While Gala Games stands out as a platform where blockchain-based games are developed; Gala (GALA) is an Ethereum-based token available in the Gala Games ecosystem that works as a “play-to-win platform” as a means of payment. Therefore, GALA can be used in the Gala Shop to purchase NFTs, control the network or earn rewards.
When and by whom was Gala Games Founded?
Gala Games was founded in July 2019 by Eric Schiermeyer, co-founder of Zynga, the social and mobile gaming company that launches Poker and Farmville video games. As of April 2022, Gala Games has over 1.3 million monthly active users and has sold approximately 26,000 NFTs, with the most expensive being worth over $3 million.
Koinfinans.com As we reported, in December 2021, Gala Games announced that it has set up a $100 million fund with investment firm C2 Ventures to invest in play-to-win games, the metaverse and other blockchain-based projects. According to esports analytics firm Newzoo, global gaming revenue is expected to reach $200 billion in 2024.
The ecosystem that Gala Games offers is a bit different from other game ecosystems in that it gives its players control of game development by allowing them to submit their game ideas for a vote by the community. This way, players have full ownership of their in-game items such as their NFT.
So far, Gala Games has released a game called Town Star and an NFT series called Vox. In Town Star, each player manages and owns a town. More than 700,000 towns have been created so far, and as of April 2022, nearly 600 million players have played the game. Vox, on the other hand, is a set of unique NFT avatars. It can be used for many purposes such as earning Voxcoins.
It is the GALA token that you should use while playing all these games and buying from NFTs. Beyond purchasing items using GALA, you can also purchase card packs from “alliance” members such as Splinterlands and activate Founder’s Nodes. While the token, which is at the base of the ecosystem, serves many different purposes, it works on the basis of ERC-20.
The control of the token is not very strict and users can transfer to whomever they want; They can use their token as they wish. Players who wish can also make an effort to be included in the system that rewards those who enter the top 100 in the Town Star game.
However, it should not be forgotten that this token is only a utility token and its entire purpose has been prepared according to this ecosystem. In this context, Gala Games has never made an initial token offer (ICO) or made a direct sale. Tokens are distributed entirely on entitlement. You can earn GALA by running nodes or playing games. Therefore, the price of the token also depends on the interest of this community.
GALA Working Mechanism
Proof-of-Work: It is the most well-known mechanism that works on the principle that miners support the network by providing hash power. Specific points for hash power are determined by a decentralized algorithm that scores according to what is most needed by the network (for example, if the network requires more computational resources, hashing can receive higher rewards from storage).
Proof-of-Stake: This mechanism, which is frequently on the agenda with Ethereum, represents the more preferred type and validates transactions much faster and requires less processing power.
Storage Evidence: The long-term goal of the Gala Games is to ensure that the Gala Gaming Ecosystem exists in a completely decentralized way. The ecosystem, which currently uses Amazon S3 servers, wants to get rid of it completely.
GALA has a total supply of 35,240,112,493, and its circulating supply is around 6,980,000. Although the maximum supply is not clearly stated in many places, it is known to be 50,000,000,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.