Gala (GALA) is the native cryptocurrency of Gala Games, a web3 platform that develops blockchain-based games. With its focus on player-driven governance and high-quality gaming experiences, Gala has already made a mark in the growing GameFi sector. Read on to learn how to buy GALA and everything else you need to know, from the project’s ecosystem to supporting wallets and comparisons with similar cryptos.
KEY TAKEAWAYS
• Gala Games is a web3 platform that develops play-to-earn (P2E) blockchain-based games.
• GALA is the native cryptocurrency of Gala Games. It powers the ecosystem by enabling transactions and in-game purchases.
• Since its launch, GALA has shown steady long-term growth despite the volatility of the crypto market.
• GALA is available on almost all major exchanges, including YouHodler, Kraken, Uphold, and BYDFI, among others.
- How to buy GALA
- Top platforms to buy GALA in 2024
- What is Gala (GALA)?
- 1. YouHodler
- 2. Uphold
- 3. BYDFI
- How does Gala (GALA) work?
- Gala (GALA) ecosystem
- Gala (GALA) wallets
- Coinbase Wallet
- MetaMask Portfolio
- Trust Wallet
- imToken
- SafePal
- Gala (GALA) staking
- Gala (GALA): Should you buy into the hype?
- Frequently asked questions
How to buy GALA
Before we get into the details, here’s a quick summary of the general steps to buying GALA.
- Create an account on a supported crypto exchange.
- Install the exchange app and log in.
- Search for GALA and choose it from the list.
- Enter the amount, choose a payment method, and confirm the transaction.
Now we’ve covered the basics, let’s look a little closer. Note that while many crypto exchanges offer GALA, we will use Kraken for this demo.
1. Account sign-up: Go to the Kraken website and create an account. You will need an e-mail address, phone number, and a valid photo ID. Follow the instructions to complete the sign-up process.
2. Download the Kraken app and select GALA: Download and open the Kraken app. It is available on Android and iOS. Once you are in, press the explore button and select GALA.
3. Select the amount of GALA: Select the amount of GALA that you would like to purchase, choose a payment method, and select ‘Next’ to continue.
4. Swipe to confirm: Swipe right to confirm your transaction.
You have successfully completed your first GALA purchase.
How to sell Gala (GALA)
In short, you can sell Gala by:
- Opening the app and going to your portfolio.
- Choosing GALA from your list of assets.
- Deciding how much GALA to sell.
- Swiping or clicking to confirm the transaction.
Here’s some more detail.
1. Select GALA: Open the Kraken app and select your “Portfolio.” The small wallet icon is to the left of the “Exchange” button. Here, you can see the balance of your coins, tokens, and fiat holdings. Select GALA.
2. Press the Sell button: After you select GALA, you will go to a page that shows your transaction history. At the bottom of the page, tap the “Sell” button.
3. Choose the amount: Choose the amount of GALA you want to sell. Notice that you can also change the order types you wish to use. After you select the amount, press “Next”.
4. Swipe to confirm: Swipe to confirm your sell transaction.
You have successfully sold GALA.
Top platforms to buy GALA in 2024
The exchanges we have listed below are known for their strong security protocols, including two-factor authentication and encryption, which protect user funds and personal information. They also offer user-friendly interfaces and advanced trading tools that suit both beginners and experienced traders.
1. YouHodler
YouHodler is a financial services platform focusing on crypto-backed lending and other cryptocurrency-related financial products. It is primarily known for offering cryptocurrency holders the ability to take out cash loans secured by their cryptocurrency assets. This feature allows users to access liquidity without selling their crypto holdings.
In addition to crypto-backed loans, YouHodler also provides crypto savings accounts, where users can earn interest on their deposited cryptocurrency.
2. Uphold
Uphold allows users to buy, hold, convert, and transact across various assets, traditionally including fiat currencies, cryptocurrencies, precious metals, and U.S. equities. The platform promises full transparency and ease of use to provide users with a straightforward way to manage diverse portfolios from a single account.
It supports a wide range of cryptocurrencies.
BYDFi, originally launched as Bityard, is a Singapore-based cryptocurrency exchange that specializes in derivatives trading, including lite contracts and leveraged tokens, alongside traditional spot trading.
Rebranded to BYDFi in January 2023, the platform focuses on providing simplicity, efficiency, and a wide range of trading options for its users. It supports over 100 fiat currencies and various deposit methods.
What is Gala (GALA)?
Gala Games is a blockchain-based gaming platform on Ethereum that specializes in play-to-earn NFT titles. It was founded by Eric Schiermeyer, who also co-founded Zynga, and Michael McCarthy, who worked on Farmville and Mafia Wars, in 2019.
