Token Description & Project Background

Gala Games is a blockchain-based, play-to-earn gaming development platform. Its mission is to make blockchain games people "actually want to play.” The Gala platform launched in 2020 and at the time was considered an early mover in the play-to-earn space.

Eric Schiermeyer, Gala’s CEO, helped co-found Zynga, a successful game developer.

The Gala Games platform aims to give players control over how games get developed. Earned GALA utility tokens allow users to participate in decisions. Gala ecosystem participants can also create non-fungible tokens (NFTs) for use within games and also for trading outside games, on secondary markets.

GALA is the platform’s native token - it is used to secure the platform and incentivize users.

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 Binance Smart Chain and the Polygon Network. 

Risks of GALA

Like an investment in other crypto assets, there are some general risks to investing in GALA. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in GALA is subject to the following specific risks:

• Any potential success associated with GALA depends on the Gala Games’ rate of adoption by users. Investors should be aware a number of competing blockchain gaming projects have entered the field since GALA’s launch in 2020.
• Any potential success associated with GALA is dependent on a number of external factors such as the growth and increased adoption of the metaverse and the continued popularity of NFTs as digital collectibles.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with GALA. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The GALA community and core team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of GALA have no recourse to the GALA community, core team, or Uphold if GALA declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing GALA on the Uphold Platform, Uphold performed due diligence on GALA and determined that GALA is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of GALA, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of GALA.
• Marketing materials put forward by the GALA social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with GALA, including any code defects, security breaches and other threats concerning GALA and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with GALA, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of GALA. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 12, 2023.