The crypto market has been in a pool of blood recently — which implies that almost all crypto assets are down. Despite this, the market is showing a sign of recovery, thus – crypto investors still believe that this is the right time to invest in some valuable assets with great potential.
Crypto investors expect the market to be juicy after this turmoil, as it usually does over the past few years.
Due to this, Gala crypto has gained a lot of investors’ attention recently. Crypto enthusiasts even speculate it is one of the best crypto tokens that are ideal for investment in the current state of the crypto market.
Investors’ sentiment toward Gala crypto may be influenced by the token past price performance. However, this factor is not ideal enough to consider the token a good investment; it’s also important to understand the token and study its ecosystem.
This article will take a deep insight into what Gala crypto is, what it’s used for, and whether it’s a good investment.
What is Gala Crypto?
Gala is a blockchain-based gaming platform aiming to change how we play games and how gaming is operated.
It was launched in the year 2020 by Eric Schiermeyer and was developed as a core protocol that would set the path of freedom and incentives for gamers.
Now is the right time for gamers to hold ownership of their acquired in-game items and be rewarded for participating in the gaming platform.
Gala is a gaming platform built on blockchain that enables gamers to earn rewards as they play games on the platform; the more you play, the more you earn. It also comprises different games that have been built for gamers to enjoy the best out of the platform.
It will give gamers ownership of the in-game items in the sense that when gamers play a game and get awarded some elements such as weapons, or maybe they buy the skin to improve their gaming experience. These items are owned by the gamers and would have a record on the blockchain (a distributed ledger network database), unlike traditional gaming systems where the gamers’ ownership of these items is only within the gaming platform, and when there’s any central downtime on the platform or the gamers opt out of the platform, all the items are lost and not the gamers own anymore.
However, NFT is a prominent component of blockchain. Thus the Gala game items ownership right is facilitated by the Non-Fungible Token in the platform. These NFTs are used to tokenize the Gala In-game assets.
The tokenized in-game items (NFTs) have value on the platform and can be sold for real money in secondary marketplaces.
Moreover, Gala, a blockchain-based play-to-earn gaming platform, the major concept is to utilize blockchain technology to give full power and ownership to the gamers by giving them the platform native token — “GALA token” as incentives and as well offer them in-game items in the form of NFT – which would allow them to sell it for money.
Gala Games
The gala game platform is not just a play-to-earn gaming platform that develops mere games. And it comprises different amazing games gamers would always love to play even when the incentive is excluded.
One prominent game among different Gala games is “Town Stars.”
Town Stars is a game developed by Gala. It’s a town simulation game (according to Coinmarketcap) that allows players to build a town in the form of NFT and generate TOWN coins.
Players are required to complete a certain mission to earn TOWN coins; likewise, they can earn more TOWN coins when they buy particular NFT items. Players are ranked in this game, and those among the top 400 on the leaderboard stand a chance to earn more TOWN coins.
Another popular product of the Gala Labs is VOX, and they are programmed collectible ERC-721 NFTs that are designed to have various utilities. Being an NFT, it is unique, and one VOX doesn’t hold the same value as another, thus making them possess different rarity.
It’s not just a cute avatar. It serves a great purpose as it enables owners to earn VOXcoin when they lock up a Gala token and play the same with their VOX avatar in Town Star.
Gala Crypto Price Performance
The gala token is an ERC-20 token with a total supply of 35,240,112,493 GALA, while 6,977,205,436 GALA are already in circulation. It’s ranked #100 (according to Coinmarketcap) among the thousands of cryptocurrencies available in the market.
Gala crypto was released in the year 2020 with a starting price of $0.000151, which is the ATL price of the token. Since then, it has accrued exponential return as high as 32117.26% for the token early adopter within 2 years, making its ATH (All-Time High) $0.8367.
At the time of this writing, its current market capitalization is $339,450,003.18 with a market price of $0.04857.
Over the past 24 hours, it has increased in price up to 1.27%, with an approximate $0.0006081 price change. The trading volume has also declined by over 30% in the last 24 hours — making the current trading volume $134,519,990.48.
What is Gala Crypto used for?
Gala crypto is the native token of the Gala gaming platform, and it’s the currency that powers the ecosystem.
It serves as the utility token for the play-to-earn platform and as well as the governance token in the ecosystem.
Gamers use Gala crypto tokens to conduct transactions on the platform, and it’s used to pay for any services in the ecosystem if the need arises. This token can also be considered as the incentive token of the platform.
Gala crypto is one major requirement that users need to possess to run Gala nodes, and it’s also the incentive token that would be given to them as a reward for running nodes on the game platform.
For users to have governance right in the Gala game ecosystem, they need to hold Gala crypto tokens — it would give them the right to propose upgrades or products in the ecosystem, as well as introduce new games that should be developed on the platform.
Gala crypto is very useful in the Gala gaming platform and can be considered a token that facilitates all the operational activities in the ecosystem.
Is Gala Crypto a Good Investment?
It’s easy to consider a crypto asset as a good investment if the majority of crypto enthusiasts are optimistic about the asset, but it’s very important to do due diligence before you invest in any token.
Considering the volatile nature of cryptocurrency, your investment in any crypto asset shouldn’t be influenced only by what others say about it.
It’s inarguable that “utility” is the first thing that crypto investors look for in a crypto asset before they invest in it. Hence, before we can finalize the appropriate answer to know whether Gala crypto is a good investment, we ought to analyze the fundamental factors that could make Gala tokens stand out from other crypto assets.
The first thing that could make the Gala game a prominent game, thus influencing its native token price, is the wide array of games that have been developed in the ecosystem. These games use the Gala token to upgrade gamers or let them access more features in the game. However, as stated in the whitepaper, more games will be developed in the future.
Gala crypto token might be a good investment because it allows users to have governance rights in the ecosystem. The token is also used to vote on proposals for any updates or development in the ecosystem.
In addition, it’s used as a payment method on the platform — gamers can use Gala tokens to buy in-game items that would enable them to play games on the platform effectively.
Hence, as more people get on board the platform to play games and earn, there would be more demand for the token, thus causing an escalation in price.
Where to Buy Gala Crypto?
GALA is a crypto token in the Ethereum blockchain. It has gained much traction since its inception due to different partnerships secured with other brands and the constant development of games in the ecosystem.
This has made it to be traded in notable cryptocurrency exchange platforms such as Binance, OKX, and Kucoin, including decentralized exchanges (DEX) such as Sushiswap and Uniswap.
You can easily buy Gala crypto on the aforementioned exchange platforms.
Conclusion
Gala has been gaining ground in the NFT and play-to-earn game space because of the mind-blowing features and products being developed in the ecosystem.
The development of different games for gamers in the Gala ecosystem is a major factor that makes its native token — Gala crypto accrued over 20× for investors within the past two years.
Experts expect the Gala games to be a prominent play-to-earn gaming platform that would house a wide array of gamers and developers.
