Gala Games intends to upend the free-to-play model popularised by Fortnite, in which players rented in-game goods from the developer. Schiermeyer was formerly a part of Intermix Media, the business behind MySpace, and the co-founder of Zynga, a billion-dollar company founded in 2007 to connect the world through games. McCarthy was the creative director of https://cryptolisting.org/ Zynga, where he created Farmville 2, a popular Facebook game. Early on, the two identified the potential of play-to-earn games, which give consumers the power to earn lucratively and enable producers to genuinely concentrate on game quality. GALA is +0.00% in the last 24 hours.GALA has a circulating supply of 32.98 B GALA and a max supply of 50 B GALA.

Gala Games has its own NFT collection and a highly engaged community

This webpage has been approved as a financial promotion by Bitstamp UK Limited which is registered with the UK’s Financial Conduct Authority. Cryptoassets and cryptoasset services are not regulated by the Financial Conduct Authority. If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies. Furthermore, its transactions and the GALA token are upheld by Ethereum, a blockchain that powers thousands, if not tens of thousands, of other tokens in addition to GALA and Gala Games NFTs. Gala itself is an entertainment company focused on pioneering the gaming, music, and film industries. The team of over 90 employees includes some of the minds behind brands such as Command & Conquer, Doom, Unreal, Halo, Left 4 Dead, and Call of Duty.

GALA Tokenomics

Additionally, Gala Games has formed partnerships with game developers and studios, integrating GALA tokens into their gaming platforms, and expanding the token’s reach and utility across a broader gaming audience. Powered by a proof-of-stake (PoS) consensus mechanism, Gala (GALA) ensures network security and transaction validation while promoting energy efficiency and scalability. Validators stake GALA tokens to secure the network, facilitating quick and reliable transactions essential for gaming applications. This commitment to community-driven governance fosters engagement and ensures that Gala evolves in line with the interests and preferences of its users, shaping the future of gaming in a collaborative and inclusive manner. The future of Gala (GALA) is brimming with promise, as it continues to evolve and expand its ecosystem.

How Does Gala Games Work?

Technological enhancements are also on the horizon, focusing on improving the scalability, security, and efficiency of the Gala Games blockchain infrastructure. These upgrades will ensure that the platform can accommodate increasing user activity and maintain a seamless gaming environment. Gala Games (GALA) is a crypto gaming project that gained over 30,000% in 2021, making it one of the year’s best performers.

About MarketBeat

Many gamers have found this out the hard way, losing expensive in-game assets and even the right to play games at the whim of a publisher or game development studio. The total supply of Gala tokens is capped at a predetermined amount, ensuring scarcity and value preservation over time. As for the distribution mechanism, Gala utilizes a proof-of-stake (PoS) consensus algorithm, which involves token holders staking their GALA tokens to secure the network and validate transactions. In return for their participation in the network, validators receive rewards in the form of newly minted Gala tokens. This process incentivizes stakeholders to actively engage in securing the network while also contributing to its decentralization and overall health.

1. GalaChain was created to significantly cut network costs and provide higher scalability than Ethereum.
2. People invest at their own risk and cryptocurrencies are not regulated by British financial authorities.
3. As it stands, there are a number of reasons why somebody might want to acquire the GALA token (beyond mere speculation).
4. Discover the pulse of the cryptocurrency market with live updates on Bitcoin, Ethereum, and over a thousand other digital assets.

Live Gala Price Today

Gala Games surged last year as crypto gaming came into the spotlight and investors jumped on this new craze. However, as we’ve seen with other tokens, it is difficult to know how much the price jump was fueled by speculation and how much is a realistic representation of the highs Gala might be able to reclaim in the long term. As with any crypto project, it’s important to only invest money you can afford to lose. These nodes are owned by users that supply computational power needed to run the games hosted by Gala and are rewarded with GALA and/or NFTs for their contributions.

With plans to release new games, enhance technological infrastructure, and explore interoperability with other blockchain platforms, Gala is poised to drive innovation in decentralized gaming and virtual economies. Looking ahead, Gala (GALA) holds potential for further real-world adoption beyond gaming. As blockchain technology continues to evolve and gain mainstream acceptance, GALA’s use cases could extend into various sectors is gross sales tax an expense or a liability such as decentralized finance (DeFi), digital collectibles, and virtual real estate. Built on Ethereum, Gala offers a suite of games that incentivizes players to earn cryptocurrencies and NFTs through their gameplay. These games are hosted on a network of distributed, user-owned nodes which secure the platform and help guide its development. GALA is the main cryptocurrency of the Gala Games ecosystem, serving as a utility token.

You can also store GALA on a cryptocurrency exchange account, but you can’t use it as easily as if it were in your own non-custodial wallet. Ethereum is a proof-of-stake (PoS) blockchain with blocks created and validated by nodes called “validators.” To become a validator, node operators must bond at least 32 ETH to the protocol. It allows artists to sell their creations directly to their fans via NFT technology, cutting out predatory intermediaries. It also allows users to participate in a decentralized music streaming platform. Here, players can lend NFTs for others to use, benefiting from the code’s safety as well as returns from the NFT’s utilization.

