Galacoin

Gala Games is a bit like the Steam store or GOG in that it offers a variety of games for users to choose from. However, unlike these stores, all games are completely free and can be accessed via the blockchain by logging into the decentralized application. To energize gamers, Gala Games has built a blockchain network powered by Gala coins to power the entire platform. Gala coins are built on the Ethereum network and can be transferred between users who have complete control over how they are used. Users can also purchase nodes in Gala, Ethereum (ETH) and Basic Attention Token (BAT) to gain voting rights for the next game released on the platform, giving players full management rights. This process, also known as Founder Node in the Gala Games ecosystem, is powered by over 16,000 player-run nodes.

The platform has its own utility token, simply called Gala Coin. Gala coins are used as the main payment method for purchasing items, peer-to-peer payments, etc. in the Gala game ecosystem. In addition, participants can also use Gala nodes in the Gala game ecosystem. To do this, the user must purchase a license to run the node software from his or her computer. From there, they can seek rewards in the form of Gala coins or NFTs. Currently, in order to be able to purchase a license, participants must pay a fee of approximately $13,000. They can pay with Ethereum (ETH), Gala or Basic Attention Token (BAT). 50,000 is the maximum total number of nodes a user can use during this process. Gala coins can also be used as holder rewards and are distributed daily to founder nodes who have been active for at least the required time using the points system. Running a node in a loop for six hours will earn the player one point. To keep the network running smoothly, 50,000 founder nodes were released at launch.

The Gala cryptocurrency (Gala Coin), which is responsible for the smooth running of the Gala Games ecosystem, is off to a strong start with no initial coin offering (ICO) at launch. Since its launch, the platform has attracted 1.3 million monthly active users and sold more than 26,000 NFTs, with the most expensive price to date being $3 million. "I wouldn't be doing this if I didn't think this was really the next phase of the internet. Everything related to ownership is going to be affected by what happens here," said Gala founder Eric Schiermeyer. “Art and music and everything that has a digital life will be touched by it,” he added.

Until February 2022, its value increased by 102.72% from zero. $1875 on February 2 to $0.3801 six days later. However, due to Russia's invasion of Ukraine, the value of the GALA coin fell at the end of February to $0.2321 (a drop of 38.93%) on the 27th of that month, causing an overall decline in the currency market. With the recent news of the platform’s launch of Web3 Women, the Web3 Women’s Community Initiative, and active endorsements from celebrities like Paris Hilton and Snoop Dogg, the price of the Gala currency is expected to rise significantly in the future.

In the long term, Gala Games is planning to establish multiple game studios, each of which will work on multiple games, creating a steady stream of NFTs that will be passed to the node network to incentivize the network and keep it going . There is currently no data on the maximum supply of Gala tokens; however, the total supply exceeds 35 billion, with nearly 7 billion in circulation. As of March 18, 2022, Gala Coin has a market cap of over $1.5 billion and is ranked the 60th largest cryptocurrency by CoinMarketCap.