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Highlights
- Gaming with blockchain features was a big trend last year, and GALA also surged briefly
- Gala Games has NFT features, and how its NFTs trade as compared to other projects makes for an interesting watch
- The Gala crypto’s price is subdued right now, but a bullish phase in the metaverse category may help
Blockchain technology is being put to use in various capacities. Developers of games claim that by using blockchain technology and its distributed ledger underpinning, coupled with token-based economics, the governance of a game can be delegated to users.
This way, the users of any blockchain-powered game could run the entire ecosystem, with no central authority in control. Digital assets in the form of non-fungible tokens, popularly called NFTs, are mostly a part of blockchain-based games. This aspect allows gamers to earn revenue alongside playing, also known as the ‘play-to-earn’ model.
In this light, let’s know about Gala Games, which ranks among the top cryptocurrencies by market cap.
How is Gala Games different?
Similar to other games including Axie Infinity and Decentraland that harness the potential of peer-to-peer architecture of blockchain technology, Gala Games allows users to partially own and control the ecosystem.
This ecosystem of the Gala crypto comprises of a number of games, which includes the popular Town Star game. What makes it a major attraction is the wide range of digital assets that players can own.
This also includes what Gala Games calls “Snoop Dogg’s Tank”. The project claims to have its own blockchain network in the coming days, besides launching “Galaverse” in June this year.
Also read: What is Amazon Prime Gaming’s new addition Crypto Against All Odds?
Gala Games crypto (GALA)
To allow gamers to take control of governance aspects, the game has a native token GALA in place. The GALA crypto enables its holders to vote on key issues. Besides, the token is given as a reward to players that undertake tasks like running the nodes and supporting the functioning of the network.
GALA crypto price
GALA, as mentioned earlier, is a high ranking crypto among tens of thousands of crypto assets tracked by CoinMarketCap. As of writing, GALA token’s market cap was over US$1.7 billion, which may be quite low as compared to BTC and Ether but is comparable with other popular gaming tokens AXS and SAND. GALA is trading at nearly US$0.25 as of now, with its trading volume having declined over the past 24 hours.
Also read: BTC, ETH, SHIB, MANA & UNI: Top 5 cryptos with best use cases
GALA crypto’s price prediction
The GALA crypto rallied sharply in November last year, with its price skyrocketing from US$0.1 to US$0.7 within a matter of a few days. The rally may be attributed to the bullish phase in the wider gaming token universe after Mark Zuckerberg’s announcement of Meta.
This year so far, the GALA coin has lost value, and at one point in January, the price fell to almost US$0.15. What may help the GALA token in the medium term is the performance of Gala Games’ ecosystem, which relies on blockchain games and NFTs.
If its games and digital assets find backers, the GALA crypto may bounce back to US$0.7 by the end of the first half of 2022. The price may touch US$1 by the year’s end, but for this Gala Games will probably need to find new users to create demand for the GALA token.
Also read: What is Fetch.ai crypto & its FET token’s price prediction?
Bottom line
Gala crypto’s price could depend on the performance of its games and NFTs, and also perhaps on developments like big brands entering metaverses. That said, cryptos are volatile, no matter their high market value or popularity, and hence, nothing can be predicted with certainty.
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