Is Gala Coin A Good Investment

Since Gala Games was launched four years ago, , the metaverse and online gaming platform, with
GALA
as its token,  claims to take acquired ane.3 1000000 monthly active users and sold more than 26,000 NFTs, with the most expensive then far selling for $3m.

Of late, however, the price of GALA has been struggling, with claims of a hack causing a lack of market confidence in the token. Is this reflected in the
GALA cost predictions
that were beingness made as of 4 November 2022? We’ll take a look.

GALA explained

Gala Games
was founded in 2018 by Eric Schiermeyer, the co-founder of the games programmer Zynga, together with crypto miner Wright Thurston and Michael McCarthy, the creative managing director behind viral games such asFarmVille.
Their alleged aim was to make online gaming more decentralised, and they aimed to target a broad variety of gamers who wanted to alter the way things were done in the gaming world.

The introduction of non-fungible tokens (NFTs) into the Gala Games ecosystem was the first footstep towards making gaming more decentralised, besides as helping players have ownership of their game items. NFTs tin be nerveless, traded and sold, non only within their own game merely throughout the entirety of the Gala Games ecosystem.

In order to give achieve its stated goal, Gala Games has established a blockchain network powered by GALA tokens. The arrangement is built on the Ethereum (ETH) blockchain, and GALA tokens are transferable between users, who accept full control over how to utilize them.

Every bit GALA is based on Ethereum, it is a token, rather than a coin. You lot might see such questions as “What is GALA games money?” or references to the GALA coin value, the GALA coin price or even a GALA coin price prediction. These are all, technically, incorrect.

Users tin also purchase nodes in GALA, Ether (ETH) or Basic Attention Token (BAT) and acquire voting rights on which games will be published adjacent on the platform, allowing players to take their say on changes to the system. This procedure is also known every bit the Founder’s Nodes within the Gala Games Ecosystem, which is powered by more than 16,000 histrion-run nodes.

The GALA cryptocurrency is also used to reward holders and Founder’southward Nodes owners who accept operated their computers on the network for at least six hours, with the rewards issued every mean solar day. In social club for the network to run smoothly, 50,000 Founder’s Nodes were released upon its launch.

In the long run, Gala Games is planning to constitute multiple game studios that will each work on multiple games, creating a steady stream of NFTs, which will become dropped to the node network in gild to incentivise the organization and go along it stable.

So far, the platform hosts games and an NFT collectible series, VOX. On 31 October, the platform was due to launch its latest game, Spider Tanks, which heralds itself as the first blockchain-based esports game. This launch came non long subsequently the visitor appear that Mark Skaggs, the former vice-president of Electronic Arts, was to join Gala Games as its senior vice-president of games.

GALA did not take an initial coin offering (ICO) upon its launch. The figures of 1.3 1000000 monthly agile users acquired since launch, and more than than 26,000 NFTs sold, are taken from the Gala website, whetre they have not been updated for several months.

Schiermeyer said: “I wouldn’t be doing this if I didn’t think this was literally the next phase of the net. Everything that touches ownership is going to be affected past what’southward happening here. Art and music and everything that has a digital life is going to be touched by this. Annihilation that you lot thought was digital that you thought yous owned just didn’t really own – that’s what’south near to be revolutionised.”

GALA price history

While by operation should never be taken as an indicator of future results, knowing the GALA price history tin can aid requite usa some context if we desire to either interpret a GALA price prediction or make one of our own.

The GALA token started to gain traction in September 2021, after being listed on the Binance (BNB) and Bibox crypto exchange platforms in the heart of the month. Its toll surged to $0.113 on 23 September 2021, upwards more than than 500-fold from its previous best low of $0.00022 on 28 Dec 2020.

After updates to Gala Games’ inventory, which made transferring items from within the platform’southward ecosystem to Ethereum much easier, as well as the signing of a memorandum of understanding betwixt Gala Games and Wemade Tree (the blockchain subsidiary of the Korean gaming giant Wemade), the GALA crypto price moved sideways throughout October and mid-November 2021.

News on 15 November 2021 that the company would release its outset express supply of Game Node licences for
Town Star
boosted the GALA token threefold, upwards from $0.13 on xv Nov 2021 to $0.37 a week later.

The token’due south price managed to continue a steady growth pace and surged to $0.71, still its all-time high, by 28 Nov 2021, after the announcement of the release of a new series of its Vocalization NFTs.

Anndy Lian, chair in Asia of BigONE Substitution, told Capital.com: “The surge in GALA token is mainly due to the involvement in metaverse and gaming tokens worldwide. Its founders have done well in gaming and crypto mining. This becomes an added advantage. The token itself is based on Ethereum and is well supported by the community of faithful investors. Adding steam to the whole equation is that they are listed on most of the leading exchanges, including Binance, FTX, Coinbase, Bybit, Huobi and Kucoin.”

Success, yet, did non last long for the Gala Games crypto, despite the general hype surrounding play-to-earn platforms, which passed a record $1bn in NFT trading volumes in November, according to data published by DappRadar.

Between its all-fourth dimension high at the end of November and 3 December 2021, the token’due south value dropped by 29% to $0.51. The Gala Games token connected on a downwards tendency over the following calendar month until it reached $0.eighteen on 22 January 2022, despite securing a $100m blockchain gaming fund in partnership with C² Ventures and preparing for the launch of Phase 2 of the nodes ecosystem at the start of January.

