GameFi has seen founders and developers search for a real-world use case for integrating blockchain and gaming. Gala Games is one such project. 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.
Methodology
Our process for selecting the top platforms to purchase GALA was vigorous and conducted over a period of six months. The most obvious requirement for the platforms that made the final cut was support for GALA. Beyond this, many factors were taken into considerations, such as:
- Availability
- Fees
- Safety
- Features
Kraken
Kraken was a top choice, particular for U.S. users. This exchange has obtained many licenses in many states which offers customers a level of security. Additionally, the platform has low fees which range from 0.16% maker fees to 0.26% taker fees. Lastly, the exchange offers a proof offers a proof of reserves.
Uphold
Uphold was another top selection for U.S. users. While the exchange’s fees were particularly high compared to alternatives, Uphold is one of few U.S. based exchanges with a large altcoin selection. Due to U.S. regulations, many exchanges are hesitant to list altcoins.
KuCoin, also known as the people’s exchange, made the top cut due to its availability. This exchange supports over 200 countries. Moreover, it also has low fees, coming in at 0.1% for both maker and taker fees. It is also a great choice because it offers discounts to those that hold its platform token, up to 20%.
BYDFI
BYDFI is another exchange that supports low fees. However, it also has the added bonus of low minimum deposits, coming in at 10 USDT. Its’ fees range between 0.1%~0.3%. BYDFI is also a popular choice for those that like to trade derivatives.
YouHodler
YouHodler allows customers to both buy and sell crypto, and borrow and lend crypto. It made our top choice because users can deposit their idle GALA to earn yield. Up to 3.04% to be exact. This is especially handy for users since you can not natively stake GALA.
Our wallet selection was also based based on a comprehensive evaluation of several factors. Firstly, the security features offered by these wallets were paramount, ensuring the safety of GALA holdings against potential threats such as hacking or phishing attacks.
Secondly, their user-friendly interfaces and intuitive functionalities enhance accessibility for both experienced and novice users, thereby facilitating ease of GALA management.
Additionally, the widespread adoption and positive reputation of these wallets within the cryptocurrency community provided assurance of their reliability and trustworthiness. Furthermore, the compatibility of these wallets with multiple platforms and devices ensures flexibility and convenience in accessing GALA holdings, catering to the diverse needs of users.
Overall, the selection of Coinbase Wallet, MetaMask, Trust Wallet, imToken, and SafePal reflects a strategic choice aimed at optimizing GALA storage with a balance of security, usability, and accessibility.
This methodology was peer-reviewed and fact-checked for accuracy. To learn more about BeInCrypto’s Verification Methodology, pleas click here.
- Top 5 platforms to buy Gala (GALA)
- YouHodler
- Kraken
- KuCoin
- Uphold
- BYDFI
- How to buy Gala (GALA)
- What is Gala (GALA)?
- How does Gala (GALA) work?
- Why is Gala (GALA) popular?
- Gala (GALA) vs. other cryptocurrencies
- 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?
- GameFi: To the moon?
- Frequently asked questions
Top 5 platforms to buy Gala (GALA)
Before we dive in and demonstrate how to buy GALA, it makes sense to list a few of the top platforms that support the native GameFi token. Here’s BeInCrypto’s tried and tested top five in 2024.
YouHodler
YouHodler is a financial services platform that focuses 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 allows users to access liquidity without having to sell their crypto holdings. In addition to crypto-backed loans, YouHodler is also known for providing crypto savings accounts, where users can earn interest on their deposited cryptocurrency.
Kraken
Kraken is a cryptocurrency exchange, founded in 2011 by Jesse Powell. It is one of the largest and oldest Bitcoin exchanges in the world. Kraken is known for providing a wide range of services for both individual and institutional investors and traders. Kraken provides advanced trading features such as margin trading, futures trading, and OTC (over-the-counter) services, catering to the needs of more experienced traders.
KuCoin
KuCoin is a global cryptocurrency exchange that was launched in September 2017. It is known for providing users with the ability to trade a wide variety of digital assets and cryptocurrencies. The platform is often referred to as “The People’s Exchange” due to its user-centric development and features. KuCoin offers an extensive list of supported cryptocurrencies, including many lesser-known and emerging tokens, providing users with a broad spectrum of trading options.
Uphold
Uphold, founded by Halsey Minor in 2015, is a digital money platform offering multi-asset financial services. It allows users to buy, hold, convert, and transact across various assets, traditionally including fiat currencies, cryptocurrencies, precious metals, and U.S. equities. Uphold is known for its transparency and ease of use, providing a straightforward way for users 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, making it accessible to a global audience.
How to buy Gala (GALA)
Many crypto exchanges offer GALA. For this demo, we will use Kraken to show how to purchase GALA.
1. Account sign-up: Go to the Kraken website and sign up for 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.
Always make sure that you use www.kraken.com/sign-in to create an account and verify that the email address is a valid Kraken email address.
