Gala Games, behind the popular metaverse coin GALA, made an important announcement today. Pointing to the development of a new token release in the announcement, the platform’s GALA token made a splash. Here are the details…
Gala Games marked May 15 for the new token release
The developers said in a blog post on Tuesday that a new version of metaverse-focused Gala Games’ native tokens will be available to users on May 15. Version 2 (v2) tokens will be airdropped 1:1 to holders of existing Gala (GALA) version 1 tokens (v1). The developers said that v1 tokens are not intended to have any value after the v2 token issuance.
Gala said that v2 tokens are part of a broader upgrade to Gala smart contracts on Ethereum. The upgrade is designed to make the network more secure and will introduce burning mechanisms that can make tokens more valuable in the future. cryptocoin.com As we have also reported, coin burns are a way to permanently delete tokens from the circulating supply by sending them to an address that no one controls. Burns can provide bullish momentum for tokens because they can lead to price increases as demand increases and supply decreases.
Gala Games is one of the largest game-focused crypto projects with a market cap of $360 million. Users can play different types of games built on the platform and tokens are used as the primary means of commerce among ecosystem users. In-game items are represented as NFTs on the Ethereum Blockchain and users can buy and sell them on all marketplaces such as OpenSea.
GALA price is on the rise
According to CoinMarketCap data, GALA’s price action has been quite volatile over the past few months. However, recently, especially after the airdrop announcement, GALA price rose 12 percent to reach $0.048. The coin was hovering around $0.042 on a daily basis before the announcement. It is worth noting that the GALA token price, like many other cryptocurrencies, is subject to various market forces, including supply and demand dynamics, investor sentiment, regulatory developments, and more. Therefore, the price can be highly volatile and difficult to predict in the short term.
According to their own statement, Gala Games was founded by industry-leading game developers who came together to add value to gamers with the help of Web3 and Blockchain technology. Its founders saw major problems with today’s leading game publishers incentivizing players to constantly spend money to continue enjoying a game they love. Thus, Gala strives to create a massive platform with AAA-level games designed to give players more freedom, control and rewards than ever before.
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