GALA is an Ethereum-based crypto which facilitates Gala Games, a specialised play-to-earn gaming platform. Users can gain GALA tokens by accomplishing various tasks and reaching milestones in the game.
The prime objective of GALA cryptocurrency is to streamline the gaming world by enabling players to trade and utilise GALA crypto to progress in the game. Keep reading to get a deeper idea of GALA cryptocurrency.
What Do You Mean by GALA Crypto?
The GALA cryptocurrency is a specialised functional utility token which operates on the Ethereum blockchain. In general, it is an inherent token of the GALA Games platform, which is intended to offer a superior gaming experience for users. Furthermore, GALA Games possess a superior collection of Non-Fungible Tokens (NFT) which are utilised for trading purposes by several individuals. This gaming platform comes with limited edition NFT characters for gamers.
GALA Games is a top-notch blockchain gaming platform featuring many games wherein individuals get true ownership of various in-game items with the help of NFTs. Gala Games mainly focus on developing superior games which can attract numerous people to play them.
Who Created GALA & When?
Eric Schiermeyer, the co-founder of Zynga along with Michael McCarthy, the creative director at Zynga and Wright Thurston, one of the leading miners in the crypto world organised the GALA Games during the year 2019.
Schiermeyer and McCarthy originally aimed at creating a decentralised platform based on the future potential of play-to-earn games. This streamlined the gaming approach that helped the players to own their customised content. In order to give rewards to the participants of the GALA platform, they even launched an Ethereum-powered GALA token on 18th September 2020.
How to Buy the GALA Token?
Fortunately, an individual can easily purchase Gala on the centralised exchange platform of Coinbase which is quick, easy, and secure. Following are some easy steps by which one can purchase a GALA crypto coin:
Step 1: Choose a Crypto Exchange
There are plenty of crypto exchanges in India providing quality services through multiple websites or mobile apps. Here all you need to do is to choose your desired approach to crypto exchange.
Step 2: Make an Account
Enter your credentials in order to sign up for the platform. Your account will be formed after you complete the verification of your identity and email ID. After the verification process, simply choose your desired payment method and link your bank account with the portal.
Step 3: Choose a trade
After reaching the website, locate GALA cryptocurrency and select the ‘Purchase’ option as soon as you are redirected to your exchange platform.
Step 4: Input the Amount You Will Be Purchasing
Insert the exact number of GALA tokens you are willing to buy. This application will notify you automatically of the amount you have to pay in your standard currency.
Step 5: Purchase GALA tokens
Click on ‘Purchase’ in order to confirm your buying. These GALA tokens will be sent to the security-protected wallet of exchange, and you can then transfer into your personal crypto wallet whenever necessary.
What Are the Advantages of GALA?
Mentioned below are the crucial advantages of GALA:
- GALA uses an extensive range of blockchains in order to operate three consensus mechanisms together.
- GALA has been trying to streamline the gaming world gradually by adding more efficient and dynamic value to the blockchain approach.
- It features a substantial return on investment.
- According to price forecasts of GALA token, it has a greater possibility of positive growth in future. Furthermore, several analysts point out that GALA may become an exceptional investment option for the long term.
What Are the Disadvantages of Gala?
Following are the demerits of GALA:
- GALA experiences inflexible competition alongside other noteworthy projects such as The Sandbox and Decentraland.
- GALA is not the only gaming idea in the entire industry.
- The rewards of GALA fall each year since this token is not subject to hyperinflation.
How to Store GALA Tokens?
Presently, GALA token operates on the basis of Ethereum blockchain. Therefore, you can store GALA through an ETH wallet. There are two different wallets i.e. the hot wallets and cold wallets wherein you may secure your GALA cryptocurrency.
- Hot Wallets
An individual may easily secure their GALA tokens in hot wallets that are widely used in order to connect them directly to the internet. For instance, mobile wallet, desktop wallet, web wallet, etc. Hot wallets are online wallets which feature user-friendliness and can be operated easily. However, they are susceptible to hacking attacks as well as online phishing.
- Cold Wallets
Typically, cold wallets are classified into two types, hardware wallets and paper wallets. These are offline wallets that are needed to connect with a computer in order to validate transactions. Hardware wallets feature strong encryption approaches to safeguard your private keys and information on a physical device. Conversely, paper wallets are pieces of paper comprising encrypted data that you need to access.
Some other wallets where you can store your GALA coins comprise Ledger or Trezor, Trust Wallet, Atomic Wallet, MyEtherWallet, etc.
GALA Price Predictions
Due to the highly volatile nature of cryptocurrency, it becomes challenging for everyone to get exact price estimations. Take a look at some of the GALA price forecasts as of 9th January 2023:
- According to CoinsKid, the price estimation of GALA cryptocurrency is expected to be almost $0.0818 during December 2023, and it might reach $0.1360 by 2024. Furthermore, another estimation is showing that GALA price in 2025 may potentially touch $0.1259 and may end at $0.1792.
- As per the estimation of CaptainAltCoin, GALA token price may fall to $0.031 in March 2023, before getting back on its feet and recovering to $0.0507 by January 2024. As per the site, in 2025, GALA may be worth nearly $0.1364. However, it may initially reduce by January 2028, when it may diminish to $0.0775.
- Thirdly, according to the price estimation of CoinCodex, GALA token may fall to $0.034925 by 15th January before climbing back and reaching up to $0.040184 by February. Furthermore, CoinCodex has projected the GALA token price for 2030 and 2040 where it may reach $0.3409 and $0.6819 respectively. In spite of that, the technological analysis of CoinCodex was neutral.
- Last but not the least, Wallet Investor made some research and calculation and concluded that GALA token price may dip to $0.00156 by January 2024.
Which Are the Publishing Companies of the GALA Group?
Mentioned below is the list of some noteworthy companies that come under the top publishing companies of the GALA Group:
- Gala Innovative Inc. (California, U.S.)
- Gala MIX Inc. (Seoul, South Korea)
- Gala Japan Inc. (Tokyo, Japan)
- Gala Connect Inc. (Seoul, South Korea)
- Gala Lab Corp. (Seoul, South Korea)
TakeawayThrough the conjunction of crypto and gaming, GALA focuses on the betterment of these sectors and modernises the gaming experience of online gamers. Also, the GALA token features a partial supply of almost 50 billion tokens, which makes it an ideal investment option. Furthermore, there is a possibility that the value of the token may increase alongside the escalation of demand.