The digital asset industry has just witnessed one of the most devastating episodes in the history of cryptocurrencies. Several of the top coins plummeted in value, some of the largest crypto exchanges collapsed, prominent web3 firms went bankrupt, and investor confidence took a massive hit.
However, as we move into the new year, it seems that the market may be recovering and heading towards a positive reversal. Several of the top 100 cryptocurrencies by market capitalisation are in the green YTD, and some projects are even performing beyond expectations.
One of these projects is the GALA token, which has skyrocketed almost 155 percent since the beginning of 2023. In this article, we will take a quick look at the GALA project, what it is all about and why investors are interested in it.
The Gala Games Project: What is it?
Gala Games is a gaming platform launched in 2019 by Eric Schiermeyer, Michael McCarthy, and Wright Thurston. It uses blockchain technology to enable players to own and trade virtual items and participate in decentralized governance. The platform has over 600 million active users who participate in the exciting array of games on the platform.
Gala is built on the Ethereum blockchain and features 15 different collectable card games, adventure games, and strategic games. Some of the games on the platform include Spider Tanks, Fortitude, Townstar, Eternal Paradox, Town Crush, Mirandus, Legacy, and many others.
In a nutshell, Gala is a Play-to-Earn Metaverse gaming ecosystem that aims to provide its players complete control over their in-game assets, which come in the form of cryptocurrencies and NFT collectables. These assets can be traded or sold on online marketplaces.
The GALA Token
The platform’s native token is called GALA. It is an ERC-20 utility token that serves as the primary currency on the platform and is used for in-game purchases, trading, and staking. Players can earn GALA by participating in games and events, as well as through staking, which allows them to earn a share of the platform's revenue.
Unlike other cryptocurrencies, the GALA token cannot be mined. Instead, it can only be earned by playing the games on the ecosystem. The more you play, the more tokens you will be able to earn through their play-to-earn model.
In addition to its use as a currency, GALA also plays a role in the platform's decentralized governance system. Holders of GALA can vote on platform decisions and propose new ideas, giving them a say in the direction and development of the Gala Games project.
Why is the GALA token on the rise in 2023?
GALA’s price spike can be attributed to several platform updates, marketing initiatives and strategic partnerships announced in recent times. For instance, on January 6, Gala announced the acquisition of a gaming studio that has more than 20 million active users.
Moreover, the token surged by almost 60 percent a couple of days back after the platform announced that they have partnered with Hollywood superstars Dwayne Johnson and Mark Wahlberg.
As per reports from the company, Gala games is also working on developing a Layer-1 blockchain where GALA tokens will be used as gas fees. According to the developers, 50 percent of the accumulated gas will be burned while the remaining will be distributed among the node operators, founders, and partners of the ecosystem. The platform is also planning the launch of two new gaming apps, one for casual gamers and another for enthusiasts.
All these updates have caused the token to spike. GALA has rallied an additional 15 percent over the last 24 hours, jumping from $0.016 on December 31, 2022, to $0.043 at the time of writing. The token is also seeing a massive increase in trading volume, which has jumped to a whopping $1.37 billion after a 37 percent increase since yesterday.
Conclusion
Gala is an exciting play-to-earn gaming ecosystem that pays real attention to the interests of the players on their platform. Many experts have pointed out GALA as a great investment opportunity in 2023 and we can see why. Despite the crypto winter, the platform is focused on expanding its services and enhancing the user experience for the players. However, crypto markets are highly volatile and prices can fluctuate wildly despite the strongest indicators. Therefore, be sure to do your own research and invest only as much as you can afford to lose completely.
(Edited by : Anushka Sharma)
