If you have a thing for blockchain-driven games, you may want to check out the Gala Games platform. As an ecosystem that lets users be in complete control of the in-game essentials, new game additions, and Blockchain governance if required. Gala Games has slowly evolved into one of the more promising metaverses with on-chain NFTs driving additional value.
GALA, the native token of the Gala Games platform, is one of the ranging crypto assets, which can work as a medium of quick exchange between participants. And what’s more interesting is that it encourages owning and trading game-specific NFTs that can also be purchased using the GALA token.
The historical price movement of GALA has been quite interesting as it started the year (2021) at $0.001028, only to move as high as $0.7121 on the 11th of September. And that’s an upside of almost 70000%, in 9 months time. Insane, right! At present, GALA is trading at $0.5018, and an average daily volume of close to $1B makes it look promising enough.
Key Token Metrics
- Coin Rank: 42
- Coin Market Capitalization (the 15th of December, 2021): $3.44B
- Market Dominance: 0.16%
- Coin Economics: Fixed Supply
- Total Coin Supply: 35.24 Billion GALA
- Circulating Coin Supply: 6.98 Billion GALA ( 19.81% of Total Coin supply)
Technical Analysis: GALA Price Prediction
On the daily chart, GALA seems to be in a consolidating phase for now. After scaling highs of $0.867 on 26th November, GALA has been trading in a range for quite some time now.Source: Trading View
As far as the technicals go, GALA is currently trading above the 23.6% Fib retracement support level of 0.47. The RSI is giving out a neutral indication for now, but the bulls might be looking at the 50-EMA line as GALA has been trading above the same for almost a month now.
And if you look closely at the daily chart, the ‘Morning Star’ Doji pattern (Black Arrow) might be hinting towards a trend reversal and the end of the consolidation phase. If GALA moves up here, it might face significant resistance at $0.55, $0.61, and 0.67, beyond which it might have the legs to reach $0.76 without any pullbacks.
However, if the market sentiments and bears push the prices down, the 50-EMA Line might act as a strong support zone for now.
Gala Games in Brief
Gala Games, as a Metaverse, aims at taking the concept of Blockchain-driven, immersive games to the next level by letting players assume true ownership. This ecosystem exclusively allows users to create games that they want to play by reintroducing the concept of in-game essentials, creative thinking, and complete gaming control, all while being on the Blockchain.
Introduced in 2020 by Eric Schiermeyer, who also happens to be the brain behind Zynga, Gala Games belongs to the insanely popular play-to-earn Metaverse niche, where game quality, NFT avatars, in-game strategy development, component ownership, and in-game earnings are prioritized.
Coming to the operational schema, the Gala Games ecosystem comprises five interactive games, including Spider Tank, Town Star, Mirandus, Fortified, and Echoes of Empire. Each game hosted on the Gala Games ecosystem offers specific in-game essentials, NFTs, and control perks. The blockchain platform also boasts a full-fledged NFT marketplace (Gala Store) featuring player-owner assets. The items, segregated as per rarity classes, can be purchased and sold using the native GALA token or other crypto assets, courtesy of CoinPayment integration.
But that’s not all that Gala Games has to offer. In addition to optimizing in-game asset ownership and how blockchain games are played, Gala Games, despite being an Ethereum-powered blockchain, is now bridged to the BSC or Binance Smart Chain. Therefore, transacting using the GALA tokens, also BEP-20 assets, attracts lesser transaction costs.
Fact Check: BEP-20 is a token standard relevant to the ‘Binance Smart Chain’. This standard allows you to peg cross-chain tokens via smart contracts for primarily lowering the transaction fee.
Like any other real-world community, the Gala Games metaverse relies heavily on community feedback. Interacting with the ecosystem requires running Gala nodes. And the ecosystem itself supports three consensus mechanisms like PoW (Proof-of-Work), PoS( Proof-of-Stake), and PoSt (Proof-of-Storage), with respective nodes for each.
Running a specific consensus node, community users can suggest changes, operate relevant games, and even host particular games on the ecosystem without relying on intermediaries.
GALA Coin Economics
GALA, the utility token relevant to the Gala Games metaverse, is an ERC-20 token. As per the ERC-20 standard, GALA tokens are highly interactive, easy and fast in terms of transactions, and have higher liquidity.
Fact Check: ERC-20 is a Smart Contract issuing standard relevant to the Ethereum Blockchain, which lends tokenizing abilities to the specific assets, GALA in this case, and minimizes the token interaction complexity.
And most importantly, GALA fuels the Gala Games ecosystem as the in-game currency, allowing users to buy and sell game-specific NFTs, card packs, and other assets. GALA tokens are also used to activate the consensus-relevant nodes for making network-specific decisions.
Coming to tokenomics, GALA boasts a fixed max supply of 50 billion tokens. And at present, close to 14% or almost 7 billion tokens are in circulation. Also, much like Bitcoin, even the Gala Games network maintains a yearly halving cycle, scheduled every year on the 21st of July. And halving is the trait that makes GALA deflationary in nature despite a fixed supply of coins.
Fact Check: While GALA is an ERC-20 token, the NFTs within the ecosystem fall under ERC721 and ERC1155 standards, which are relevant to the Ethereum blockchain and used for Non-Fungible assets.
Gala Games: Growth Prospect
As a Metaverse, Gala Games takes transparency and the community-powered approach to the next level, courtesy of the three-phase consensus mechanism. And with community-owned Gala nodes lending power and governance support to the network, this virtual gaming space is truly a ‘by the people and for the people’s initiative.
And speaking of initiatives, Gala Games has recently collaborated with C2 Ventures to successfully announce a $100 million fund aimed at investing across emerging Blockchain-powered projects relevant to the Metaverses, Play-to-Earn offerings, and the GameFi ecosystems.
Plus, with the token security concerns taken care of with exposure to the Binance Smart Chain and Ethereum blockchain, GALA seems poised to lead the next leg of the gaming revolution, an industry expected to be valued at $260 billion by the end of 2025.
With a massive user base of over 1.3+ million, the Gala Games network is set to make the online gaming space more inclusive, especially by evolving as one of the largest gaming metaverses. And with the GALA token to incentivize the in-game assets, platform-relevant NFTs, Gala Games will also have a part to play in redefining the concept of digital ownership in the virtual space.
Are you stoked about GALA and other Metaverse tokens? Download the CoinSwitch App right away to start trading in these popular crypto assets.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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