The token then moved sideways for a fiddling over a calendar week before doubling from its 22 January value to $0.38 on 8 February 2022, as anticipation built around the upcoming release of 8,888 membership NFTs in the Flare realm, where Gala Games had integrated with the Flare Network.

In more recent GALA coin news, the platform announced that it had partnered with the American rapper Snoop Dogg and would release his latest record,B.O.D.R, on the blockchain, with the tracks to exist sold as NFTs.

The token’s value started to speedily decline by mid-Feb, falling past 37% in one calendar week from $0.36 on 15 February to $0.22 later Russian federation’southward invasion of Ukraine. The token has since connected on a downward trajectory.

Electric current state of play and Galaverse

Since fifteen February 2022, the GALA crypto toll has been falling, despite endorsements from the likes of Snoop Dogg and Paris Hilton.

On 12 May 2022, afterward the depegging of the UST stablecoin and the plummet of the associated LUNA cryptocurrency, GALA brutal to a depression of $0.04944. Subsequently that, it made something of a recovery, reaching $0.07253 on thirteen Baronial before falling back down again to a depression of $0.03161 on 21 Oct. A combination of the news about Skaggs’southward hiring, growing interest ahead of the launch of Spider Tanks, following which it reached a high of $0.0441 on 31 October. After that, though, ane unmarried wallet appeared to mint more $1bn worth of GALA out of nowhere, prompting fears of a rug pull. While Gala Games moved to reassure investors, tweeting that their system “was non hacked, breached, or exploited in whatever way,” as pNetwork, the system which allowed GALA to operate on the BNB Chain (BNB), formerly known as Binance Smart Concatenation, claimed it had carried out a so-chosen white hack attack to check how safe the platform was, the price collapsed to $0.02837 on iii November, before it recovered somewhat to effectually $0.3485 on four Nov.

At that time, in that location were 6.98 billion GALA in circulation out of a total supply of merely over 35 billion. This gave information technology a market cap of a effectually $243m, making it the 131st-largest crypto by that metric.

In early on June 2022, the platform hosted Galaverse, an immersive world feel for each one of its games, in Malta. Co-ordinate to the
Times of Malta, rappers Snoop Dogg, Ice Cube, Eastward-40 and Too Brusk appeared at the upshot via a recorded message in which they introduced their new supergroup, Mount Westmore, with the Metaverse release of their debut album
Bad MFs.

As the GALA token was built on the Ethereum network, it heavily relies on ETH’s performance, making it quite volatile. Moreover, the token could start facing competition equally tensions rising in the gaming/NFT space amidst their growing popularity, Invezz data annotator Dan Ashmore told Capital.com.

All the same, he also noted that there could be brighter times alee for the GALA token.

Ashmore told Upper-case letter.com. “GALA, the community-led gaming platform, spiked 20% in 24 hours at the start of February following the news that Galaverse volition occur in June. At the last event last December, numerous projects were launched (including
Legacy
and
The Walking Dead: Empires), and there is speculation more than will exist announced this June. xx% represents a huge jump for just an result, and markets have pulled the token back below levels even before the announcement. GALA earlier announced a $5bn investment to expand their NFTs, and if that or the Galaverse don’t work out, this token could continue to tumble. If, yet, projects remain on track and Galaverse does not disappoint, GALA could rise higher up a $3.5bn market cap. The all-time highs of $5bn set concluding November seem a attain.”

GALA price predictions

Permit u.s. now wait at some of the GALA cost predictions that were being made as of 4 November 2022.

Toll forecasts, especially for something equally potentially volatile as cryptocurrency, are frequently incorrect. Also, long-term cost predictions are often made using an algorithm, which ways they can change at a moment’s notice

Gov Capital had a GALA price prediction for 2022 that said the token could close the year at $0.252. By 4 Nov 2023, the site said that GALA could potentially fall to trade at almost $0.334, before moving to $0.723 12 months after that.

On 4 November 2025, GALA could exist worth about $i.21, before possibly trading at $1.79 a year from then and potentially reaching $2.47 on four November 2027, information technology suggested.

CoinsKidmade a GALA crypto price prediction that saw the token potentially worth $0.0396 in December 2022, before reaching a possible $0.0523 in November next year.

A year from so,
CoinsKid said, GALA could climb to $0.0799, earlier making a GALA cost prediction for 2025 that saw it potentially achieve $0.156 past November that year. By Nov 2026, the site argued that the token could keep to rise to $0.2691 before potentially closing the year at $0.2922.

CaptainAltCoin had a GALA token price prediction which argued it could trade at $0.0354 in January 2023, earlier potentially going on to be worth $0.0581 in November 2023. Past 2025, the site said, GALA could be worth about $0.1596, but there could be a substantial drop by November 2027, when it could be down to $0.0889. The site and so went on to brand a GALA price prediction for 2030 of $0.3991, before suggesting that information technology could get to $0.7982 in 2040.

Finally,
WalletInvestor
struck a far more surly note in its GALA price forecast, saying that the token could exist in for a rough 12 months,  potentially dropping to $0.00639 by November 2023.

When considering a GALA token price prediction, information technology is important to keep in mind that cryptocurrency markets remain extremely volatile, making it hard to accurately predict what a coin or token’south cost will be in a few hours, and even harder to requite long-term estimates. Analysts and algorithm-based forecasters tin and do go their predictions wrong.

If y’all are considering investing in cryptocurrency tokens, we recommend that you always practice your own inquiry. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion earlier making any investment decision. Go along in heed that past functioning is no guarantee of hereafter returns. Never trade with money that you cannot beget to lose.

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