What Is Gala Games (GALA) How It Works & Where To Buy It?

GALA Games (GALA) positions itself as a blockchain gaming ecosystem. The Gala Games ecosystem comprises multiple components including the actual games, an NFT marketplace, a game publishing platform, tokenomics, and cloud hosting.

The Gala Games team envisions a platform that rewards players for playing games and the GALA token is the platform’s native token.

Gala Games has rocketed in popularity over the past few months and the GALA coin is currently the 80th largest cryptocurrency by market capitalization.

How Gala Games (GALA) Works

Gala Games is prioritizing the creation of blockchain games that people actually want to play. One of the common issues with recently released blockchain games is that they don’t focus enough on storyline and gameplay.

The Gala Games network aims to establish a community of games that is rewarded for the hours and money they spend on gaming.

The team believes that the development of new games should be dependent on the vote of its community – thereby putting more control in the hands of the people who matter most.

The first game to be published by Gala Games is “Town Star” – a farming game similar to SimCity. The game project started as an interesting concept and was massively successful from the start – it attracted a huge number of players and garnered attention for Gala Games.

Players can trade in-game items such as solar panels on the secondary marketplace – this creates a micro-economy within the game. The game studio plans to produce more of these games which will continue to attract more individuals to the play-to-earn space.

Essentially, the running of the project is predominantly controlled by the community – specifically through users running Gala nodes. Users running nodes receive GALA tokens, NFTs , as well as voting power in return for their efforts.

The Gala network is innovative in the sense that it works on a triple-proof node system:

• Proof-of-work – Founder nodes are tasked with supplying the computing power required to keep the system optimized.
• Proof-of-stake – Specific games require paid nodes to run specific games, this is facilitated through the renting of smart contracts.
• Proof-of-storage – This is specifically for free nodes which facilitate the hosting of games on a node system, essentially for providing storage capabilities. The purpose of this is to eliminate the dependence and presence of centralized hosting and storage solutions.

What Is Gala Games (GALA) Used For?

The Gala Games team envisioned an easy and streamlined process for buying NFTs securely and conveniently on a marketplace. The GALA token is the medium used to facilitate a transfer of value within the Gala marketplace and ecosystem.

It’s important to note that GALA coins have functionality with the Binance Smart Chain and the Ethereum network. The token is also used to power the Gala ecosystem – much like BNB is used to power the transactions within the Binance Ecosystem.

Gala also experiences a halving, similar to Bitcoin, which means that the tokens distributed as rewards are halved periodically – making the tokens more valuable from a tokenomics perspective.

Where To Buy GALA Tokens

GALA is among the most popular cryptocurrencies on the market. The Gala Games team has achieved some incredible feats since coming into the scene, and the Gala community is extremely confident in the project’s future success.

GALA tokens are frequently traded on most centralized crypto exchanges. Before you’re able to purchase GALA, you need to deposit fiat money onto an exchange, following this, GALA tokens will then appear in your GALA digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store GALA tokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

GALA token holders can transfer their GALA tokens to use in the Gala network – users can earn generous yields, from playing a competitive farming game to a PVP tower defense game.

In-game assets can also be traded on the Gala Games marketplace.

About Gala Games (GALA)

How long has Gala Games (GALA) existed?

GALA token’s initial launch date was in September 2020. It launched at $0.001 and has experienced significant price appreciation since its listing, reaching an all-time high of $0.83 on the 26th of November 2021.

However, over recent months and with the current bearish sentiment in the market, GALA, like the majority of cryptocurrencies has experienced a significant price decline. The GALA token is currently trading at $0.06 as of May 2022.

It achieved its highest market cap in November 2021 – where it was ranked as one of the top 50 largest cryptocurrencies in the world by market capitalization.

What’s controversial about Gala Games (GALA)?

There is an enormous amount of new projects entering the crypto space daily. Each project aims to provide something unique. Unfortunately, many projects fail to reach success because of the immense competition in the crypto space. It’s essential to do research into every crypto project you plan on investing in, and gain multiple insights into the project, its history, tokenomics, team, and its list of partners.

