GALA Crypto Explained
Gala (GALA) is a valuable utility token that serves as a means of exchange among Gala Games ecosystem participants. GALA crypto is currently built on the Ethereum blockchain and follows the ERC-20 protocol.
Gala Games' fundamental idea is stated on their website as they think the blockchain should be invisible in their games. They employ basic game principles that all participants may enjoy, regardless of whether they consider themselves blockchain experts.
Gala Blockchain gaming platform's short history
Gala Games was founded in 2020 by Eric Schiermeyer and Michael McCarthy to create a gaming environment in which players have total ownership and Management of their in-game assets.
Schiermeyer formerly worked for Intermix Media, the firm behind MySpace, and was a co-founder of Zynga, a billion-dollar company created in 2007 to connect the globe via games. McCarthy was the creative director of Zynga, where he designed the famous Facebook game Farmville 2. Early on, the two saw the potential of play-to-earn games, which allow users to earn money while allowing creators to focus only on game quality.
Gala Games focused on decentralization from the start, causing the firm to reject an early distribution, such as an ICO, to enable an organic deployment of the tokens via its node network. Gala's first strategy was to develop the gaming network by selling 'Founder's Nodes,' which serve as the foundation of Gala Games' ecosystem. These nodes distribute incentives through Gala tokens, NFTs, and governance authorities.
Gala is now focusing on developing its own blockchain GalaChain, forming collaborations, and purchasing well-known gaming firms. GalaChain was designed to reduce network expenses and give greater scalability than Ethereum. Gala has also made strides in establishing partnerships with brands such as Frank Miller, Under Armor, and AMC's The Walking Dead, with several more on the horizon. Gala Games plans to disrupt the free-to-play model pioneered by Fortnite, in which gamers rent in-game items from the developer.
The maximum quantity of the GALA crypto token is set at 50 billion units. Approximately 7 billion GALA are now in circulation. This is around 14% of the complete total. Gala Games has 1.3 million or more active users.
How does Gala crypto work?
A custom utility and governance token, a reactive blockchain, and NFT technology are all part of the Gala Games ecosystem. Developers may use these tools to build on the network.
Non-fungible tokens (NFTs) can be held by Gala Games ecosystem participants and used to affect game administration. The Founder's Nodes voting system allows gamers to determine the games Gala creates and funds. Gala Games uses its utility token, GALA, to buy NFTs for certain games.
What is Gala crypto used for?
Developers use Gala's blockchain technology to create better and more profitable titles. The network aspires to adapt the most recent and profound metaverse chances to produce more enjoyable blockchain-powered games.
Gala intends to offer gamers a share of the billions of cash gaming platforms generate. The network aims to enable users to extract value from gaming ecosystems through NFTs and other digital assets, benefiting Gala blockchain backers and gamers. Supporters, notably those who manage network nodes, are compensated with GALA crypto tokens for their efforts in supporting the Gala ecosystem and peer-to-peer transactions. Meanwhile, gamers may exit the game and trade their items for other popular cryptocurrencies on various decentralized markets (DEXs). These users may also use GALA tokens to purchase extra NFTs and in-game products.
Gala crypto current price and future predictions
Gala's price has dropped by 28.51% in the last seven days. In the previous 24 hours, the price fell by 6.25%. The current price per GALA is $0.05625. Gala is 93.30% lower than its all-time high of $0.8367. There is now 6,977,205,436 GALA in circulation.
According to Walletinvestor, the Gala historical index gets a 'C' grade but is an excellent long-term investment. Gala's AI analyst predicts a 339.6% increase by May 2023, with gains doubling to 625.8% in 2024. Gala day traders will win from day trading in bull markets. Gala will continue to perform in 2025, with a 91% ROI. ROI will reach 1477.5% in 2027, beating several financial indices. In the immediate run, Gala expects May to close at an average price of $0.039, down from $0.09.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.