Is Gala Crypto a good investment？

gala cryptocurrency

GALA's price on May 23rd is 0.04161377 €. The price has changed by -1.90% in the past 24 hours on trading volume of 262472491 €. The market rank of GALA is 64 based on a market capitalization of 1647574978 €. GALA has a circulating supply of 39399786364.54 GALA. The highest recorded GALA price is 0.735274 €. And the lowest recorded GALA price is 0.00011013 €.

Factors influencing the Price of GALA

Many factors affect the value of GALA.

The GALA exchange rate sometimes moves with changes in the wider economy. And sometimes crypto moves in the opposite direction. For example, many cryptos have made impressive gains despite bank failures and economic uncertainty in international financial markets. This may indicate that investors have turned away from risky banks and turned to crypto, which has delivered historic long-term benefits.

Government regulations have a great impact on the price of GALA and other currencies. Tax policies, regulations regarding investments, mining restrictions, government plans for official digital currencies, and other developments can move the crypto market higher or lower.

Newsmakers increasingly influence crypto prices. When a billionaire entrepreneur tweets support for a particular coin or token, the price often goes up. More and more celebrities are promoting cryptos and NFTs to millions of followers on social media. The effects of these endorsements on crypto prices cannot be overstated. Watch for mentions of GALA in the news, and monitor GALA on Twitter. Visit the projects online community at Discord or elsewhere. The better informed you are, the better the decisions you will be empowered to make.

Summary of Gala Games (GALA)

Gala Games is a blockchain gaming platform that allows players to earn cryptocurrencies and non-fungible tokens (NFTs) through gameplay.

The platform has numerous titles with considerably different in-game functionality.

Gala Games native token is GALA, which is used to secure the platform and incentivize players.

Gala Games is a blockchain-based play-to-earn gaming platform that rewards players with digital assets for their in-game accomplishments. Gala Games addresses a major shortcoming that video game players have struggled with in the past — the ability to take ownership of items earned through gameplay.

The Gala Games platform includes real-time strategy (RTS), multiplayer online battle arena (MOBA), role-playing game (RPG) titles, and more. While gameplay differs considerably between titles, each rewards players with digital assets including the GALA cryptocurrency and non-fungible tokens (NFTs).

Gala Games runs on the Ethereum blockchain. However, the platform has also partnered with the Polygon network and has successfully bridged to the BNB Chain with the p.Network Bridge dApp — allowing players to send and trade their tokens at reduced gas fees.

Gala Games native token is GALA, an ERC-20 token used for in-game purchases and as a medium of exchange between participants interacting within the Gala Games ecosystem.

Though Gala Games runs on the Ethereum network, the team has announced plans to launch their autonomous blockchain called Project GYRI, powered by the GALA token.

Gala serves as the medium of exchange, allowing token holders to pay for items and transfer value peer-to-peer within the platforms ecosystem.

Who created the Gala Games？

Eric Schiermeyer and Michael McCarthy created the Gala Games in 2019. Schiermeyer, Gala Games CEO, worked extensively in digital gaming before joining the blockchain and cryptocurrency space.

Schiermeyers tech experience dates back to the early 2000s when he helped establish Myspace, the first social media platform to attain a global reach. In 2007, he co-founded and headed Zynga, the social game development firm behind Zynga Poker, Farmville, and Farmville II. He later joined Bee Cave Games as an investor and advisor.

McCarthy, Gala Games President of Games, has more than 20 years of experience in the gaming industry. He held leadership positions at Interplay Entertainment and Troika Games before joining Schiermeyer at Zynga, where he served as Creative Director. McCarthy is also the founder of Applied Cinematics.

In December 2021, Gala Games partnered with C² Ventures to launch a $100 million fund to accelerate blockchain gaming development. The joint fund is earmarked for game developers and new blockchain-based gaming projects.

GALA tokens are distributed daily according to a yearly halving schedule — On each new year, the number of tokens distributed each day is cut in half. These tokens are equally distributed between the platform‘s Founder’s Node operators and the Gala Games Conservatorship.

How do Gala Games work？

Gala Games presents a variety of blockchain games developed both by their in-house studio and outside partners, such as Ember Entertainment, Kung Fu Factory, GAMEDIA, Certain Affinity, and 22cans.

Gala Games relies on the following components to deliver play-to-earn games to their followers:

Gala Nodes

A distributed network of computers operates Gala Games, rather than a centralized server controlled by a single entity.

These participants, referred to as nodes, offer computational resources to the Gala Games‘ decentralized gaming network in exchange for rewards. Operators of a Founder’s Node work to secure the platform from fraudulent or malicious behavior, validate transactions and generate GALA assets. Nodes are periodically rewarded for their computational effort with GALA tokens and unique NFTs.

Node operators are able to vote on community proposals and help guide ecosystem development. A Gala Node license can be purchased with the GALA token and is required to operate a Gala Node.

Gala Games ecosystem

Gala Games offers a variety of games that continue to attract millions of players to the platform. Popular games include:

Town Star The first game Gala Games was introduced. Players compete to assemble the essential components of a functioning town, such as water points, crops, and storage facilities. Winners get a share of the weekly prize pool.

