What are Project Galaxy Web3 services and how has GAL token fared?

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What are Project Galaxy Web3 services and how has GAL token fared?

Project Galaxy crypto
Image source: Pixabay.com

Highlights

  • Web3 is being projected as a version of internet that gives more powers to users than companies
  • Project Galaxy is a participant in Web3, and it is highlighting its use in both on-chain and off-chain data
  • GAL token released in early May 2022, and its price performance has since remained subdued

Even in the face of a deep bearish phase, new blockchain projects continue to be launched. Web3 is one of the major trends in blockchain. Projects in this category are claiming to liberalize the internet, with powers in the hands of users.

Project Galaxy is also a project targeting Web3, with some other features like NFTs. Let’s know more.

What are Project Galaxy’s Web3 services?

The project talks about “credentials” and their use in the decentralized web. It claims that data of users, including financial and non-financial activities, can be utilized. For example, if any user of DeFi lent or borrowed digital assets, the activity can be recorded on Web3.

Project Galaxy claims it can help move both on-chain and off-chain data. Credentials on Twitter and a few other social networks can be curated as well, it is stated. Users’ credentials can earn rewards. NFTs are also mentioned on the official website, but not much information is available.

Overall, the project is highlighting itself as an enabler in Web3. It states that credentials of users would enable blockchain developers to build “better products”.

Also read: ETH at $2,000: What does 5-year historical price data indicate?

GAL crypto price

Project Galaxy crypto comes with ticker GAL. GAL is native to the project and can be used in payment of fee and governance. CoinMarketCap suggests it is available on exchanges like Binance and FTX.

Launched only recently, GAL token has had a dull ride so far in terms of price. On May 5, it started its journey at a price of nearly US$16. GAL crypto price dropped below US$3 within a week. As of writing, GAL token traded at nearly US$5.4, exhibiting a 24-hour fall of nearly 15 per cent. The trading volume over this period was also in red.

It is said that Project Galaxy can have a maximum 200 million GAL tokens in supply. In terms of market cap, GAL token features among the top 250 assets. The market cap, as of writing, was nearly US$190 million.

Project Galaxy crypto price

Data provided by CoinMarketCap.com

Also read: What is Crypto Island and is CISLA token safe?

Is GAL crypto safe?

The project has yet to establish its utility in Web3. How the credentials will be collected and used for a better analysis will become clearer only with time. GAL token was launched when the cryptoverse was already under intense pressure. GAL crypto price prediction can be speculative, and due diligence must be preferred.

Bottom line

Project Galaxy claims to be a Web3 participant. It is highlighting its use in leveraging the data and other credentials of users. This way blockchain developers, it is stated, can better target their products. It has a section of NFTs on the website. The newly launched GAL token of the project is not faring well since beginning. As compared to US$16 on the launch day, price has even plunged to below US$3 on multiple occasions.

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