It utilizes the play-to-earn model and non-fungible tokens (NFTs) across different gaming genres. Gala operates on a network managed by tens of thousands of players who run Gala nodes.
The platform purports to have 1.3 million active monthly users and has facilitated the sale of over 26,000 NFTs, with the highest recorded sale reaching $3 million.
The goal of Gala Games is to put gameplay and player experience at the forefront, focusing on the development of AAA-quality games. They have substantially invested in acquiring high-quality games to add to their platform.
As of September 2024, Gala Games offers a variety of games, some of which are still in beta testing.
How does Gala (GALA) work?
Gala Games is a blockchain-based gaming platform that emphasizes giving control back to the players. The platform allows players a significant role in the decision-making process regarding which games are added to the platform.
It features a voting system among Gala nodes, and any player can establish a node using their PC. The platform utilizes its own native token, GALA, which players can use to make in-game purchases and conduct peer-to-peer (P2P) transactions within the ecosystem. Rewards earned through gameplay are also distributed in the GALA token.
Gala (GALA) tokenomics
The GALA token launched without a pre-sale or initial allocation, making it a fair launch token. Its distribution began through the operation of nodes, with all GALA tokens directed to the Founder’s Nodes in the Gala Games environment.
The Gala Games team reserved about 2 billion GALA tokens. On May 15, 2023, the total supply was reduced, with around 20 billion tokens burned.
This reduction included all GALA tokens previously accumulated as revenue and almost all reserve GALA allocated for the Founder’s Node rewards.
As of Sept. 03, 2024, the total amount of GALA in circulation is approximately 34.2 billion tokens. The market capitalization of GALA is slightly over $605 million, with the fully diluted valuation marginally larger than this figure.
Gala Games nodes
Gala Games used a network of nodes, primarily Founder’s Nodes, to support its ecosystem. The nodes contributed to decentralized storage and computing, underpinning a large part of the network’s infrastructure.
This setup ensured files and data were stored and shared across the network.
These nodes played a significant role in the InterPlanetary File System (IPFS), where they made up nearly 30% of the most active stable peers in early 2023. This was discovered by accident when the Gala Nodes went down for a few hours and impacted the overall network of IPFS.
With the expansion of the Gala Games ecosystem, the workload required more than what the Founder’s Nodes could handle alone, leading to the introduction of game-specific nodes.
These Game Nodes were developed to support individual games within the Gala Games ecosystem, providing unique benefits and enhancing game functions such as matchmaking, improving ping, and decreasing latency.
Each Game Node differs based on the needs of the particular game it supports. The node operators receive rewards for their support, for example, with cryptocurrency specific to the game they are aiding.
In order to operate a Gala Games node, users will need to purchase a license. Founder’s nodes receive rewards in GALA, limited edition NFTs, and other various opportunities.
Gala (GALA) ecosystem
We would be remiss to talk about Gala Games without mentioning the games the project is working on. They are an important part of the ecosystem and require their own spotlight. At the moment, there are 28 titles in development and growing. Here is a brief list of a few that have launched.
The Walking Dead: Empires
The Walking Dead: Empires is a multiplayer MMORPG survival game developed by Ember Entertainment. It is based on the comic book series “The Walking Dead.” The Walking Dead was eventually adapted into a popular television series, with many games created as a result.
The game allows you to craft items for survival that are also NFTs. You can use the items for yourself or sell them to other players.
GRIT
Set in a “wild west” world, GRIT is a battle royale-style game developed by Team Grit. You can play as generative characters that are completely unique and double as NFTs. Several items, such as weapons, medical kits, and others, are also mintable.
The game is free but also allows you to earn rewards based on your in-game activities. GRIT is live and currently available in the Epic Games store.
Champions Arena
As a turn-based RPG game, Champions Arena allows players to collect over 100 “champions” for PvP (player vs. player) battles. The champions have unique abilities and build, allowing players to build teams according to their playing style.
You can play solo or join a guild. Additionally, in-game items are also NFTs. Users can also go on quests to gain resources. Champions Arena is available on both Android and iOS.
GalaChain
GalaChain is Gala Games’ proprietary layer-1 blockchain, designed to support and scale the company’s expanding ecosystem. The creation of GalaChain signifies Gala Games’ transition from using custodial wallets for securing player tokens and distributing NFTs.
One of the main reasons for developing GalaChain was to address certain limitations and costs associated with previous systems, particularly in relation to Ethereum. It provides a sidechain solution where players can mint tokens and items without charges.
GalaChain is built on Hyperledger Fabric. It is a proof-of-authority (PoA) chain that can support extremely fast block times, transaction throughput, and instant finality, coming in under two seconds.
With GalaChain, one of the things that we can do with this is that we have the ability to delegate usage. So you can lock a token and then assign the ability to access that token to another address.
