The world of Crypto Currency and Blockchain is growing at an enormous rate!
Every day there are new NFT’s, tokens and coins, metaverse projects and more being created. This give all of us a unique opportunity to cash in on the crypto gold rush, but for those who don’t understand what they are getting into, it’s more likely they’ll lose their lunch money.
One of those crypto projects that has gained a lot of attention is the GALA token.
For those of you who might be thinking of investing in this cryptocurrency, I’m going to cover what it is and help you learn more about it.
If you prefer to just watch my youtube video that goes over it, I’ve placed it on here for you as well.
*Please note: Nothing I’m saying here is financial guidance. Crypto currencies are highly speculative. I am not your financial advisor, please do your own research and invest at your own risk.
So What is Gala and should you invest in it?
The Gala token is a cryptocurrency used in the GALA games ecosystem.
Basically it is responsible for powering the GALA games Ecosystem.
What is GALA Games?
Gala games was founded by Eric Schiermeyer back in 2020 who also co founded Zynga, another large gaming developer
It is a platform that creates lots of different games powered by blockchain.
The cool part, is that each player in these games owns the items they receive in game as NFT’s
Meaning, if you receive a sword in some sword fighting game, you have ownership of that sword and it has a nemonic value associated with it.
The games on the Gala ecosystem are player owned and controlled.
All games within the Gala ecosystem are free to play and accessed through a decentralized app or (DApp)
GALA token is the main digital currency used to purchase in game items and other assets as well, like nodes or making payments between players.
1st off, its built on the ethereal blockchain, and now can be purchased through binance smart chain and even coinbase. This allows them to reduce their transaction fees.
They also have a built in marketplace making it very easy for users to purchase in game items
This essentially makes the whole gaming experience much easier and more enjoyable.
Second, the network is owned by nodes controlled by the GALA community in order to power the platform. This allows the community to have a lot of influence on what games or features will be developed or used.
Gala already has a massive community of over 1.3 million active users. They’ve already had an NFT or in game item that sold for over 3 Million dollars.
Besides buying the token for the intention or speculation of a price increase, people could also justify buying the token for other reasons as well, such as buying in game items, nodes, and in game revenue.
Gala is still working on releasing most of their games and its still pretty early in its development stage, meaning that it could potentially be a good time for investors to start looking at getting into this token.
Some things to cause concerns however, Gala only has about 14% of its supply in current circulation w/ 17 million new coins going into circulation each day.
However that also means that the token still has a lot of room to grow. With the recent drop in crypto currencies, do you think now is the time to get back in and start investing more into crypto? Or are we still a long ways from the bottom?