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It’s a safe bet that the metaverse will expand in the future, and this token is well positioned to grow as a part of that megatrend.
Key points
- Gala Games (GALA) is a blockchain-based, play-to-earn gaming platform that enables users to earn its GALA token for achieving in-game milestones. They can also create and trade non-fungible tokens (NFTs) in the game or non-game-based exchanges.
- GALA plans to move off the Ethereum blockchain to its own network and is launching several games this year, which are positive signs for this project.
- As of this writing, GALA is trading at a 69% discount from its top, which might represent an attractive entry point to invest in the metaverse.
According to a report last month from trend-spotting firm Gartner, a quarter of us will spend at least an hour each day shopping, working, playing, or learning in the metaverse by 2026. One cryptocurrency that’s well-positioned right now to grow and benefit from that future trend is Gala Games (GALA). But here are four things you should know about this potential metaverse play before investing.
1. Gala Games’ price skyrocketed 50,829% last year
GALA is a blockchain-based, play-to-earn gaming platform that enables users to earn its GALA token for accomplishing in-game missions and milestone achievements. Players can also create and trade non-fungible tokens (NFTs) in the game or via non-game-based exchanges to earn crypto that can be converted to other digital assets including cash.
The intent is to allow players to become proactive partners with the developers and participate in the profits raised. It’s a game-changing business model, so much so that last year, GALA saw the price of its utility token soar 50,829% — surpassing other high-profile metaverse projects including Axie Infinity, The Sandbox, and Decentraland. Despite last year’s pump this project still has room to grow.
2. Gala Games plans to launch its own blockchain
In January, the company posted on its blog site that it’s in the final stages of launching its own blockchain. The GALA platform currently runs on Ethereum, which has had issues in the past with high transaction fees and network congestion. The GALA post states that migrating to its proprietary network — GalaChain — will reduce those inconveniences.
“Our proprietary blockchain is in the later stages of development, and we expect 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,” the blog post reads.
The posting further predicts that running on GalaChain will reduce screen freezes, players’ expenses, and boost the speed of play providing a better overall experience for gamers.
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3. Gala Games has its own NFT collection and a highly engaged community
Gala Games also has a successful NFT collection it launched that’s called VOX, with an active secondary market for individuals interested in acquiring those pieces. In fact, one of its NFTs sold for $3 million last year. The developers also actively solicit feedback from its player community regarding the types of games they want GALA to develop and add to the platform.
That type of crowd-based game design, coupled with the previously mentioned revenue streams for playing, makes this an exceptionally sticky gaming environment. The community has spoken and Gala Games is taking the collective’s advice with planned launches this year of a science fiction strategy game, a role-playing fantasy experience, as well as a tower-defense game. Gala Games has more than 1.3 million monthly active users, with more than 26,000 NFTs sold since its inception in 2019, according to CoinMarketCap.com.
4. Gala Games is 69% from its peak
Lastly, GALA is trading at $0.22 per token as of this writing, which is a 69% discount from its $0.71 price peak back on Nov. 27 of last year according to CoinMarketCap.com. The site also pegs GALA’s market cap at a surprisingly low $1.5 billion, ranking it No. 58 on the list. Given the steadily increasing popularity of the metaverse and NFTs — coupled with GALA’s deep discounted market cap — a pump of more than 50 times its current price is possible given its development plans.
This is not financial advice and every investor should only pony up funds they can afford to lose — after doing their own homework — when considering new investments. However, the underlying trends and GALA’s fundamentals make it worth a look for anyone interested in the metaverse.
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