GALA is an Ethereum-based cryptocurrency that powers Gala Games, a play-to-earn gaming platform. The GALA crypto is used as a medium of exchange between participants in the Gala Games platform. Users can earn GALA tokens by achieving in-game milestones and completing tasks.
This crypto-based gaming platform is planning to launch its own blockchain soon, which has resulted in sky-rocketing prices of the GALA cryptocurrency.It aims to transform the gaming industryby letting players use and trade GALA cryptoto advance in-game progression.
Read on to know who created GALA crypto, its features and benefits and how to buy this token.
What is GALA Crypto?
GALA is a functional utility token that is based on the Ethereum blockchain. It is the native token of the GALA Games ecosystem, which aims to bring a lucrative gaming experience to its users.
In addition, GALA Games also has a successful Non-Fungible Token (NFT) collection that is traded on an active secondary market by interested individuals. This gaming platform offers limited edition NFT characters to players, which they can buy by using their GALA token.
The GALA Games is the name of a blockchain gaming platform offering a number of games where people can get true ownership of their in-game items using NFTs. It is an early innovator in the play-to-earn genre of games. Unlike its competitors, Gala Games focuses on creating high-quality games that people will “actually want to play”.
Who Created GALA?
In 2019 Michael McCarthy and Eric Schiermeyer would launch the Gala Games. Its parent company is the popular game development company Zynga. Schiermeyer is currently the CEO of Gala Network and is also one of the founders of Zynga. Michael was a creative director at Zynga and developed Farmville for Facebook.
Understanding the future potential of play-to-earn games, these two co-founders shifted their focus to developing a decentralised platform where players would own their personalised content. To reward the participants of the GALA platform, they soon released the Ethereum-based GALA token on September 18 2020.
The GALA crypto coinpowers the GALA ecosystem entirely. This decentralised gaming platform features a wide variety of games that are 100% free to play. In addition to getting GALA tokens as rewards, one can buy and sell in-game items from the in-built marketplace.
The entire gaming network is based on community-owned nodes that power the platform. Users can operate Gala nodes from their home computers by buying a license for the same from the official website. Such users get incentivised for their contribution in terms of GALA coins, NFTs and gaming opportunities.
What are the Features and Benefits of GALA?
Listed below are some unique features of the GALA cryptocurrency that benefit its users:
Massive community: As per the official website, the platform currently has more than 1.3 million monthly active users. More than 16,000 player-run nodes power the community. The entire ecosystem consists of crypto and gaming enthusiasts who are dedicated to building a platform that is true to its roots and changes the gaming industry.
Offers multiple games: Unlike other blockchain-powered games, the GALA platform offers more than one gaming option to its users. As of now, they have a total of 5 blockchain games in sci-fi strategy, tower defence system, multiplayer online battle arena and epic fantasy categories. They are a popular choice among newbies because they have been created by using simple game mechanics.
Made for the people, by the people: The entire Gala Games network depends on its player-owned Node Ecosystem. Additionally, players get to truly earn their own what they win in the games. The items won in the games are authenticated assets on the blockchain network, which players can trade with other players on the network.
Promising future plans: GALA Games is planning to introduce more exciting blockchain-based games in the near future. They are also on track to launch more NFT collections based on their in-game characters.
Most interestingly, the platform is planning to launch its own high-speed native blockchain, called GALA Chain, which will drastically lower the transaction fees associated with using the Ethereum blockchain.
How to Buy the GALA Token?
Here are the steps you can follow to buy GALA crypto coin in India:
Step 1: Select a crypto exchange
There are multiple crypto exchanges in India that offer their services via websites or mobile applications. Choose your preferred crypto exchange
Step 2: Create an account
Sign up on the platform by providing the necessary details. Your account will be successfully created after you verify your email address and identity
After verification, select your preferred payment method and link your bank account to the platform
Step 3: Select a trade
Search for ‘GALA’ cryptocurrency. Tap on ‘Buy’ or ‘Purchase’ after you are redirected to the exchange platform
Step 4: Enter the amount you wish to buy
Enter the number of GALA tokens that you wish to purchase. The app will automatically inform you how much you will be required to pay in your local currency
Step 5: Buy Gala tokens
Click on ‘Buy’ to confirm the purchase. The GALA tokens will be transferred to the custodial wallet of the exchange, which you can later transfer to your personal crypto wallet.
GALA Crypto Price Prediction
GALA Games has lined up some exciting projects and initiatives. From exciting partnerships with Hollywood celebrities to the launching of more games, it is believed that the GALA ecosystem will continue to grow.
As of July 12 2022, the GALA coin price prediction is positive for the rest of this year. There are chances of GALA crypto coin trading at $0.189 in a year. The GALA crypto price for the end of 2025 is projected to reach the $0.50 mark, and it may even reach $0.728 by the end of 2027.
How to Store GALA Tokens?
Right now, the GALA token is based on the Ethereum blockchain, so you can store GALA by using any ETH-compatible wallet. You can secure your GALA cryptocurrency in a hot wallet or cold wallet, both of which have been explained below:
Hot wallets: You can easily store your GALA tokens in hot wallets like a Desktop wallet, web wallet or mobile wallet. These are online wallets that we can use by simply connecting them to the internet.
Hot wallets are easy to carry around and are user-friendly; however, they are prone to online phishing and hacking attacks.
Cold wallets: There are primarily two variants of cold wallets – paper wallets and hardware wallets. These are offline wallets that you need to connect to your computer for validating transactions.
Hardware wallets use extremely advanced encryption techniques to keep your private keys safe on a physical device. On the other hand, paper wallets are pieces of paper that contain all the encrypted data you would need to access the token.
In addition to these two types of wallets, crypto users can also choose to store GALA cryptocoins in the custodial wallets of crypto exchanges.
By combining the attractions of gaming and cryptocurrency, GALAGaming aims to revolutionise these sectors and transform the experience of online gamers. Participants of the GALA Games truly get to be part of a community-owned network which is hopefully on its way to becoming the next Metaverse.
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FAQs on GALA Crypto
Q1. Is GALA a Non-fungible token (NFT)?
Ans: No, GALA is a blockchain-based gaming platform that has incorporated NFT collectables into its network for players to buy and play with. Players can purchase NFTs as well as other in-game items using the GALA coin.
Q2. Is GALA Games really decentralised?
Ans: Yes, GALA Games is a decentralised platform because the GALA ecosystem is currently based on the Ethereum network. Players get to truly own what they earn/win and also be part of a wider blockchain community.
Q3. Are games on the GALA platform free to play?
Ans: Yes, all games on GALA are completely free to play. Players can start playing without any initial purchases and earn GALA tokens while they level up or complete in-game milestones. One can use these tokens to buy and sell in-game items on Gala’s built-in marketplace.
Q4. Is it possible to sell GALA nodes?
Ans: No, currently, GALA player nodes cannot be sold once they are purchased. However, the maximum limit of nodes that can be in circulation is set at 50,000. They might be available to be exchanged on the secondary market once all the nodes are sold.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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