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GALA

Token of the Week: Gala Games (GALA)

Gala Games is a blockchain project that seeks to revolutionize the gaming industry by giving gamers more control over their games. The platform relies on the play-to-earn model that rewards people for putting time and effort into playing games.

It is the brainchild of Eric Schiermeyer, a co-founder of social and mobile games company Zynga. Gala Games stands out partly because it offers an array of different blockchain games. It also operates non-fungible tokens collectible series.

Since debuting in 2019, Gala Games has grown to over 1.3 million monthly active users. It also boasts of a portfolio of 26,000 NFTs, with the most expensive ones valued at over 3 million.

How it Works

Current gaming models see gamers spend hours earning useless points or upgrades in the game that become worthless beyond the game’s ecosystem. In addition, everything can be lost when a game is shut down or when gamers stop playing. Gala Games is looking to change all this by ensuring in-game points and upgrades are properly secured while offering an incentive in monetary value.

The blockchain gaming project plans to enable creative thinking in games by allowing players more control and ownership of in-game assets. With the help of the underlying blockchain technology, gamers will earn some tokens for playing games that can be exchanged on cryptocurrency exchanges.

Token GALA
Market cap $1.6B
24-hour volume $830million
Total supply 35,240,112,493 GALA
Circulating supply 6,977,205,436 GALA
All Time High $0.83
GALA ROI 16111.92%

 

In addition, Gala Games has made it possible for gamers to own non-fungible tokens representing in-game items. By owning the tokens, they can also influence the governance of the games within the ecosystem. The voting mechanism allows players to influence the kind of games Gala can develop and the games that should get funding.

Townstar is Gala’s flagship play-to-earn game that allows users an opportunity to develop a town to farm competitively. The game boasts over 600 million players. Plans are underway to release more games in the future, such as fantasy RPG games. Gala also owns a non-fungible token collectible series dubbed VOX.

GALA Token Tokenomics

The Gala Games ecosystem is governed by the GALA token that acts as a medium of exchange on which all transactions in the network are settled. The token runs on the Ethereum and Binance Smart Chain networks. The platform is also secured by its own set of nodes dubbed Founder Nodes. A maximum of 50,000 Founder Nodes are needed to verify transactions and secure the network.

GALA token began trading in the market in September of 2020. After peaking to highs of $0.84 a coin last year, the coin has come under immense pressure shedding more than 50% in market value to lows of $0.23

Source: Tradingview.com

Alt-Text: GALA token price action

The total number of GALA tokens that will ever be in supply is capped at 35 billion tokens; currently, about 7 billion tokens are in circulation.

About 17.1 million GAL tokens are distributed daily at 0200 UTC, with half the amount going to Node operators. And half to the Gala games conservatorship. Every year on the 21st of July distribution of the GALA tokens is halved, with the daily distribution expected to drop to about 8.6 million daily on July 21, 2022

The GALA token can be bought in some of the biggest exchanges, including KuCoin, Bitrue, Uniswap V3, and SushiSwap.

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