GALA is a native token of the gaming platform Gala Games. It can be used to purchase games and make in-game purchases. Gala game is a part of the GameFi industry and functions on the Play2Earn model. Gala runs on Ethereum as well as Binance Blockchains. Here are some updates on the price. Read on for detailed analysis and prediction scenarios.
- Some analysts are forecasting that Gala could rise to $0.07 in the current PUMP. Gala rose close to that level before retreating a little
- Gala has announced a new partnership with Stick Figure to produce a new Film ‘ Four Down ‘
Gala : Some Facts About Gala Token
Gala is a play-to-earn Ethereum-based cryptocurrency that is used to power Gala games. Using the Gala token, a user can spend countless hours playing the games powered by the Gala tokens. Here are some of the facts regarding the Gala token:
- Gala Games was launched in the year 2018 by Eric Schiermeyer, Wright Thurston (crypto miner), and Michael McCarthy.
- GALA is an ERC-20 utility token developed on the Ethereum network. It is a main digital asset within the Gala Games ecosystem for purchasing items, peer-to-peer payments, rewarding nodes, and more.
- Gala token powers the Gala games ecosystem. Users can play a variety of games on the platform. The games are 100% free-to-play and are accessed over the blockchain through a decentralized application (DApp).
- The Gala token has been founded by Eric Schiermeyer (the co-founder of Zynga and gaming legend), Wright Thurston (one of the first major miners in the cryptocurrency space and holder of multiple patents on blockchain technology), and Michael McCarthy (the Creative Director behind viral gaming hits such as Farmville 2).
- The token was launched with the aim to target the niche gaming sectors and provide the users an opportunity to play games for countless hours using the Gala token.
- The gala token has been built on the Ethereum network which helps the users to transfer the Gala tokens once they have full control over the network.
- GALA cryptocurrency can also be used as a reward to owners.
- GALA tokens can also be used to buy items within the games. It can also be used for upgrades and other in-game assets, and it is also used as a governance token.
The crash in the price of Gala started in April 2022 when the US Fed announced reducing the size of the Federal reserve’s balance sheet. In January 2022, the news of Fed’s planned approach for reducing the size of the Federal Reserve’s balance sheet started floating. The overall crypto market started to trade negatively since then but in April this was made official.
The crypto market crashed completely and Gala price went below $0.10. With the price crashing, the interest level or the number of Gala games users also went down. Townstar, the most popular Gala game saw a massive drop in users as well as interest level for Townstar crashed.
However, there are chances of the Gala Price going up once again but for Gala to go up again, however, for this to happen the US Fed will have to make the decision to boost the overall crypto and stock market. Added to it, Gala games need to gain back the players that it had lost since April.
Gala games is a play-to-earn NFT gaming platform. Gala Coins can be earned and spent on the blockchain games platform. One of the more popular games on Gala Games is town star, a browser-based simulation game.
Gala has also launched a native blockchain to the power ecosystem. It also highlights its decentralized governance attribution and most of the decentralized ledger tech also has governance tokens to give powers that can be used by the users. The Gala network like every blockchain needs validators. Gala sells licenses to Gala Nodes which are also called Founders Nodes. Gala Games has about 1.3 million active players every month.
Like all other cryptocurrencies recently, Gala has failed to provide a good return to investors. Most of the investors who have invested in Gala Token are at loss. As per the data by IntoTheBlock, only 11% of the Gala token investors are making a profit at a current price while 82% of the investors are at loss. However, it is very much suggested to have a Gala token in your wallet as a long-term investment. The reasons are:
- The Gala coin was introduced to revolutionize the gaming industry. Players could use Gala tokens and play different games for countless hours. With the gaming industry booming, it is clear that the Gala token has a future. Therefore, to make a good return on Gala investment, one must make sure that his/her investment is a long-term investment.
- Crypto investment is always a long game. Many investors enter the crypto market with the hope of making a quick profit and exiting the market. Due to this reason many a time, the price of cryptocurrency crashes as there is a mass sell-off. However, to make a good profit one should have a plan of sticking to the market for a longer period.
- Over 80% of the Gala investors have been holding Gala tokens for less than a year. It has been noticed that even with slight movement in the market, there has been a mass sell-off. The mass sell-off happens due to these sections of investors. Therefore, to make the Gala a good investment one must hold Gala tokens for a longer period.
Gala has turned out to be one of the biggest disappointments this year. Gala has lost almost 89% of its value this year and it is one of the worst-performing cryptocurrencies. Its major rival Mana is down around 78%.
The year has been in favor of the metaverse tokens. Almost all the metaverse tokens have lost over 60-70% of their values. But Gala has lost around 89% of its value this year.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.