Echoing the momentum of GameFi (gaming and finance) and the nice success of Axie Infinity, Gala Games was launched in 2019 to pursue expertise growth and innovation in play-to-earn (P2E) blockchain gaming. The world market dimension of blockchain gaming exceeded $4.6 billion in 2022 and is anticipated to attain round $65.7 billion by 2027, establishing itself as one of the crucial promising sectors revolutionized by blockchain technology.
Gala Games affords gamers a plethora of blockchain video games that encourage gamers to achieve in-game rewards and earn cryptocurrency and nonfungible tokens (NFTs).
For the primary time, by using NFTs, blockchain video games provide gamers the power to personal in-game objects, akin to strategic instruments, bodily equipment and land. All objects might be acquired in Gala Games utilizing the GALA native token (GALA). GALA is additionally used for governance voting and to incentivize node operators.
This article takes readers by an understanding of the Gala ecosystem, how Gala Games works, and what the incentives are for utilizing it.
What is Gala Games (GALA)?
Gala Games is a blockchain gaming platform that contributors can use to play, stake and promote belongings and compete with each other. The platform makes use of blockchain expertise to safe the community and affords decentralized video video games to permit gamers to have enjoyable whereas incomes rewards like NFT prizes.
Developed on the Ethereum blockchain, Gala Games affords gamers P2E video games, an NFT market, and the chance to retailer and distribute music and movie merchandise. It depends on a community of distributed user-owned nodes essential for the platform’s safety and to increase its growth.
Players and user-owned nodes are rewarded with the GALA ERC-20 token for enjoying and contributing to the community. It is the mandatory forex to take part within the platform’s video games, commerce NFTs on {the marketplace}, and solid a governance vote.
How does Gala Games work?
The Gala Games ecosystem affords a large number of blockchain video games developed by in-house builders and exterior companions, together with Ember Entertainment, Kung Fu Factory, Gamedia, Certain Affinity and 22cans. It launched as a platform for customers who need to play and have enjoyable slightly than a platform that solely makes use of incentives to entice clients.
Gala Network customers can take pleasure in real-time technique (RTS), multiplayer on-line battle enviornment (MOBA) and role-playing recreation (RPG) titles all whereas being rewarded with the GALA cryptocurrency and NFTs for utilizing the platform.
NFTs symbolize in-game objects, akin to weapons, instruments and skins, that customers truly personal and can commerce on the Gala Store — also referred to as its nonfungible market — and OpenSea, one of many world’s largest NFT marketplaces.
Gala Games’ platform was developed on Ethereum; nonetheless, the Gala staff launched its personal blockchain (Project GYRI) in February 2022. Initially permissioned, the Gala blockchain goals to transition to a extra decentralized platform for optimum autonomy within the peer-to-peer switch of worth.
One of the options the Gala staff promotes is incentivizing gamers to run their very own nodes for a chance to earn the GALA cryptocurrency, restricted version NFTs and the possibility to contribute to the expansion of the ecosystem. To function their very own node, customers should buy a license for roughly $100.
Gala Nodes
The Gala Games platform is run by a distributed community of nodes guaranteeing decentralization slightly than a central server managed by a single entity. These nodes provide their computational sources to contribute to the ecosystem, vote on group proposals, and assist information the community’s growth. There are 4 various kinds of nodes, as follows:
- Founder Nodes are essential to safe the community from fraudulent actions and vote on the venture’s growth utilizing the GALA cryptocurrency. There are solely 50,000 Founder Nodes obtainable that may be bought from the platform with the GALA token.
- Game Nodes are specifically devoted gaming servers that may entry particular allowances, akin to NFTs, the power to invite different gamers, and so forth., within the video games they assist.
- Player Nodes are decentralized music gamers that permit contributors to play and share their music as NFTs.
- Film Nodes, like Player Nodes, are for movie experiences and leisure.
History of Gala Games
The founders of Gala Games are Eric Schiermeyer, Michael McCarthy and Wright Thurston, who launched the venture in 2019. Schiermeyer had beforehand co-founded Zynga, an internet gaming platform that developed standard video games, akin to Farmville, Mafia Wars and many others. Also, McCarthy labored at Zynga as a director earlier than shifting on to Gala.
Gala Games entered the market in 2019, and since its launch, Gala has secured some vital partnerships with Flare, Mazer Gaming, Bitrue, Brave, Ember Games and AMC, which helped promote the venture and enhance its market penetration.
What is GALA used for?
The main use case for the GALA token is to be a medium of trade between contributors within the Gala Games ecosystem and to buy digital belongings, together with NFTs.
The GALA token might be an Ethereum-based ERC-20 token or a BNB Smart Chain-based BEP-20 token and is utilized in varied methods throughout the Gala platforms. It generally is a reward incentive for Founder Node operators or a governance token that permits its house owners to vote on the venture’s future developments.
It can be within the type of in-game participant rewards and can be utilized to buy NFTs from the Gala Store. Users also can spend it to buy a license required to function a Gala node.
How to buy GALA
While Gala Games has been developed to run primarily on Ethereum, the GALA token can be utilized on platforms akin to Polygon and bridged to the BNB Smart Chain in order that customers can take pleasure in higher buying and selling charges when transferring worth.
Gala’s whole provide is roughly 50 billion, and every day, a pre-determined quantity of recent GALA tokens are distributed to the Founder Nodes and the Gala Games Conservatorship, which is Gala Games’ treasury. The day by day issuance is minimize in half yearly, and in July 2023, it was barely fewer than 4.3 million tokens.
Players can earn GALA in video games, and buyers can buy GALA from quite a lot of cryptocurrency suppliers, together with main exchanges akin to Kraken and Binance. Kraken affords to commerce GALA with the United States greenback and euro solely, whereas Binance gives a broader selection of cryptocurrencies — apart from Bitcoin (BTC) and Ether (ETH) — that may be exchanged with the GALA token. Coinbase solely permits you to buy Gala with a Coinbase pockets from a decentralized trade.
Investors should have an account with their supplier of selection and confirm their id to begin buying GALA; choose the forex that may buy the token, click on “buy,” and as soon as the transaction has gone by, they will both retailer the token throughout the trade (not really helpful) or withdraw it to retailer it in a non-public and safe pockets.
Is Gala Games funding?
As the blockchain-based gaming trade retains increasing, it is truthful to predict that GameFi will play a big function in the way forward for leisure. In 2021, Gala Games sealed a partnership with crypto funding agency C2 Ventures to type a $100-million fund to put money into advancing the play-to-earn gaming and metaverse markets. Gala Games additionally acquired funding from Binance’s Accelerator Fund for its growth.
Such funding was a constructive final result for Gala Games buyers searching for the venture’s reliability, alternatives and innovation. Whether Gala Games is funding or not is up to the investor to resolve after correct analysis and evaluation. Indeed, from a future perspective, GameFi is a promising department of finance that makes use of blockchain expertise to leverage safety and decentralization, encouraging widespread optimism throughout the monetary world.