This comes amidst the growth the decentralized games industry is experiencing. Investors are watching the token closely as the decentralized games and NFT industries continue to grow. “Gala Games certainly has an interesting ecosystem of games and very experienced leadership, so even such an ambitious goal could happen in a few years,” it says. It was created in 2019 by Eric Schiermeyer, one of the co-founders of mobile games company Zynga, which developed the likes of Mafia Wars and Farmville. Developing its own ecosystem will allow it to significantly reduce costs and improve transaction times. In February 2022, Gala introduced Project GYRI, an independent blockchain to host Gala’s ecosystem.

Regarding film, Gala is developing a system where creators can also sell their content directly to supporters. Gala Film will also involve Watch and Earn, a decentralized streaming platform similar to the music offering. No, as long as your GALA is not currently used in any liquidity pools or smart contracts you won’t need to do anything to be eligible. Together, we will embark on this exciting journey, strengthening the Gala Games community and solidifying our place in the world of web3 tech.

If you use your own wallet, your GALA tokens aren’t exposed to the risk of third-party failure. Within the Gala Games ecosystem, GALA serves as a blockchain-verified and secure mode of payment and settlement for digital goods and services, such as in-game items. However, it does not represent any shareholding in Gala Games or entitle the user to any kind of revenue sharing or other benefits that could liken it to security. The Gala network is powered by its innovative Node system, which relies on users and community members to use their own hardware. However, the GALA cryptocurrency and transactions using it are secured by the Ethereum blockchain.

Gala (GALA) operates on its own blockchain, harnessing blockchain technology to revolutionize the gaming industry, offering players true ownership of in-game assets and fostering a decentralized gaming ecosystem. Through blockchain’s immutable ledger, Gala ensures transparency, security, and provable ownership of digital items, allowing players to transfer their assets seamlessly across various games within the Gala Games platform. This approach fundamentally alters the traditional gaming landscape, empowering users to have full control over their gaming experiences and assets. Gala Games, the company behind the Gala (GALA) cryptocurrency, was founded by Eric Schiermeyer, Michael McCarthy, and Jason Brink. The vision behind Gala Games emerged from their collective experience in the gaming industry, with a goal to revolutionize gaming through blockchain technology and decentralized ownership.

Gala Games was co-founded by Eric Schiermeyer, Michael McCarthy, and Wright Thurston in 2019. Schiermeyer was previously known for co-founding the online gaming platform Zynga, which pioneered the development of Farmville, Mafia Wars, and many other popular mobile games. Rather, GALA is a utility token and medium of exchange on the network and a means of rewarding Nodes for their service. For this reason, the value of the GALA token may well depend on the growth of the Gala ecosystem and, therefore, the demand for the token to use it. Furthermore, using an exchange account to store cryptocurrencies opens you up to various risks, as the recent collapses of FTX, Voyager, and Celcius have shown.

We are now in a very different economic climate and crypto markets could struggle for some time to come. If this is the start of a new crypto winter, we can expect a number of weaker projects to fail, which will be a painful process. This makes it all the more important to do your own research and look carefully at each project’s long-term prospects. Gala may turn out to be one of the top crypto gaming platforms of the future, it’s certainly got a lot going for it. But it’s a risky market segment and the project could also fall out of the spotlight. One thing to know about Gala is that its token is separate from the gaming tokens players can earn in individual games.

By elevating their ideas to web3 through GalaChain, developers can create custom tokens, smart contracts, reward opportunities and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum, Binance Smart Chain and more. Developers who wish to learn more about getting involved with GalaChain are welcome to reach out via GalaChain.com. Harris’s experience with the tech industry puts her in a good position to talk about crypto.

Its emergence as a decentralized platform for virtual worlds and games marks a significant shift towards player empowerment and true digital ownership. By enabling gamers and developers to create, own, and trade in-game assets on a secure and interoperable ecosystem, Gala is redefining the boundaries of traditional gaming. It stands as a testament to the potential of blockchain technology in creating more equitable and player-centric gaming experiences, where creativity and economic empowerment go hand in hand.

If the totalSupply dips below a previously reached halving point, the emission rate may increase to align with demand. As of early 2024, the San Francisco based worldwide company has over 350 full time employees. This includes the core brands of Gala Games, Gala Music, Gala Film and GalaChain, but does not include the numerous contractors and external developers contributing to the growth of the decentralized Gala ecosystem. Harris has rarely discussed crypto openly, but now she has a chance to make her views on crypto regulations and policies known. The Digital Chamber, a prominent digital asset trade association, has urged Kamala Harris to support the U.S. cryptocurrency industry if she becomes the Democratic presidential nominee. After President Joe Biden’s withdrawal from the presidential race, Harris already has solidified her position as the presumptive Democratic nominee.