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An Introduction to Gala Games (GALA)
Inspired by the astonishing rise of GameFi and Axie Infinity's noteworthy success, Gala Games emerged in 2019, with its primary focus being the fusion of gaming and finance through revolutionary play-to-earn (P2E) blockchain gaming. The worldwide market value of blockchain gaming was over $4.6 billion in 2022, and predictions suggest that it could reach a staggering $65.7 billion by 2027. This positions it as one of the most potentially transformative sectors influenced by blockchain technology.
Gala Games brings to the table a vast collection of blockchain games, which motivates players to collect in-game rewards and earn digital assets such as cryptocurrency and nonfungible tokens (NFTs). Also, the implementation of NFT has offered the possibility of actual ownership of in-game items like strategic tools and land.
About Gala Games & Its Functioning
Gala Games is a blockchain gaming platform offering participants the opportunity to play, stake, trade assets, and engage in friendly competition. Developed on the Ethereum blockchain, it offers P2E games, an NFT marketplace, music and film products storage, and distribution. The platform depends on a network of user-owned nodes essential for its security and growth.
Gala Games, in partnership with Ember Entertainment, Kung Fu Factory, Gamedia, Certain Affinity, and 22cans, among others, has a diverse range of games created by both internal and external developers. Players can also trade their in-game items represented by NFTs on the Gala Store and OpenSea.
The platform initially developed on Ethereum has its very own blockchain (Project GYRI) launched in February 2022. Nodes in the Gala ecosystem contribute to the growth of the system while earning incentives, including the GALA crypto and limited-edition NFTs.
Evolution of Gala Games
Pioneered by the entrepreneurial trio of Eric Schiermeyer, Michael McCarthy, and Wright Thurston, Gala Games debuted in 2019. Notably, Schiermeyer co-founded the renowned Zynga, an online gaming platform. Since its inception, Gala Games has fostered strong partnerships with major players such as Flare, Mazer Gaming, Bitrue, Brave, Ember Games, and AMC to bolster its market presence.
Purpose and Acquisition of GALA
The GALA token finds its primary application as the go-to trading medium within the Gala Games ecosystem. It serves numerous purposes across different platforms, being a reward for Founder Node owners, a governance token, an in-game player reward, and a trading currency for NFTs.
To purchase GALA, users can turn to crypto providers like Kraken and Binance, where they need to set up an account and verify their identity. Once the purchase transaction is complete, users can either store the tokens in an exchange or move them to a more secure private wallet.
Gala Games as an Investment
With the blockchain gaming sector witnessing rapid expansion, it's clear to see that GameFi will have a major role in the entertainment industry's future. Gala Games continues to witness growth, thanks to substantial funding from Binance’s Accelerator Fund and a partnership with crypto investment firm C2 Ventures, implying it’s an attractive investment proposition. However, it is recommended for potential investors to conduct thorough research and risk assessment before investing.
