Should I Buy Gala? 3 Things To Consider
The gaming industry has seen strong growth in the past few years. The industry is widely dominated by large companies like Microsoft and Take-Two Interactive. These firms generate billions of dollars every year through game purchases, subscriptions, and micro-transaction. Gala Games is a blockchain project that seeks to disrupt the gaming sector. In this article, we will look at the top thing to consider when buying the GALA token.
Gala Games is a decentralized gaming platform
Most games that are currently being played are centralized in nature. This means that the developers make all the decisions and all the money. They are also profit-oriented, meaning that their motivation is to make as much money as possible. As a result, most gamers hate their game providers. For example, EA Sports, the owner of the FIFA franchise is one of the most hated companies in the world.
Therefore Gala Games hopes to change this by creating a platform where developers build their games and let people play them mostly for free. The network is owned by its members who hold the GALA token. There are two main ways of buying the GALA token. First, one can buy it from a centralized exchange like Coinbase and Binance. Alternatively, you can own and run a node. By being a node operator, you will receive daily distributions from the network.
Gala Games users have already developed popular games. Some of the top games in the platform are Spider Tanks, The Walking Dead, Legends Reborn, Town Star, and Mirandus among others. Developers are continually building more games in the ecosystem.
The GALA coin is both used for governance in the Gala ecosystem and for making purchases in the ecosystem. It has a market cap of over $1.2 billion, making it the fourth-biggest gaming coin in the world after Axie Infinity, Decentraland and Sandbox
Play-to-earn gaming is growing
Another thing you need to know is that the play-to-earn gaming industry is a large one and is growing rapidly. Analysts believe that the industry is actually in its infancy and that more developers and users will embrace the industry. This explains why cryptocurrencies like Axie Infinity, Decentraland, and Sandbox have achieved billions in valuations.
A recent study estimated that the industry will be worth over $250 billion in 2024. That is a strong figure for an industry that was barely in its infancy a few months.
Gala is a leading player in NFTs
Finally, the Gala has become a leading player in the non-fungible token (NFT) industry. The idea behind this is a bit simple. Using its platform, people can mint their own NFTs and then sell them in their marketplace. Most of the NFTs in the ecosystem are of the existing games like TownStar and the Walking Dead. Transactions in this ecosystem are handled using the Gala token.
In 2022, the Gala Games platform will reduce some of the challenges in the ecosystem by launching its own product which is known as Gala Chain. The chain will become an integral part of the ecosystem by reducing the overall cost that people pay in the network. It will also make it easy for people to build their own games in the ecosystem.
Is Gala a good investment?
The Gala coin has been a bad investment in the past few months. Its price has dropped by over 80% from its all-time high. This has happened even though its overall ecosystem has grown rapidly this year. This performance is in line with other gaming tokens like Decentraland and Sandbox. In my view, I expect that the GALA price will continue rising in the coming years as the ecosystem growth continues.
The post Should I Buy Gala? 3 Things To Consider appeared first on Coin Journal.
