Decided GALA is a good investment? You can get GALA on Coinbase today!
GALA is the utility token used on the Gala Games ecosystem. Gala Games creates blockchain based games that allow players to control the administration of these games.
Many gamers have experienced a shift in modern gaming, as gaming corporations change games on a whim by removing items or reworking gameplay mechanics. Companies turn off game servers when it is no longer profitable for them, even if a dedicated playerbase still exists.
Many major games have also been accused of unjustly banning players, locking them out of everything they earned or paid for, with little ability to appeal. By using the blockchain, Gala Games seeks to solve this problem.
But is GALA a good investment? Learn more about Gala Games now and how you can invest today.
What is GALA?
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 are digital assets that contain special identifying information. These digital assets are retained in an immutable smart contract. This set-up makes each NFT unique, hence the term non-fungible.
Gala Games uses the Ethereum blockchain to assign its in-game items to players. It pledges to utilize the blockchain on the back-end of games, so gamers can play the game without knowledge of the blockchain or cryptocurrency. All players get the benefits of blockchain gaming, even if they don’t know the game is running on a blockchain.
NFTs can be used in games for just about any item, and the blockchain allows users to trade these items freely. Game developers have no ability to remove items from individuals. Additionally, NFTs enable users to utilize items in multiple games, provided the games both support the asset.
For example, a character skin in 1 game could be used in another game, letting you keep your appearance consistent even when playing different games. This NFT skin is associated with you and cannot be removed by any game administrators. Even if game administrators ban you, you still have ownership of the skin and the ability to trade it.
Additionally, Gala Games has pledged to allow the community to vote on what game projects should receive funding and vote on the roadmap for game development. Supporters of Gala Games believe that this will encourage creative thinking and innovation by giving the community a chance to reject uninspired projects.
Complacency has plagued modern gaming, and developers continue to charge high prices for minimal innovation or incomplete games. By allowing for decentralized community voting, these projects can be stopped from entering the ecosystem. Gala Games gives the player base a say in the funding, design and development of games on its platform.
To date, Gala Games has a single playable game: Town Star. Town Star is a town-building and farming simulator and features a collection of Vox NFTs. Gala Games has attracted a whopping 1.3 million active monthly users, showcasing the massive potential of blockchain gaming.
GALA Price History
GALA ranks among the top 60 cryptocurrencies by market capitalization, with a total value of over $3 billion. Market capitalization represents the price of the token multiplied by the number of tokens in circulation. When looking at the potential for price growth, it is important to look at the market capitalization relative to other currencies to determine the true growth potential of a project.
GALA is up over 150,000% since the start of 2021 and up over 400% in the past month. Investor interest in blockchain gaming has boomed in recent months, and the price increase of GALA reflects that.
GALA Competition
Gala Games competes with other blockchain-based gaming companies, including Sky Mavis (makers of Axie Infinity) and Decentraland. Traditional gaming companies like Ubisoft have begun to explore utilizing the blockchain, with Ubisoft announcing the construction of a NFT system for cosmetic items based on the Tezos network. The AAA gaming studio foray into the blockchain space represents a significant charge in the marketplace.
How to Buy GALA
GALA is a notable cryptocurrency listed on many major exchanges, such as Coinbase. Coinbase features a friendly user interface and provides a smooth experience on a PC and mobile devices.
Coinbase keeps 95% of its cryptocurrency in offline cold storage, making it a reliable exchange. Coinbase has a great program going on right now called Coinbase Learn, which allows you to earn free cryptocurrency for watching short videos about blockchain technology.
Step 1: Open an online account
Download the Coinbase application, and follow the onscreen prompts to create an account. You will need to enter an email account, password and enable 2-factor authentication for added account protection.
After completing identification information to fulfill U.S. Know Your Customer (KYC) standards, you’ll be able to purchase cryptocurrency.
Step 2: Buy a wallet (optional)
For added security, you can transfer your cryptocurrency to a wallet. The 2 most common types of cryptocurrency wallets are hardware and software wallets –– both come with their own unique benefits and features. To get started, take a look at our picks for the best wallets to use for GALA tokens.
- ERC-20 tokens
Best Hardware Wallet: Ledger
Hardware wallets store cryptocurrencies offline. The user’s private keys, which are used to authorize transactions, are stored on the Ledger device.
This process keeps the keys offline and away from hackers who could access the keys from an online location. Since your private keys are stored offline, hardware wallets are the most secure way to store cryptocurrency.
Best Software Wallet: Zengo
ZenGo is a mobile application that offers a non-custodial wallet to store private keys. In addition to being a wallet, ZenGo allows users to buy cryptocurrencies in the application. This makes ZenGo a convenient option for those actively managing their portfolio. Plus, using a software wallet typically secures funds better than a centralized exchange.
Step 3: Make your purchase
To make your purchase, first search for GALA on the price page. Navigate to the buy button, and choose to purchase through either linking your bank account or with a credit or debit card. After previewing the transaction and proceeding with it, you will now own GALA.
Cryptocurrency Market Outlook
The cryptocurrency market is currently recovering from a dip due to fears that a new COVID-19 variant could cause more restrictions on the economy. However, in 2020 the market quickly recovered from the dip caused by COVID-19, and this time we have vaccines and therapeutics that should lessen the potential impact of the new virus strain. Sentiment remains bullish.
Is GALA a Good Investment?
Blockchain gaming is here to stay, and the number of active users on Gala is a clear indicator consumers enjoy the company’s products. However, staunch competition exists in this space, and established gaming studios could easily catch up and integrate blockchain-based gaming into their products.
As the gaming sector continues to grow, Gala will likely grow along with it. Investors must seriously consider the competition that currently exists and the potential competition from top studios when they enter the market.
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About Noah Goldstein
Noah Goldstein is an Undergraduate Student at the University of Michigan. Noah is a writer that covers cryptocurrency news for Benzinga. Originally from New Jersey, Noah now resides in Michigan. Noah is an active cryptocurrency investor with positions in Ethereum, DeFi projects, and NFT Ticketing Solutions. Noah believes that blockchain technology will change the world.