Mirandus A fantasy role-playing video game where players fight monsters, develop lands and earn rewards for their in-game achievements.

Spider Tanks A multiplayer online battle arena game where players fight within a range of maps using various armaments.

Fortitude A player-versus-player (PvP) tower defense game where players apply various strategies to attack other players villages and defend their own.

Echoes of Empire A sci-fi strategy game where players fight over scarce resources distributed throughout the universe.

Gala Games differentiates itself from competitor platforms with the use of the p.Network Bridge application to connect its tokens to the BNB Chain. As such, GALA tokens conform to the BEP-20 token standard, which reduces the costs associated with using or transacting GALA across the Gala Games platform.

Is Gala Crypto a good investment？

What is Gala ？

GALA is the Ethereum-based cryptocurrency that powers Gala Games, a platform that aims to bring lucrative gaming experiences to the blockchain. The project wants to remove the apparent roadblocks that blockchain gamers face while interacting with these platforms. The project wants users not to spend large amounts of money purchasing in-game assets before they even start playing. Gala Games is working to give players even more control over their games and assets in a mission to rethink blockchain gaming entirely.

Primary features of the Gala

Users who interact with the Gala Games ecosystem have the power to call the shots in terms of governance.

Using GALA, the network‘s utility token, users can participate in having decisions about the platform. A mechanism called The Founder’s Nodes regulates the users involvement and decides funding requirements for different games.

Gala Games has released two completed games so far – Town Star and VOX for its users. They also plan to release a tower defense game and a fantasy RPG game that serves its sci-fi enthusiasts

How to use Gala？

Gamers on the Gala Games network can use the coin to buy items, upgrades, and other in-game assets.

Large holders of the coin can participate in governance discussions and votes, pitching in their two cents about the platforms protocols.

The coin is used as a store of value by players in the blockchain gaming ecosystem because they believe in its growth.

Pros & Cons of Gala

Pros

Expert price forecasts for the GALA token suggest positive growth shortly. Some analysts suggest that GALA could be an excellent investment for the long term as well.

It utilizes a wide range of blockchains to use three integrated consensus mechanisms.

Cons

It is not the only player in the industry.

Faces stiff competition from projects like Decentraland and The Sandbox.

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GALA price history

The GALA token started to gain traction in September 2021, after being listed on the Binance (BNB) and Bibox crypto exchange platforms in the middle of the month. Its price surged to $0.113 on 23 September 2021, up more than 500-fold from its previous all-time low of $0.00022 on 28 December 2020.

After updates to Gala Games‘ inventory, which made transferring items from within the platform’s ecosystem to Ethereum much easier, as well as the signing of a memorandum of understanding between Gala Games and Wemade Tree (the blockchain subsidiary of the Korean gaming giant Wemade), the GALA crypto price stagnated throughout October and mid-November 2021.

News on 15 November 2021 that the company would release its first limited supply of Game Node licenses for Town Star boosted the GALA token threefold, up from $0.13 on 15 November 2021 to $0.37 a week later.

The tokens price managed to keep a steady growth pace and surged to $0.71, still its all-time high, by 28 November 2021, after the announcement of the release of a new series of its VOX NFTs.

did not last long for the Gala Games crypto, despite the general hype surrounding play-to-earn platforms, which passed a record $1bn in NFT trading volumes in November, according to data published by DappRadar.

Between its all-time high at the end of November and 3 December 2021, the tokens value dropped by 29% to $0.51. The Gala Games token continued on a downward trend over the following month until it reached $0.18 on 22 January 2022, despite securing a $100m blockchain gaming fund in partnership with C² Ventures and preparing for the launch of Phase 2 of the nodes ecosystem at the start of January.

The token then moved sideways for a little over a week before doubling from its 22 January value to $0.38 on 8 February 2022, as anticipation built around the upcoming release of 8,888 membership NFTs in the Flare realm, where Gala Games had integrated with the Flare Network.

In more recent GALA coin news, the platform announced that it had partnered with the American rapper Snoop Dogg and would release his latest record, B.O.D.R, on the blockchain, with the tracks to be sold as NFTs.

The tokens value started to rapidly decline by mid-February 2022, falling by 37% in one week from $0.36 on 15 February to $0.22 after Russia invaded Ukraine. The token has yet to return to that level.

Current state of play and Galaverse

Since 15 February 2022, the GALA crypto price has been falling, despite endorsements from the likes of Snoop Dogg and Paris Hilton.

On 12 May 2022, after the de-pegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency, GALA fell to a low of $0.04944. After that, it made something of a recovery, reaching $0.07253 on 13 August before falling back down again to a low of $0.03161 on 21 October.

A combination of the news about Skaggss hiring and growing interest ahead of the launch of Spider Tanks saw GALA reach a high of $0.0441 on 31 October. After that, though, one single wallet appeared to mint more than $1bn worth of GALA out of nowhere, prompting fears of a rug pull.

