Blockchain gaming has been among the hottest sectors in the crypto space, but it’s still early in the development of the play-to-earn gaming sector.
Gala Games is no newcomer. It has been around for over 2 years now, and the price of the utility token GALA has been a beneficiary of the surge in blockchain gaming popularity. NFTs absolutely exploded in 2022 and play-to-earn games of all kinds were one of the major driving forces. The price of GALA exploded in late 2021, increasing by over 900%.
But is GALA still a good investment? Learn more about Gala Games and GALA token now.
What is GALA?
Gala Games is a blockchain NFT gaming platform that creates play-to-earn blockchain games. Since its launch in July 2019, Gala Games has grown to 1.3 million monthly active users, with 26,000 NFTs sold to date. The most expensive NFT was valued at $3 million.
GALA token is the utility token for everything under the Gala Games umbrella. It is used to buy in-game items, make peer-to-peer payments and reward node operators.
Gala token began trading in September 2020. Originally built on the Ethereum blockchain, Gala Games recently took advantage of the p.Network bridge to allow the GALA token to also run on the Binance Smart Chain (BSC).
The Gala network is secured by its own set of nodes called Founder’s Nodes. There is a maximum of 50,000 Founder’s Nodes allowed by Gala Games that validate in-game transactions and help secure the network.
The Gala node ecosystem is a triple-proof node system consisting of Proof-of-Work (POW), Proof-of-Stake (POS) and Proof-of-Storage. Gala Games is a decentralized ecosystem with over 16,000 player-run nodes around the world.
Brief History of GALA
In September 2020, Gala Games launched the GALA token in an unconventional way. There was no ICO (Initial Coin Offering), and you could not buy the token directly from Gala Games.
Instead, the token had to either be earned by running a founders node, referring users to purchase a Founder’s Node, referring people to play games on the Gala Games platform or through game play.
The token has a circulating supply of 7,542,496,572 and a maximum supply of 50 billion. At approximately 0200 UTC daily, there are 17,123,286 new GALA tokens introduced into the circulating supply.
Half of it is distributed to Founder’s Node operators and the other half to the Gala Games conservatorship. Every year on July 21, Gala Games halves the daily distribution amount. Next July 21, instead of 17,123,286 new tokens daily, there will be 8,561,643.
2021 has been an excellent year for the GALA token. The closing price for GALA on January 1 was $0.001028, and GALA just set a new all-time high of $0.8367 on November 26. That is a gain of over 81,000% in less than a year. The majority of the gains came in the last 90 days.
How to Buy GALA Crypto.
Ready to invest in Gala? Review the necessary steps to secure your GALA tokens now.
- Open an online account.
If you don’t already have an account at an exchange that lists GALA, that’s the first thing you will need to do. Two of the best exchanges that offer the token are Binance.US (or Binance for international investors) and Crypto.com. The design of the both trading platforms make it easy-to-navigate, and it’s perfect for new investors.
Simply follow the step-by-step instructions to set up your account. During the process, you will set up 2-step verification using your phone number.
For even more security, it is also good to set up 2-step verification using Google authenticator. The final step will be to link your bank account and transfer in some fiat like dollars or euros so you can start buying.
- Buy or download a wallet (optional).
After you buy GALA, you will need a place to store it. You can keep it on the exchange, but then you must accept the risk of a possible hack and loss of your crypto.
Coinbase has excellent security features to minimize this risk, but some risk remains. Each investor must assess their risk tolerance when deciding where to store their crypto.
- Make your purchase.
After you have secured an account and a crypto wallet, you can buy GALA. After you log in to Coinbase, click on the blue Buy-0Sell button on the upper right side of the page. That will open the Buy-Sell-Convert window, which defaults in the Buy tab.
Next, click on the Buy section and scroll down to GALA or type GALA into the search window. Click on GALA, and enter the amount you would like to buy.
If you want to make this a recurring purchase, click where it says One Time Purchase and set up your recurring purchase. Otherwise, after you enter the amount you want to buy, simply click on Preview Buy. You will then see all of the details of your purchase, including the transaction fee. If you like what you see, just click on Buy Now, and the GALA will appear in your account within a few seconds.
Best Cryptocurrency Wallets For GALA
Best Hardware Wallet: Ledger
If you want the utmost security for your crypto assets, you can’t do any better than a hardware wallet. Hardware wallets are so secure because they are only connected to the internet when you are using them. The isolation from the internet makes them difficult, if not impossible, to hack.
Ledger comes out on top of all the hardware wallets on the market when you compare security, ease-of-use and cost. The Secure Element chip is the heart of Ledger's security. These are the same chips in most high-end data storage solutions like credit cards and passports.
A user must have physical access to the device to complete transactions, which is an important security feature. That means a hacker would also have to have the device in their possession to complete a transaction.
Best Software Wallet: Coinbase Wallet
When choosing a software wallet, the Coinbase wallet ranks right at the top. Over 500 coins and tokens are supported, in addition to NFTs. The Coinbase wallet is available as a mobile application and as a Google Chrome extension.
What makes the Coinbase wallet so secure is the Secure Enclave chip. The Secure Enclave chip is a chip in your phone that secures your biometric data.
The most critical feature of the Secure Enclave is that a private key generated on the Secure Enclave cannot leave. For added security, The Coinbase wallet also uses 2-factor authentication and SMS authentication via a verified phone number to access the wallet. You do not need a Coinbase account to use the wallet.
In the short- to medium-term, Bitcoin performance will impact the price of GALA the most. In the long term, the play-to-earn blockchain gaming sector should have huge growth potential.
Trade, Sell or Convert your GALA
When to sell out of an investment is something each investor will have to decide for themselves. Too many factors can affect that decision for anyone else to know which decision is correct.
If you choose to get out of your investment, there are several ways you could do it. You can sell your GALA for fiat like dollars or euros. You could also sell into a stable coin like USDC or USDT.
You could also choose to convert your GALA into another cryptocurrency. On Coinbase, when the Buy-Sell window pops up, it also has a tab for converting. You will just need to click on the Convert To box, and choose the crypto you want from the dropdown list.
Current Crypto Prices
The cryptocurrency markets offer a unique opportunity not seen in many other investment classes. Unlike traditional assets, digital assets trade 24 hours a day, 7 days a week. Also, cryptocurrencies are typically more volatile than stocks or real estate. While this is good for risk-tolerant investors, it may drive risk-averse investors away. Thankfully, stablecoins can give risk-averse investors a way to interact with DeFi and digital assets without being exposed to heavy volatility. For the most up to date cryptocurrency prices, check out our table below.
Is GALA a Good Investment?
Although Gala Games and GALA tokens have been around for a while, they are part of a segment of the play-to-earn crypto space that offers potential. This sector and projects will reward investors that can identify them and get in early. As a long-term investment using a dollar-cost averaging strategy, GALA should prove to be an excellent investment.
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About Donald Hancock
Donald’s expertise lies in the technical analysis of both stocks and crypto.