Gala game platform’s token has increased by more than 20% in the last day, outperforming advances in other significant metaverse tokens as well as Meta’s stock. This increase in value coincided with Gala Games’ announcement that it would invest $5 billion over the next year to expand its NFT offerings by purchasing intellectual property rights and constructing a theme park.
What is Gala.
While not as popular as Met Gala, Gala Games (GALA) is a play-to-earn (P2E) gaming ecosystem based on the blockchain that allows users to earn GALA tokens for in-game achievements. It also allows you to create and trade NFTs on exchanges or within the game.
Eric Schiermeyer is the C.E.O. of Gala Games. He is also the co-founder of Zynga Inc., an American social game developer known for its social video game services.
Over 16,000 player-run nodes power their gaming platform. In their games, GALA uses blockchain technology should be invisible simple game mechanics that lets all participants may enjoy, regardless of whether or not they are blockchain experts. It is a decentralized platform, i.e., the players are the platform’s owners.
Eric quotes that “If I didn’t believe this was the next phase of the internet, I wouldn’t be doing it. What’s going on here will have an impact on everything that has to do with ownership. This will have an impact on art, music, and everything else that has a digital existence.” He further adds that “Everything you believed was digital, everything you thought you owned but didn’t, is about to be revolutionized.”
Spike in GALA’s stock linked with NFTs?
The token’s price has risen by over 50,829 percent in the previous year, reaching an all-time high of $0.841, surpassing other prominent metaverse projects such as Axie Infinity, The Sandbox, and Decentraland.
In order to grow its NFT and Metaverse footprint, Gala plans to invest $2 billion on games and $1 billion each on movies, music, and a theme park. This makes an investment plan of a whopping 5 billion U.S. dollars.
While GALA’s recent gains were noteworthy, the token was still trading at an almost 50% discount to its all-time high. The same might be viewed as an appealing entry point for people to invest in the metaverse token.
For the time being, other key metaverse tokens like MANA, E.N.J., and SAND have also seen significant rises, potentially as a result of the recent BTC advances.
According to Coin Market Cap, MANA increased by nearly 10% in a single day, while SAND increased by 7%. Enjin Coin, on the other hand, saw gains of about 8% as the total crypto market cap approached the $2 trillion milestones once more.
Gala in the news.
The company announced that a second Galaverse festival would take place in Copenhagen in June. The previous Galaverse event was staged in December in Las Vegas by GALA. The concert attracted much media interest because it was one of the first significant events after COVID-19. The approaching fest in June is also getting attention in social media.
Snoop Dogg recently secured a promotional arrangement with Gala to make loot boxes to promote his new album, ‘B.O.D.R. (Bacc on Death Row),’ which put the initiative in the spotlight. Notably, each music will be issued with 1,470 NFTs, which do not grant any type of intellectual property rights.