As the play-to-earn (P2E) market grows, blockchain gaming is becoming mainstream. One of the big players in 2024 is Gala Games. This detailed explainer explores the Gala cryptocurrency (GALA) and its entire ecosystem. Here’s everything you need to know.
KEY TAKEAWAYS
• Gala Games is a blockchain gaming platform that gives players ownership of in-game assets.
• Players own and trade NFTs using a decentralized network powered by user-operated nodes.
• GALA, the native cryptocurrency, is used to facilitates transactions and governance.
• GALA can be traded and purchased on several major exchanges, including Bybit, BYDFI, and eToro.
What is Gala Games?
Gala Games is a blockchain-powered gaming platform with the core goal of disrupting the traditional gaming industry by giving players ownership of their in-game assets. Instead of the typical model where game developers control these assets, Gala allows users to create, own, and trade them freely using cryptocurrencies.
The platform lets you create, own, and trade these assets using cryptocurrencies. The ultimate objective is to pave the way for a truly player-owned gaming economy.
Built on the Ethereum blockchain, Gala offers a range of P2E games, a sizable NFT marketplace, and the provision for users to store and distribute media products — both audio and video.
Gala relies on an extensive network of distributed nodes. These nodes are user-owned and play a key role in securing the network while helping expedite its development.
The node owners earn rewards in Gala’s native cryptocurrency, GALA, an ERC-20 token. GALA is important for the broader Gala ecosystem as it enables users to participate in games, cast their governance votes, or buy/trade stuff on the marketplace.
The team
Gala Games was co-founded by Eric Schiermeyer in 2018. Schiermeyer is also a co-founder of Zynga, the company behind social gaming hits like FarmVille.
Schiermeyer’s vision of integrating blockchain with gaming drives Gala Games forward. The team consists of veterans from both the gaming and blockchain industries, ensuring a mix of skills across software development, cryptocurrency, and design.
Specific funding rounds and financial backing details have not been as prominently disclosed as in many tech startups. However, judging by the data available on CrunchBase, Gala Games has secured at least $200 million in investment as of September 2024.
How Gala Games works
Gala Games operates at the intersection of gaming and blockchain technology. It offers a decentralized model that redistributes power and ownership to the gaming community. This is the polar opposite of how traditional game developers and/or publishers hold exclusive control over every major element within a game.
Here’s a quick look at the intricate mechanisms driving Gala Games.
Anchored in decentralized technology
The backbone of Gala Games is its solid blockchain infrastructure. Every in-game asset, from weapons to spacecraft, is represented as a unique and immutable digital asset or non-fungible token (NFT).
You can buy, sell, and trade these across various marketplaces. This approach grants players genuine ownership rights rather than merely a license to use the assets.
Nodes network
Player-operated nodes are another essential component of the Gala Games platform. These nodes help secure the network, validate transactions, and store gameplay data. In exchange for their contributions, node operators are rewarded with GALA tokens and, at times, exclusive NFTs.
This decentralized system encourages community participation and ensures that the platform remains solid.
There are four types of nodes on the platform:
- Founder Nodes: These are critical to Gala Games’ ecosystem. Founder Nodes provide governance by allowing holders to vote on the platform’s development using GALA tokens. Only 50,000 Founder Nodes are available for purchase, which makes them scarce and valuable.
- Game Nodes: These nodes are dedicated servers that support specific games within the Gala Games ecosystem. They grant players access to special privileges, including the ability to acquire NFTs or invite other players to join multiplayer sessions.
- Film Nodes: These nodes are designed for creators to distribute films as NFTs, enabling audiences to own and collect exclusive digital media content.
- Player Nodes: These are decentralized music players that allow artists to monetize their work by sharing it as NFTs, while fans can collect unique audio experiences.
GALA token
At the economic heart of Gala Games lies the GALA token, which facilitates transactions within the ecosystem. Players can leverage GALA to acquire in-game items, NFTs, and even nodes.
The GALA token’s utility extends beyond mere currency as it serves as a means for players to hold a stake in the network’s growth and participate in its governance.
Game development and publishing
Gala Games also functions as a platform for game development and publishing. Independent developers can leverage Gala’s blockchain infrastructure to create and launch their own games. This model supports a diverse range of games and genres, expanding the ecosystem’s appeal and fostering innovation.
