This overview is a starting point for you to perform your own research prior to investing in a crypto asset. Risk statementīefore trading any crypto assets it is important to understand the risks. As Gala Games develops more games and develops existing games, including by bringing Town Star out of beta development, GALA will have more use-cases. Because GALA’s primary use-case is to buy and sell in-game NFT items, the more people who play Gala Games’ games, the more demand there will be for GALA. While Bitcoin, the largest cryptocurrency by market capitalization, has a market cap of roughly $870 billion, GALA has a market cap of around $1.8 billion (as of February 2022.) And, while GALA launched in 2019, and its development is still in progress, Bitcoin has been around for over a decade.įinally, GALA’s value is largely tied to the success of its games whereas Bitcoin derives much of its value from being a medium of exchange and store of value. Second, Bitcoin is far larger and older than GALA. It is what is known as an ERC-20 token, the name applied to the generic token standard for the Ethereum blockchain. And miners mine ETH to process GALA transactions. On Ethereum, ETH is the only coin that can be mined. By contrast, GALA is a token that runs on the Ethereum and Binance Smart Chain blockchains. Bitcoin powers the Bitcoin blockchain and it is mined by a decentralized network of computers that solve complicated puzzles to verify transactions. How does GALA compare to Bitcoin?įirst, Bitcoin is a “coin” and GALA is a “token”. No action was required by Wealthsimple GALA holders to participate in the upgrade, and all trading and transfers of the GALA token will reflect the v2 GALA asset from May 15, 2023.
GALA GAMES REVIEW UPGRADE
The upgrade intends to expand the utility of the GALA token to the Gala Games ecosystem. Per Gala Games, the v1 GALA token has been deprecated from their ecosystem. Gala Games completed a scheduled v2 upgrade of their GALA token on May 15th, 2023 via a 1:1 airdrop to existing GALA holders. Gala Games will only sell 50,000 Founder Nodes, of which 23,000 have been purchased so far. Once purchased, users can run the Founder node to earn additional GALA as rewards and participate in distributed voting mechanisms to, for example, help determine what games should be developed and receive funding. GALA can also be used to purchase Founder Nodes. Games may also come with their own individual tokens, which should not be confused with GALA, such as the TOWN token used in the Town Star ecosystem. However, it’s also sold on public exchanges independent of the game. GALA can primarily be used to purchase and sell in-game items. However, Wealthsimple only supports the ERC-20 token that runs on the Ethereum blockchain. The GALA token runs on, and is secured by, both the Ethereum and Binance Smart Chain blockchains. The Gala Games ecosystem of games is powered by its utility token, GALA. The Gala Games team has grown to over 400 employees and continues to partner with game studios, like Ion Games and Certain Affinity, to pursue new game development. So far, only two games, Townstar and Spider Tanks, are available to play, but twelve additional games are in active development. Since then, it boasts 1.3 million active users, 26,000 NFTs sold, and up to $3 million spent on a single in-game NFT. Players can operate nodes from their home computers to support the Gala Games ecosystem and earn rewards while doing so.įounded by Eric Schiermeyer, co-founder of Zynga Games, the studio behind games like Mafia Wars and Farmville, Gala Games launched in 2019. Using the Ethereum blockchain, each in-game item is a non-fungible token, or NFT, that can be fully owned, controlled, and traded by users, rather than only by the game developers. Gala Games’ mission emphasizes the goal of building player-owned, community-governed games. Gala Games is the company behind a rich ecosystem of blockchain-based games, also called Gala Games.
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