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)
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.
What is Gala (GALA)?
Gala Games is a blockchain-based gaming platform on the Ethereum blockchain. It specializes in the creation of play-to-earn NFT games. The Gala platform offers a variety of games within its ecosystem.
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. Eric Schiermeyer, who co-founded Zynga, and Michael McCarthy, who worked on Farmville and Mafia Wars, founded Gala Games in 2019.
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. In 2024, Gala Games offers a variety of games, some of which are still in beta testing, and they are continuously releasing more titles.
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.
Following this burn, the total amount of GALA in circulation is now 34,998,526,798 tokens. The market capitalization of GALA is slightly over $1.5 billion, with the fully diluted valuation mirroring this figure.
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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.
Why is Gala (GALA) popular?
Gala Games became popular because of its many deals, investments, and acquisitions, which established the project as a trailblazer in the industry. Its most notable acquisition was perhaps Ember Entertainment. The acquisition was announced via Discord and Twitter by the company’s CEO, Eric Schiermeyer, also known as Benefactor.
Before its acquisition, Ember Entertainment had a collaborative relationship with Gala. It was instrumental in the creation of “The Walking Dead Empires” Gala Games title. Moreover, Gala Games also features several popular titles, such as Townstar and VOX, with additional games currently in development.
In addition to adding more games to its roster, Gala Games is also expanding its partnerships. This list encompasses notable names in gaming and entertainment, such as DreamWorks, AMC, and NBC Universal. In 2021, Gala Games also invested in Concept Labs (formerly known as Concept Art House) and partnered with South Korean Media Protocols.
Additionally, esteemed video game creators like Peter Molyneux and Will Wright are associated with Gala. In the music sector, the project has collaborated with celebrated artists, including Snoop Dogg, Ice Cube, Kings of Leon, and BT.
Gala (GALA) vs. other cryptocurrencies
If you are interested in how Gala works compared to other cryptocurrencies, look no further. Here’s a look at how Gala stacks up against XRP.
Gala (GALA) vs. XRP: An ultimate comparison
There are many ways to compare Gala and XRP. Let’s start off with the basics. For starters, Gala is a token, while XRP is a coin. This means that the former is a smart contract, and the latter is a coin on its own blockchain.
XRP has gone through many selling points. Its most notable purpose was as a settlement currency for banks, promising a cheaper alternative. However, it eventually pivoted to remittances for international transfers.
On the other hand, GALA is an ERC-20 utility token that game developers use to pay node operators in the Gala ecosystem. Node operators can host games on their nodes in exchange for payments.
XRP uses a proof-of-work (PoW) blockchain, while GalaChain is a proof-of-authority (PoA) blockchain. This means that GalaChain has a privileged closed group of nodes that operate the blockchain.
GALA vs. XRP tokenomics
In terms of price performance, XRP had an all-time high of $3.84 on Jan. 4, 2018. GALA has barely touched a dollar, coming in at an all-time high of about $0.82. Additionally, GALA had an initial max supply of 50 billion GALA with no token sale or pre-mint phase.
The founders of XRP, Ripple Labs, pre-mined 100 billion XRP, of which a portion was solved over time. Gala would go on to burn almost half of its token supply later, as discussed previously. XRP still has the same supply. Lastly, GALA’s market cap is currently over $2 billion, and XRP’s market cap is over $34 billion.
According to BeInCrypto’s technical analysis set out in our Gala price prediction, GALA could reach $0.78 by 2030. On the other hand, XRP could reach $23.50 by 2030, as per our Ripple price prediction.
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
GALA is an ERC-20 token and so can be stored in a plethora of crypto wallets. Here’s a list of some of the leading cold and hot wallets, should you decide to buy GALA.
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 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 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 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?
Given all of the aforementioned points, Gala Games shows promise. As stated before, Gala has aligned itself with celebrities and important names in gaming. Many of these partnerships have fueled the popularity of Gala Games.
Many projects are attempting to bring GameFi into web3. The problem they all face is whether they have a unique selling point or USP. What separates them from another web3 game studio or crypto startup?
Gala Games is one of the few companies that has solved this problem. It has brand recognizability, it has partnerships, and it has the tech — all of which are needed to become successful in such a nascent field. Given the aforementioned points, aligning yourself with GALA early on would not be considered reckless.
GameFi: To the moon?
Now that you know how to buy GALA, the real question is whether you should buy it. For all intents and purposes, Gala Games has become the face of GameFi. It still has room to grow, and recent achievements signify the project has few plans to slow down. Remember never to invest more than you can afford to lose. Crypto is a volatile market, and many factors, including fundamentals, technical analysis, social sentiments, and competition from other projects, can all impact the price of any given token, including GALA.
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.
There are two ways to receive GALA. The first way is to go to an exchange and purchase it. The second way is to purchase a license and run a Gala Games node.
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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