Let’s take a look at the top two controversies surrounding Gala Games (GALA):

• Many Games Are Only In Development – One of the biggest concerns surrounding the Gala games project is the fact that only two games have actually been released – the rest are still in development. This makes it challenging to predict if the games will be as big of a success as the team anticipates them to be.
• Token Supply – The total token supply of Gala Games exceeds 35 billion, a number which is very high compared to other projects. This isn’t necessarily indicative of the project’s potential failure, rather that GALA tokens aren’t as scarce as other digital assets on the market.

How many GALA Tokens tokens are there?

At the time of writing, GALA has a circulating supply of 6.98B GALA

The total supply of GALA is 35,240,112,493 GALA

Can GALA be mined?

GALA is not a mineable cryptocurrency in the traditional sense. GALA founder nodes receive GALA tokens in return for providing the computing power that a portion of the network requires.

There are however multiple ways to earn GALA tokens – individuals who run paid nodes and free nodes. The project incorporates a triple-proof node system that utilizes proof-of-work, proof-of-stake, and proof-of-coverage consensus mechanisms to optimize the Gala network.

Additionally, individuals typically earn yields by participating in the Gala Games ecosystem and trading on the Gala Games marketplace.

Some centralized exchanges like Binance also offer staking rewards for GALA holders that lock up their tokens for a certain duration.

What is the market cap of Gala Games (GALA)?

The market cap of Gala Games (GALA) is:

Gala Games (GALA) market cap = total amount of coins in circulation x current market price of GALA.

Gala Games (GALA) Market Cap = 6.98B GALA x $0,063 = $438 million (80th largest market cap).

It is currently one of the top 100 cryptocurrencies by market capitalization and GALA continues to as a project that attracts more people to the play-to-earn sector.

Biggest Competitors Of Gala Games (GALA)

Gala Games has seen much success since its launch and the future of the project seems positive. However, Gala Games does have some notable competition in the play-to-earn sector.

GALA’s biggest competitors are:

• Axie Infinity
• Alien Worlds
• Star Atlas
• Illuvium
• ApeCoin
• Decentraland
• Bloktopia

What Are The Future Plans For Gala Games And GALA Token

The Gala Games team has announced its intent to launch its native blockchain – this spurs from the challenges faced with Ethereum.

The expansion of the Gala ecosystem, specifically venturing into music. Gala Music was created in February 2022 and envisions the empowerment and recognition of up-and-coming musicians.

Essentially, musicians can mint their music as NFTs and earn profits from the sales of those NFTs. One of the biggest names to join the site is Snoop Dogg.

Once the project has its own blockchain it will provide a unique and powerful value proponent to the project. The blockchain music industry is fast-becoming one of the most exciting and popular sectors in blockchain.

Pros And Cons Of Gala Games And GALA

Pros:

• Innovative P2E models – One of the biggest pros of this project is the play-to-earn model that allows community members and players to earn from playing the game.
• Marketplace – Players that earn in-game assets in the form of non-fungible tokens (NFTs) can easily trade their assets on Gala’s marketplace, without needing to rely on another platform’s marketplace.
• Fast-growing industry – Blockchain gaming and the play-to-earn model are growing rapidly in popularity. The recent successes of multiple projects in this sector indicate the positive sentiment and possibly successful future ahead of this sector.
• Major names joining Gala Music – Gala has recently ventured into the blockchain music sector. The project aims to help emerging artists and creators monetize their music through minting songs as NFTs. Snoop Dogg (Snoop Bounce) is one of the largest names to join the site.

Cons:

• Uncertain roadmap – The roadmap for Gala seems slightly uncertain and only 2 games have currently been released. The rest of the games are still in development and this has led multiple members of the community to feel a bit worried about the future of the project. Even though the released games have been successful, it’s not possible to tell if the games that follow will also be successful.