Gala Crypto: Worth Investing Or Just Another Hype?

Gala Games (GALA) is a blockchain-based, play-to-earn gaming platform that enables users to earn its GALA token for achieving in-game milestones. It has gained 200% over the past week and more than 20,000% since the beginning of 2021. GALA is the utility token used on the Gala Games ecosystem, which creates blockchain-based games that allow players to control the administration of these games. Gala Games seeks to utilize non-fungible tokens (NFTs) to ensure that items are truly owned by the players who earn or pay for them. NFTs can be used in games for just about any item, and the blockchain allows users to trade these items freely. GALA ranks among the top 60 cryptocurrencies by market capitalization, with a total value of over $3 billion.

Gala Games' price increased by 50,829% in 2021

Should I invest in Gala Crypto?

Gala Games price increased by 50,829% in 2021

In 2021, the GALA token started to gain traction after being listed on the Binance (BNB) and Bibox crypto exchange platforms in September. Its price surged to $0.113 on 23 September 2021, up from its previous all-time low of $0.00022 in December 2020. This massive increase in price, which amounted to a 50,829% surge, surpassed other high-profile metaverse projects including Axie Infinity, The Sandbox, and Decentraland.

The GALA token's impressive performance can be attributed to several factors. Firstly, Gala Games introduced non-fungible tokens (NFTs) into its ecosystem, allowing players to own and trade in-game items. Secondly, the platform's inventory updates made it much easier to transfer items within the platform and to the Ethereum blockchain. Additionally, Gala Games signed a memorandum of understanding with Wemade Tree, the blockchain subsidiary of the Korean gaming giant Wemade. These factors contributed to the significant increase in the price of GALA in 2021.

However, it is important to note that the crypto market is highly volatile, and past performance does not guarantee future results. The GALA token has experienced significant fluctuations since its surge in 2021, and the overall crypto market has been in a bearish trend.

When considering investing in GALA or any other cryptocurrency, it is crucial to conduct thorough research and understand the risks involved. It is also important to remember that forecasts and predictions can often be wrong, and the price of any crypto asset can go down as well as up.

As of August 2024, GALA is trading at a significant discount from its peak, which might be an attractive entry point for investors. However, whether or not to invest in GALA is a decision that should be made based on an individual's own research and risk tolerance.

Gala Games plans to launch its own blockchain

In January 2022, Gala Games announced that it was in the final stages of launching its own blockchain, GalaChain. The GALA platform currently runs on the Ethereum blockchain, which has been criticised for its high transaction fees and network congestion. Gala Games expects that migrating to its proprietary network will reduce these issues.

Gala Games' blog post states:

> "Our proprietary blockchain is in the later stages of development, and we expect migration to GalaChain to provide some of the most highly anticipated news of the year to our community. This blockchain has been built for Gala Games; it will drastically reduce network fees and solve many problems surrounding Ethereum that could otherwise inhibit long-term growth."

The post also predicts that running on GalaChain will reduce screen freezes, players' expenses, and boost the speed of play, providing a better overall experience for gamers.

Gala Games' native token, GALA, will be used to power the new blockchain. GALA is currently an ERC-20 token on the Ethereum blockchain, but the migration to GalaChain will make it the native token of its own blockchain network.

The GALA token has a variety of uses on the Gala Games platform, driving its value among players. It is used as a medium of exchange within the Gala Games ecosystem, allowing players to transact with each other and buy in-app assets. GALA is also used as a player incentivisation mechanism, with the most active participants on the platform receiving GALA tokens as rewards for reaching milestones.

Gala Games' decision to launch its own blockchain is part of its broader strategy to address the shortcomings of traditional video games and provide gamers with more control over gaming assets. Through the use of blockchain technology and non-fungible tokens (NFTs), Gala Games enables players to own their game items and have a right to influence the project's direction.

The launch of GalaChain is expected to bring several benefits to the Gala Games platform, including reduced network fees, improved gameplay experience, and enhanced decentralisation for its users.

Gala Games has its own NFT collection, VOX

Gala Games (GALA) is a blockchain-based, play-to-earn gaming platform that allows users to earn its GALA token by achieving in-game milestones. It also enables users to create and trade non-fungible tokens (NFTs) in the game or via non-game-based exchanges.

The community has spoken, and Gala Games is taking the collective's advice with planned launches of a science fiction strategy game, a role-playing fantasy experience, and a tower-defense game. As of January 2022, Gala Games had more than 1.3 million monthly active users, with more than 26,000 NFTs sold since its inception in 2019, according to CoinMarketCap.com.

The GALA token started to gain traction in September 2021, after being listed on the Binance (BNB) and Bibox crypto exchange platforms. Its price surged to $0.113 on 23 September 2021, up more than 500-fold from its previous all-time low. The token's price surged to an all-time high of $0.71 on 28 November 2021, following the announcement of the release of a new series of its VOX NFTs.