— Jason Brink, President of Blockchain for Gala Games: X
Gala (GALA) wallets
Here’s a list of some of the leading cold and hot wallets for storing your GALA stash. Each wallet we have highlighted aligns with industry best practices. They have strong security features like biometric authentication and private key encryption to protect your funds from unauthorized access. They also come with user-friendly interfaces and support multiple blockchain networks to ensure flexibility and ease of access.
Coinbase Wallet
Coinbase Wallet is the proprietary wallet of the Coinbase exchange. Users can download it on mobile or use it as a browser extension. Coinbase Wallet has extensive support for the Ethereum ecosystem, while offering support for other coins like Bitcoin.
MetaMask Portfolio
MetaMask is perhaps the most popular wallet for the Ethereum ecosystem and EVM-compatible blockchains. It allows you to hold your Ethereum and easily import any ERC-20 or compatible NFT tokens as well.
Metamask portfolio gives you a more refined hub for you to manage your portfolio of cryptocurrency all in one place.
Trust Wallet
Trust Wallet is a web3 wallet that is owned by Binance. It allows you to get involved with a host of crypto related activities, all from the comfort of your mobile phone. This includes, buying, selling, and trading, fiat on-ramps, and even an in-app browser.
imToken
imToken is a company that supports wallets for the web3 ecosystem. It has both a hardware and mobile wallet for users to use. The imToken mobile wallet is an all-in-one wallets that supports many features. It allows you to hold your crypto coins, tokens, NFTs, stake, and many other activities.
SafePal
SafePal is a hardware wallet that allows for the secure cold storage of your cryptocurrency coins and tokens. It is ERC-20 compatible, so you can store your GALA securely offline and away from attackers. Additionally, SafePal is portable, about the size of a card, and has an associated app for easy usage.
Gala (GALA) staking
Founder’s Nodes in the Gala Games ecosystem do not have to stake GALA to earn rewards. Instead, they earn GALA as part of the operational rewards for running a node and participating in the network.
The rewards are given for supporting the network’s infrastructure and security rather than staking tokens. However, some exchanges may offer opportunities to earn rewards for depositing GALA.
Gala (GALA): Should you buy into the hype?
It is important to point out that investing is risky, and you can lose money, whether it is an impermanent or realized loss.
Much of the GALA token’s performance, and many other tokens for that matter, is based on supply and demand. Theoretically, the more people that want the token, the higher the price goes. If there is a high demand for GALA, then the price should rise. But how does one increase the demand for GALA?
This is where the supposed risk comes in. You largely depend on the game ecosystem to increase the performance of the GALA token. Assuming there is no code risk, the biggest risk is the counter-party risk.
Simply put, there must be a demand for the games built within the Gala Games ecosystem. As it stands today, there is no staking mechanism to incentivize node operators to hold onto their tokens.
Therefore, a large part of the demand for GALA comes from the games that must pay node operators to host their games. Outside of this, the only demand for GALA comes from speculators.
Is Gala (GALA) a good investment for you?
Gale Games has brand recognizability, partnerships, and tech—all of which are needed to become successful in such a nascent field. Given these factors, aligning yourself with GALA early on would not be considered reckless.
That said, it’s important to approach any investment in cryptocurrency with caution. While GALA shows potential, market conditions and regulatory developments can still impact its value and long-term success. Therefore, do thorough research and consult a financial expert before making any investment decisions.
Frequently asked questions
There are many exchanges that allow you to buy GALA. Some of these include Kraken, Uphold, and BYDFI. GALA is a popular gamefi token, and many exchanges support it.
If you want to buy GALA, you can use a decentralized or centralized exchange (CEX). If you are using a CEX, you will more than likely have to KYC. Simply give your email, phone number, and a photo ID to complete this process.
Whether GALA is worth buying or not largely depends on your specific financial situation. However, GALA is currently less than a $1. The token largely depends on the Gala ecosystem usage, which has a growing number of game titles.
According to our experts, GALA could reach $0.78 by 2030. It is important to remember that many factors go into a price prediction. Many unforeseen events between now and 2030 could occur which could send the price of a token up or down.
Blockchain Game Partners Inc. owns Gala Games. Gala Games was created by Eric Schiermeyer, who co-founded Zynga, and Michael McCarthy, who worked on Farmville and Mafia Wars. The GALA token is a part of the Gala Games ecosystem.
GALA is not a blockchain, it is an ERC-20 token on the Ethereum blockchain. GalaChain is the blockchain of the Gala Games ecosystem. It is relatively new and was created for faster transactions, lower fees, and for users to custody their NFTs.
GALA is not a metaverse coin. It is an ERC-20 token. However, game developers utilizing the Gala platform can create a metaverse, in which they use the token as a part of an in-game currency.
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