Gala Coin: Powering a Way to Make Crypto Gaming Great?
Crypto gaming has been one of the key trends in the blockchain world recently, and even as everything else falls apart, the buzz hasn’t died off. With platforms like Gala Games keeping everything fresh, it’s no wonder people can’t stop talking about them. Let’s take a closer look at the platform and its native cryptocurrency, Gala coin.
As the repercussions of the May ‘22 crypto crash go on, all cryptocurrencies are feeling the pressure. However, there’s still excitement about the longer term future. Gala Games is one of the most exciting gaming platforms around right now, and its native token Gala coin (GALA) saw a stunning 30,000% rise last year—but is now 90% off its all-time high. What’s the full story? And is it time for you to buy the dip?
Let’s run through what Gala Games is all about (including some Gala coin price history), and what it could mean for the world of crypto gaming as a whole.
Gala coin review
On the surface, Gala Games is a platform for crypto gaming or GameFi—but it’s also a lot more. While other platforms have found success by capitalizing on the hype generated by concepts like the metaverse and NFTs, Gala is focusing on what truly matters to gamers; An enjoyable experience that will leave them coming back for more.
Otherwise, no matter how innovative and exciting a concept appears at first, everyone will ultimately go back to their Xbox, Nintendo Switch, or whatever else their console of choice is.
Gala Games is an entire ecosystem containing various games to choose between, similar to traditional counterparts like Steam. But it also offers something special: Decentralization. Gamers can own their assets (and purchase them through Gala’s NFT marketplace), create blockchain-based games, and vote on the governance of the platform to control which games are featured.
It currently only features a few games on its site, but has more than a million players and plenty of NFT sales under its belt. Gala currently runs on the Ethereum and Binance Smart Chain, but hopes to develop its own ecosystem.
As for Gala coin, GALA’s principal use is to make purchases within the platform, such as NFTs and licenses for running nodes (which gives someone voting rights). However, it won’t necessarily be the default currency in every game within the platform as developers can launch their own.
Gala coin price history
Gala might have only started to make waves recently, but it was launched back in March 2020. It took a while to gain traction, hovering at below $0.02 for the first year of its existence. Yet suddenly it started rising in late 2021—first to $0.08 in October, and then to an impressive $0.7 by the end of November—that’s an increase of more than 30,000%.
As we edged into 2022, GALA began to fall, and even before the crypto crash of May 2022, it had lost the bulk of its value. Unfortunately, GALA has now plunged more than 90% from its all-time high. But with the spotlight still on crypto gaming, it could stand to do well when and if the market recovers.
How to buy gala coin
However, before you get too ahead of yourself and decide you want to invest in gala coin, it would be a good idea to make you understand what the entire platform hinges on: Gaming.
Is the future bright for crypto gaming?
As you’re probably aware, Gala Games is hardly the first crypto gaming platform to make a name for itself. Buzz about the metaverse generated plenty of interest in games that combine futuristic concepts such as NFTs, cryptocurrencies, and even augmented or virtual reality. But what’s this all about, really?
Play-to-earn games were some of the first to appear: Games that allow players to earn funds they can convert into real-world currencies, usually by completing challenges or competitions. Although many people are familiar with the idea of in-game assets and currencies, it’s the interchangeability with the real world that’s really caught everyone’s attention when it comes to these GameFi platforms.
Above all, Axie Infinity became a big player in the crypto world for its play-to-earn focus, giving users the chance to earn money by taking part in battles using NFTs they’ve bought (which represent monsters). However, despite the initial hype, the platform has also received criticism for not being fun enough to play; and other popular crypto games have received similar comments from gamers. As mentioned already, this is one of the things Gala hopes to capitalize on to differentiate itself.
If they’re executed properly, proponents believe that crypto games could be the basis of the so-called Web3 and a gateway to the metaverse, leading many big names to snatch up partnerships. For instance, Microsoft recently acquired the video game company Activision Blizzard, seemingly hoping it could become the go-to platform. Mark Zuckerberg’s ambitions in the metaverse are no secret to anyone.
But will it ultimately be decentralized potions like Gala that take the crown? Only time will tell.
Invest in MCT
For the world to enter the metaverse, it needs to be appealing enough to reel people in, and Gala Games stands a good chance. Yet there’s more to the metaverse than just Gala or even just gaming.
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- Up to 18% APR from staking
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