While the VOX collection has seen some success, with one NFT selling for $3 million, it is important to note that the GALA token has experienced significant volatility and has not consistently maintained its value. There are also risks associated with investing in cryptocurrencies, and it is important to do your own research and understand the potential risks and rewards before investing.

Gala Games is trading at a 69% discount from its peak

Should You Invest in Gala Crypto?

As of March 8, 2022, GALA is trading at $0.22 per token, a 69% discount from its peak price of $0.71 on November 27, 2021. This significant drop in price could represent an attractive entry point for potential investors. GALA is a blockchain-based, play-to-earn gaming platform that allows users to earn its GALA token by accomplishing in-game missions and milestones. It also enables players to create and trade non-fungible tokens (NFTs) in the game or via non-game-based exchanges.

GALA's plans to move off the Ethereum blockchain to its own network, called GalaChain, and its upcoming game launches are positive signs for the project. Gala Games also has a successful NFT collection called VOX, with an active secondary market. The company has more than 1.3 million monthly active users and has sold over 26,000 NFTs since its inception in 2019.

Given the increasing popularity of the metaverse and NFTs, GALA's low market cap of $1.5 billion could present a significant upside potential. However, it's important to note that cryptocurrency markets are highly volatile, and investors should carefully consider their risk tolerance and conduct thorough research before investing.

Gala Games' Price Performance and Future Prospects

GALA's utility token price skyrocketed 50,829% last year, outperforming other high-profile metaverse projects. This surge in price was likely due to the growing interest in metaverse and gaming tokens, as well as the strong backgrounds of its founders in gaming and crypto mining. However, GALA's price has been on a downward trend since its all-time high in November 2021, facing challenges such as the invasion of Ukraine and the collapse of the FTX exchange.

Despite these setbacks, GALA has received endorsements from celebrities like Snoop Dogg and Paris Hilton, and the company continues to make strategic partnerships and expand its ecosystem. Gala Games' movies division, Gala Film, is even working on projects with Hollywood stars Dwayne 'The Rock' Johnson and Mark Wahlberg.

While GALA is currently trading at a significant discount from its peak, potential investors should carefully consider their risk appetite and conduct thorough due diligence before investing in this highly volatile market. The metaverse and NFT spaces are still evolving, and GALA's position within them could offer growth opportunities, but there are also risks to consider, including increasing competition and the potential for further market downturns.

Gala has gained 200% in a week and 20,000% since the start of 2021

Should I invest in Gala Crypto?

Overview

Gala Games (GALA) is a blockchain-based, play-to-earn gaming platform that enables users to earn its GALA token for achieving in-game milestones. They can also create and trade non-fungible tokens (NFTs) in the game or non-game-based exchanges. GALA is a token based on the Ethereum blockchain.

Recent Performance

GALA has been one of the top-performing cryptocurrencies of 2021, with a price increase of over 30,000% according to CoinGecko data. GALA gained 400% in November 2021, taking it into the top 50 cryptocurrencies by market cap. In February 2022, GALA's price rose by 20% in about 24 hours, even as Bitcoin only gained about 3.6% in the same timeframe.

Factors Behind Gala's Price Growth

Blockchain Gaming

Blockchain gaming is booming, with the play-to-earn model rewarding players for putting time and effort into the game. Tokens earned in-game can be exchanged on cryptocurrency exchanges for fiat money. Additionally, several game creators have moved away from Ethereum to other platforms, reducing gas fees and making gameplay and development more affordable.

Launch of Town Star Game Nodes

Town Star is a play-to-earn game with over 600 million players and is Gala's flagship game. In November 2021, Gala announced that players could buy licenses to run Town Star nodes, essentially earning extra rewards for powering part of the game.

Listed on Coinbase

The popular cryptocurrency exchange Coinbase added GALA to its list of available cryptos in mid-November 2021, causing Gala's price to rise dramatically.

Future Outlook

Cautionary Factors

While GALA's performance has been impressive, investors should exercise caution. The wider economic climate and increased regulation could lead to stagnation in the crypto market. Additionally, Gala faces competition from other players in the metaverse, Web 3, and blockchain gaming spaces.

Gala's Plans

Gala Games plans to spend $5 billion on non-fungible token (NFT) projects in the coming year, focusing on gaming, music, movies, and the Gala theme park.

Technical Analysis

On the four-hour chart, GALA is bullish, with the 50-day moving average rising and indicating a strong short-term trend. However, on the daily and weekly charts, GALA appears bearish, with the 50-day moving average falling and acting as resistance.

While GALA has seen significant gains and has positive factors such as its plans for NFT projects and a strong short-term trend, investors should carefully consider the risks and uncertainties in the crypto market and the competitive landscape before making any investment decisions.

Frequently asked questions