While Gala Games moved to reassure investors, tweeting that its system “was not hacked, breached, or exploited in any way,” as network, the system which allowed GALA to operate on the BNB Chain (BNB), formerly known as Binance Smart Chain, claimed it had carried out a so-called white hack attack to check how safe the platform was, the price collapsed to $0.02837 on 3 November, before it recovered somewhat to around $0.03485 on 4 November.

GALA was hit by the collapse of the FTX (FTT) exchange and dropped to a low of $0.01555 before closing the year at $0.01666.

The token moved up in early January and, on 9 January, it received a notable boost when it was announced that Gala Games‘ movies division, Gala Film, was working on projects with Hollywood superstar and professional wrestler Dwayne ’The Rock Johnson and Academy Award-nominated actor Mark Wahlberg. This saw GALA go on a bull run that culminated in a high of $0.06241 on 28 January, its best price since August. After that, there was a downturn exacerbated by the collapse of the Silvergate bank, and it sank to $0.0304 on 11 March. After that, though, the news that it was to partner with the Huobi exchange saw its price recover and, as of 3 April 2023, it was worth about $0.0404.

At that time, there were just under seven billion GALA in circulation out of a total supply of a little over 35 billion. This gave it a market cap of around $281.8m, having it the 124th-largest crypto by that metric.

In early June 2022, the platform hosted Galaverse, an immersive world experience for each one of its games, in Malta. According to the Times of Malta, rappers Snoop Dogg, Ice Cube, E-40, and Too Short appeared at the event via a recorded message in which they introduced their new supergroup, Mount Westmore, with the Metaverse release of their debut album Bad MFs.

As the GALA token was built on the Ethereum network, it heavily relies on ETHs performance, having it quite volatile. Moreover, the token could start facing competition as tensions rise in the gaming/NFT space amid their growing popularity, Invezz data analyst Dan Ashmore told Capital.com.

However, he also noted that there could be brighter times ahead for the GALA token.

Is Gala Crypto a good investment？

That depends on whether Gala Games, the metaverse sector as a whole, and the entire crypto market can turn things around.

Remember, you should always carry out your thorough research before investing. Even high market-cap cryptocurrencies have proved vulnerable to the current bear market, so investors should be prepared to make losses and never purchase more than they can afford to lose.

gala v1 to v2

On May 15th, 2023, $GALA v2 will be dropped as a 1:1 ratio to all $GALA v1 holders as a new and improved Gala Games and Entertainment ecosystem token.

With the Gala Games and Entertainment ecosystem continuing to grow and evolve, this significant upgrade brings significant improvements, including enhanced burn mechanisms, security enhancements, and future upgradeability. With an eye beyond the horizon, our team is dedicated to ensuring $GALA and the Gala Games and Entertainment ecosystem remain at the forefront of blockchain technology and usability.

In anticipation of the upgrade, all users holding $GALA(v1) on Ethereum will automatically receive the new $GALA(v2) token in a direct 1:1 token drop. After this drop, $GALA(v1) will no longer be supported or have any functionality within the Gala Games and Entertainment ecosystem. Exchanges have been contacted to facilitate a smooth transition, but it is highly recommended to store $GALA in a personal wallet to ensure that the drop is delivered directly to you. Users will need to remove their $GALA from any liquidity pools or smart contracts (such as Uniswap) before the snapshot on May 15th, as it cannot be guaranteed that $GALA dropped to liquidity pool contracts will be recoverable. Its better to be safe than sorry.

Users keep their $GALA in their personal Ethereum Wallet or Treasure Chest to ensure a smooth transition.

FAQ

1.Will gala go up or down？

It is hard to say. While some forecasters including CryptoPredictions.com were optimistic about the tokens future as of 3 April 2023, others such as WalletInvestor struck a far more downbeat note. It is important to remember that forecasts can be wrong and that prices can go down as well as up.

2.Should I invest in gala？

This is a question that you will have to answer for yourself. Before you do so, you will need to conduct your research.

Never invest more money than you can afford to lose, because prices will go down as well as up.

3.Is the Gala token worth buying？

Overall, Gala looks like a promising token with a solid team behind it. However, as with any cryptocurrency, there are always risks involved. Whether to buy Gala or not depends on your risky appetite. Before buying Gala or any other crypto, be sure to do your research, maybe talk to a financial advisor, and understand the risks.

4.Does the Gala crypto have a max supply？ What is the Gala tokens total supply？

Citing the Gala games website, Gala has a maximum supply of “approximately 50 billion” tokens.

5.What was the maximum GALA price？

The Gala token reached its all-time high of $0.8367 on the cryptocurrency market on November 26, 2021.

6.What was the Gala tokens minimum trading price？

Gala was traded for its minimum value of $0.00149 in September 2020.

Can GALA reach 1 dollar？

Thanks to its growing library of games and partnerships with major game developers, GALA is well on its way to becoming the go-to platform for cryptocurrency gaming. Considering its past performance and the fact that its value has already hit the $0.8367 level, it is very likely that Gala will reach an average price value of $1.

7.Does Gala have its blockchain？

Gala is backed by Ethereum and is also available on Binance Smart Chain.