Gamers who also dabble in crypto products are likely aware of the gala coin. This crypto ecosystem offers various game options that people are interested in. How does this system work? How can you obtain coins from gaming? Is the coin a good investment to add to your portfolio?
Before learning more about this coin, it is important to get to know about its ecosystem, Gala Games. It is a platform that combines play-to-earn and NFT (non-fungible token) systems. To achieve its objective of creating a fun gaming environment, the platform works together with game developers and even popular companies.
Eric Schiermeyer and John Osvald are two founders of this platform, taking positions as its CEO and president, respectively. Previously, they worked together at Zynga, which developed Farmville and Mafia Wars. Schiermeyer and Osvald recruited Wright Thurston and Michael McCarthy to realize their visions.
The Gala Games went public in 2019. The idea of Gala Games came from an observation that gamers are willing to spend a significant amount of money to purchase game items. However, it is not just about the money but also the consistency and social circle created within the gaming nft community.
You will find gala coins being used at Gala Games. Players at the blockchain nft gaming platform will utilize the coin as a transaction medium. They can sell or purchase in-game items within the platform with other gamers using the coin as the main currency. These items can help them with the games.
The blockchain implements a strong sense of community. Players can actively participate in choosing which game to develop within the platform next. It decides on the future roadmap through a distributed voting system. Players also own the rights to their in-game items.
Currently, there are around 7 billion coins available in the ecosystem. Every day at 2 p.m. UTC, 17,123,286 coins are distributed. Those unvalidated coins will continue to be distributed until the market reaches its maximum cap, which is 35.24 billion coins or equal to US$332,689,856.
The value of a single gala coin at the moment is US$0.047. It's all-time high value was US$0.71, which happened in late November 2021. The currency ranks within the top 100 cryptocurrencies circulating in the market nowadays. However, the value has experienced a continuous drop since the beginning of 2022. This drop does not only happen to this Ethereum-based token but also to other crypto products in the market. The crypto market is entering a bear market or a period of continuous declines in value.
The current bear market is caused by a huge sell-off by investors around the globe due to rising inflation. Investors become hesitant to invest in high-risk assets like cryptocurrency, which we all know has a volatile tendency. Some crypto loan services also pause their operation due to high-interest rates.
In this situation, a new investor might be hesitant about investing their money in the coin. They do not know whether the bear market trend will continue or if the value will suddenly increase in the near future. To some people who believe in the cryptocurrency’s longevity, this massive sell-off is considered an opportunity to gather more assets. They can gain the coins for a lower price during a bear market. When the market has improved later down the road, you will collect a lot of profits.
If you want to invest in this cryptocurrency, there are generally two methods that you can implement:
You can get the coins by being a node operator in the Gala Games platform. When you become an operator, you will be able to get game items and coins in your treasure chest every day. An operator must have a Windows, macOS, or Ubuntu-operated computer.
To be an operator, you need to purchase a license first. The current price is 2.004708 m per license. It is recommended that you become a player first and accumulate coins through the game before purchasing the license. This process may take up a lot of time and effort, but you can always purchase the coins at certain exchange markets.
The second option, if you have enough money or other forms of currency, is going to exchange markets. The coin developers have worked with some exchange markets to offer their products. Here are some crypto exchange markets that you can visit to obtain a gala coin:
You can choose any aforementioned market, but you have to be aware of the currency being used there. For example, at Bithumb, you will need Korean won to trade into a gala. This decision also affects how many coins you will obtain from the trade since currencies fluctuate against each other every day.
Related Article: Before Investing in Game Coins, Understand These Guidelines
The coin was launched on September 18, 2020, with a value of US$0.0014. By the end of December in the same year, the value reached its lowest point at US$0.0001. The developers then held a rally to increase its value, and in February 2021, the value increased to US$0.032.
It expanded the outreach from gaming events to a partnership with exchange markets. This move further improved the value of this cryptocurrency. In addition to expanding to external communities, Gala Games also develops itself internally. It continues to launch new games to attract more users that will support its ecosystem.
Crypto analysts believe that the currency is a good long-term investment. It is because the platform knows how to retain its play-to-earn subscribers. Unlike some other cryptocurrencies that have no additional intrinsic values, this platform was created for people who truly enjoy playing games.
The minimum trading price for this point may grow from US$0.12 in 2023 to US$0.19 in 2024 and reach the US $0.27 in 2025. It remains to be seen whether the currency can break its current all-time-high in the years to come.
Despite that, you may not see the bear market trend end soon with a gala coin. There is a likelihood that the price will continue to drop in the upcoming months. However, the projection for the following years gives hope to investors looking forward to including it in their portfolio.
No Comment