Echoing the momentum of GameFi (gaming and finance) and the tremendous success of Axie Infinity, Gala Games was founded in 2019 to focus on technological development and innovation in play-to-earn (P2E) blockchain gaming. The global market for blockchain gaming has surpassed $4.6 billion in 2022 and is projected to reach approximately $65.7 billion by 2027, establishing itself as one of the most promising sectors transformed by blockchain technology.
Gala Games provides players with a wide range of blockchain games that incentivize players to earn in-game rewards and cryptocurrency, as well as nonfungible tokens (NFTs). With the introduction of NFTs, blockchain games enable players to have true ownership of in-game items such as tools, accessories, and land. All of these items can be acquired using the GALA native token (GALA) on the Gala Games platform. GALA is also used for governance voting and incentivizing node operators.
In this article, we will explore the Gala ecosystem, how Gala Games operates, and the incentives for using the platform. Gala Games is a blockchain gaming platform that allows users to play, stake, and sell assets, as well as compete with others. The platform utilizes blockchain technology to secure the network and offers decentralized video games that allow players to have fun while earning rewards like NFT prizes.
Developed on the Ethereum blockchain, Gala Games offers players P2E games, an NFT marketplace, and the ability to store and distribute music and film products. The platform relies on a network of distributed user-owned nodes for enhanced security and development. Players and node operators are rewarded with the GALA ERC-20 token for their participation and contributions. GALA is used as the main currency for gaming, trading NFTs, and casting governance votes.
The Gala Games ecosystem offers various blockchain games developed by both in-house and external partners. Players can enjoy real-time strategy (RTS), multiplayer online battle arena (MOBA), and role-playing game (RPG) titles, all while being rewarded with GALA cryptocurrency and NFTs. NFTs represent in-game items that users truly own and can trade on Gala Store and OpenSea, one of the largest NFT marketplaces.
While Gala Games was initially built on Ethereum, the Gala team launched its own blockchain, Project GYRI, in February 2022. The Gala blockchain aims to transition to a more decentralized platform for peer-to-peer value transfer. One notable feature of Gala Games is its incentive for players to run their own nodes, allowing them to earn GALA, limited edition NFTs, and contribute to the ecosystem growth. To operate a node, users must purchase a license.
The Gala Games platform is powered by a distributed network of nodes to ensure decentralization. These nodes contribute computational resources, vote on community proposals, and aid in the network’s development. There are four types of nodes: Founder Nodes, Game Nodes, Player Nodes, and Film Nodes, each serving different purposes within the ecosystem.
Gala Games was founded by Eric Schiermeyer, Michael McCarthy, and Wright Thurston, who launched the project in 2019. Schiermeyer previously co-founded Zynga, known for popular online games like Farmville and Mafia Wars. Gala Games has formed significant partnerships with Flare, Mazer Gaming, Bitrue, Brave, Ember Games, and AMC to promote the project and expand its market reach.
The primary use case for the GALA token is to serve as a medium of exchange within the Gala Games ecosystem and to purchase digital assets, including NFTs. GALA can be an ERC-20 token on Ethereum or a BEP-20 token on BNB Smart Chain. It is used as a reward for Founder Node operators, a governance token for voting, and in-game player rewards. Users can also spend GALA to buy a license for operating a Gala node.
To acquire GALA, users can buy it from cryptocurrency providers such as Kraken and Binance. Kraken offers trading of GALA with USD and euro, while Binance provides a wider selection of cryptocurrencies for trading with GALA. Investors must have an account with their chosen provider, complete the necessary verification process, and choose the desired currency for buying GALA. GALA can be stored in a secure wallet.
As the blockchain gaming industry continues to expand, Gala Games has positioned itself to be a significant player in the GameFi space. The project has attracted investments from major firms and exchanges, indicating a positive outlook for investors interested in the reliability, opportunities, and innovation offered by Gala Games. However, determining whether Gala Games is a good investment ultimately depends on the investor’s research and assessment. GameFi holds great promise in leveraging blockchain technology for enhanced security and decentralization, garnering widespread optimism in the financial world.