Player-driven economy
The culmination of Gala Games’ features is a player-driven economy, where the players themselves determine the value and utility of in-game assets. This economy is based on scarcity, utility, and community consensus.
Community governance
Finally, Gala Games emphasizes community governance. It empowers players and node operators to have a voice in the platform’s development and decision-making processes. This participatory approach ensures that the ecosystem evolves to benefit its stakeholders while aligning with their collective interests.
GALA tokenomics
The GALA token serves a dual purpose within the Gala Games ecosystem. Its main job is to act as an in-game currency and make sure users can buy, sell, and trade NFTs efficiently. Beyond that, it also has the added responsibility of handling transaction fees on the network.
GALA comes with a fixed cap on its total supply, which ensures its scarcity and, by extension, its value.
Each day, the issuance of tokens is divided equally: 50% is allocated to the operators of Founder’s Nodes, rewarding their commitment to network security.
Meanwhile, the other 50% is reserved for Gala Games, earmarked for the platform’s sustained growth and development. This daily issuance halves every year on July 21, further limiting the supply.
Token distribution in a nutshell:
- Total supply capped.
- Half of the daily issuance goes to the Founder’s Node operators (network security).
- The remaining half is reserved for Gala Games conservatorship (future growth).
- Daily emission is halved periodically.
GALA token upgrade
In 2023, the Gala Games ecosystem underwent a major upgrade with the launch of the new GALA (v2) token. The upgrade, which took place on May 15, 2023, saw existing GALA tokens converted 1:1 to the new GALA (v2) tokens, while all functionalities and support for the original GALA token ceased simultaneously.
The transition was aimed at potential improvements to the Gala Games ecosystem, such as enhanced security and scalability. Additionally, it prepared the platform for future developments.
While several major exchanges like Binance, Coinbase, and Kraken announced support for the GALA (v2) token upgrade, users were advised to confirm with their specific exchange to ensure a smooth transition. The upgrade marked a significant milestone for Gala Games and made way for further advancements.
“A new contract allows us to create a more formalized burning process for gas transactions, enable governance votes that update emission schedules and dynamic supply, and so much more. From a user perspective, new $GALA will function just like the old $GALA. Under the hood though, we’re adding a ton of power to the engine that is web3 entertainment.”
– Gala Games: Medium
Best platforms to buy Gala (GALA)
Here, we have shortlisted three of the best platforms you can consider if you’re looking to buy GALA:
1. Bybit
As one of the most popular derivative trading platforms, Bybit offers perpetual futures contracts and high leverage options up to 100x for select contracts. Its user-friendly interface combined with generally good liquidity across markets creates an appealing trading environment. Bybit further reinforces its position through a strong emphasis on security measures like cold wallet storage and the provision of a demo trading environment for strategy practice.
2. eToro
eToro targets a wide audience with its beginner-friendly platform and mobile app. The platform offers crypto trading alongside traditional assets like stocks and ETFs. New investors benefit from eToro’s educational resources, while the platform’s regulation across multiple jurisdictions instills confidence. Distinctive features include social trading to replicate successful investors’ strategies and fractional share investing for portfolio.
- Very beginner friendly platform and mobile app
- Offers crypto trading alongside stocks/ETFs
- Good educational resources for new investors
- Regulated in multiple jurisdictions
- Social trading capability to copy leading investors
- Limited crypto variety
BYDFI offers a user-friendly platform for buying GALA, making it accessible for both beginners and experienced traders. It provides competitive fees and supports a variety of payment options, which makes transactions convenient. Additionally, BYDFI ensures secure trading with robust safety measures in place, appealing to those looking for a reliable exchange.
- User-friendly interface, suitable for both beginners and advanced traders.
- Competitive fees make it cost-effective for regular trading.
- Wide range of supported cryptocurrencies and payment methods.
- Strong security measures to protect user assets and transactions.
- Lacks some advanced trading features compared to larger exchanges.
Is GALA a worthwhile investment?
Gala Games has made significant strides in integrating blockchain into mainstream gaming by offering players true ownership over their in-game assets. However, as with any cryptocurrency, investing in GALA carries risks due to market volatility and regulatory uncertainties. Therefore, it’s crucial to do thorough research and consider your risk tolerance before taking the big step.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research and consult with a qualified financial advisor before making any investment decisions.
Frequently asked questions
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