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We know that the metaverse will continue to grow in years to come, and one token in particular could continue to deliver outsized gains riding the meta-trend.
Key points
- Gala Games (GALA) is a blockchain-based, play-to-earn gaming environment that enables players to earn its GALA token for achieving in-game milestones as well as create and trade non-fungible tokens (NFTs) on exchanges or in the game itself.
- 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.
- While GALA had an epic run last year, it plans to launch new games in 2022 and move off the Ethereum blockchain to its own network — which suggests continued growth..
- Right now it’s trading at a 50% discount from its top, which might represent an attractive entry point to invest in the metaverse.
We can confidently say that the metaverse will play some kind of role in many of our lives in the coming years. In fact a new report this week from industry analysis and trend-spotting firm Gartner finds that by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment.
For now, the most popular way for individuals to experience the metaverse is through one of many available gaming environments. The blockchain-based gaming industry is growing rapidly and one cryptocurrency in particular saw breathtaking gains of 50,829% in 2021.
That specific metaverse/gaming token is Gala Games (GALA).
What Is Gala Games and why should you care?
GALA is a blockchain-based, play-to-earn gaming environment that enables players to earn its GALA token for achieving in-game milestones. Users can also create and trade non-fungible tokens (NFTs) — and actual GALA tokens — outside of the game on crypto exchanges such as Coinbase and OKEx for other digital assets or in the game to enhance the virtual experience.
GALA was founded on the idea that instead of siphoning hundreds and thousands of dollars from users through required in-game purchases and upgrades, it enables gamers to earn digital funds and secure NFT assets with inherent value while playing. It’s a game-changing business model both literally and figuratively.
Not only can gamers own valuable tokens and NFTs — a collectible series called VOX — the players have a say in 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 ecosystem. According to CoinMarketCap, Gala Games has more than 1.3 million monthly active users, with more than 26,000 NFTs sold since its inception in 2019, with the most expensive NFT valued at $3 million.
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GALA’s flagship game right now is called Town Star. The organization plans to follow its success in the near future with a science fiction strategy game, a role-playing fantasy experience, as well as a tower-defense game.
Gala Games is working to launch its own blockchain
Last month, the company posted on its blog site that it’s finalizing the launch of its own blockchain. The GALA platform currently runs on Ethereum, which continues to struggle with network congestion issues and high transaction fees. The GALA post states that migrating to its proprietary network — GalaChain — will ease those headaches for users.
“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 site goes on to state that running on its own blockchain will increase the speed of play, reduce screen freezes, and lower costs for players creating a better overall experience.
Is Gala Games a good buy now?
As of this writing, GALA is trading at about $0.35 per token, which is a 50% discount from its all-time high of $0.71 back on Nov. 27 of last year according to CoinMarketCap.com. The site also pegs GALA’s market cap at a surprisingly low $2.4 billion, putting it just outside of the top-50 crypto projects at the No. 52 ranking on the list. Given this low valuation and increasing popularity of NFTs and the metaverse, the prospect of a jump as high as 50 times its current price would not be surprising as it rolls out new offerings and moves to its own blockchain.
These are my own personal musings on the topic and not financial advice. Individuals should always do their own research before investing in any asset. While the GALA project has significant upside potential, it is still in its early development, which makes it more volatile than other more-established cryptos. Regardless, it’s still a better bet than any hype coin or meme token out there.
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