar to Bitcoin, Gala includes a halving cycle in its emission schedule. The next halving is scheduled for July 21, 2022, which will see the emission rate drop to 8,561,643 GALA per day.
Reductions in supply generally are viewed as placing upward pressure on an asset’s price but the gaming and metaverse space is new and bound to get crowded. Still, if Gala games take off, so too, possibly, will GALA.
What the bulls are saying
*One cryptocurrency that's well-positioned right now to grow and benefit from that future metaverse trend is Gala Games (GALA), said The Ascent (part of Motley Fool) in early March 2020.
*As of 9 March, algorithm-based forecasting service Wallet Investor in its Gala could rise toward $0.50 by the end of 2022 and to $2 in five years, WalletInvestor said in March 2022.
*GALA could double in price over the next few years, Digital Coin Price said in early 2022.
What the bears are saying
*GALA showed weaknesses in its recent bullish momentum (latter part of 2021) as it painted a dreaded “head and shoulders” pattern structure, a negative sign, according to Cointelegraph.
*Sentiment on GALA remained bearish, according to mid-March 2022 technical analysis by CoinCodex.
*Gala’s games could lose appeal over time, said Milko Trajcevski, a financial analyst at Invezz, interviewed by Capital.com. “The player-base can decrease,” he said. “And the offering could get stale if Gala Games does not evolve with the times.”
Cryptoassets are very high risk, speculative investments. You should be aware and prepared to potentially lose some or all of your money. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition. Additional risk warnings are contained on Uphold’s Legal page.
May not be available in all jurisdictions.
This content is correct as of March 2022.
Get more coin for your coin
0% withdrawal fees