GALA meaning in Cryptocurrency ?

Answer:

To learn more about this project, check out our deep dive of Gala.

What Is Gala Games (GALA)?

Gala Games aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games mission is to make “blockchain games you’ll actually want to play.” The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours spent playing the game, which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

Players can own non-fungible tokens (NFTs) and influence the governance of games within the Gala Games ecosystem. The Founder’s Nodes voting mechanism allows players to influence what games Gala should develop and what games should get funding. Besides buying NFTs for specific games, Gala Games also utilizes GALA – its own utility token. So far, Gala Games has released one playable game – Town Star and an NFT collectible series – VOX. It plans to release more games in the future, such as a fantasy RPG game, a sci-fi strategy game and a tower defense game.

Since launching in 2019, Gala Games has grown to 1.3 million monthly active users, and 26,000 NFTs have been sold, with the most expensive piece valued at $3 million.

Who Are the Founders of Gala Games?

Gala Games was founded by Eric Schiermeyer. He was the co-founder of Zynga, a popular social and mobile games company. Under Schiermeyer’s leadership, Zynga launched popular hits like Poker, Mafia Wars and Farmville. Schiermeyer, who has a reputation for working on the cutting edge of gaming, launched Gala Games in July 2019 to create a blockchain-based game network and give players more ownership of their games.

In total, the Gala Games team consists of 60 employees.

What Makes Gala Games Unique?

Gala Games is not a single game, but rather it offers an entire array of different blockchain games that places fun first and blockchain in the background. Town Star, it's only currently playable game, is a town simulation that can be played in a browser. Players manage a town similar to the gameplay of SimCity, but in Town Star, they actually own the town.

VOX is Gala Games’ set of collectible NFT avatars. Each VOX is unique and some VOXs are rarer than others. In the initial drop, 8,888 VOX were distributed for an average price of 0.0888 ETH, or roughly $280 at the time of writing. Although inspired by Town Stars, VOX has other utility besides just being an NFT avatar. Holders can lock up GALA, and earn VOXcoin by playing with their VOX avatars in the future. VOX owners also get their own FBX file, which allows them to animate their avatars, or even 3D print them in the future.

Other games are in development as well. Fortified is a player-versus-player tower defense game set in a fantastical medieval world. Players will compete to build the best tower defense strategies.

Mirandus is a fantasy role playing game (RPG) set in a massive world ruled by five player-monarchs. Players will be able to own in-game assets and claim parts of the in-game landscape.

Echoes of Empire is a sci-fi strategy game set within a galaxy at war. Players will be able to own their own spaceships and control parts of the galaxy.

Spider Tank Project is a multiplayer online battle arena game allowing players to pick a “spider tank” to battle other players. The game is free-to-play but will contain in-game earning mechanisms. It is scheduled for release in Q4 2021.

A major component when it comes to developing these games is community feedback. Gala Games constantly engage and test assumptions with their community on Discord. This allows players to shape the direction and design of the games.

Users can run Gala Nodes, which supports the Gala network. In return, they receive rewards like GALA, limited edition NFTs and other opportunities. The Gala Node ecosystem consists of a triple-proof node system – proof-of-work (PoW), proof-of-stake (PoS) and proof-of-storage. PoW are called Founder Nodes, which are tier-1 nodes based on 50,000 fully-owned NFTs. These are early supporters of the network, and will receive NFTs from all subsequent games and GALA allocated to their node license. PoS are paid nodes that operate for specific games, through a smart contract “rental” structure. Proof-of-Storage are free nodes that will allow the games to be fully hosted on the node ecosystem, removing reliance on centralized hosting solutions like Amazon S3.

Related Pages:

Check out Axie Infinity (AXS) – a pet-oriented trading game incorporating NFTs.

Check out Star Atlas (ATLAS) – a space-themed gaming metaverse.

Learn how NFTs work in our guide to Non-Fungible Tokens.

Get the latest crypto news and latest trading insights with the CoinMarketCap blog.

How Many Gala Games (GALA) Coins Are There in Circulation?

The maximum total supply will be 35 billion GALA tokens. Currently, there is about 7 billion GALA in circulation.

17,123,286 GALA is distributed daily at approximately 0200 UTC. Half of this GALA is distributed to Founder’s Node operators, and half to the Gala Games conservatorship. Each year, on the 21st of July, the distribution of GALA will be halved. For example, beginning on July 21st of 2022, the daily distribution of GALA will be 8,561,643 instead of 17,123,286.

The GALA token serves as a utility token that is used to purchase items in the game and can be earned from running a node.

How Is the Gala Games Network Secured?

The GALA token runs on Ethereum and the Binance Smart Chain (BSC) blockchain. The network is secured by its own set of nodes called Founder’s Nodes. Gala Games specifies a maximum of 50,000 Founder’s Nodes that validate in-game transactions and secure the network.

Nodes can also vote about which games are released to the Gala Games platform. You can operate a node by purchasing an account and running it on your computer. GALA are rewarded to node operators according to a point system. Running a node for a minimum of six hours in a cycle scores 1 point and referrals running nodes for at least six hours scores 0.1 points. At the time of distribution, all of the points are added up and the GALA is split between these points.

When Will Gala Games (GALA) Trading Begin?

GALA token began trading in September 2020.

Can Gala Games Hit $1?

Gala Games is trading around $0.02 as of August 2021, so reaching $1 would require a 50X. Gala Games certainly has an interesting ecosystem of games and very experienced leadership, so even such an ambitious goal could happen in a few years.

Where Can You Buy Gala Games (GALA)?

As of August 2021, you can buy GALA on Sushiswap, Gate.io, Uniswap V3, KuCoin and Bitrue.

If you want to learn more about how you can start buying cryptocurrencies, you can read more in our guide here.

reference

Full Form	Category
Girls Academic Leadership Academy	Academic & Science
Global Association of LNCT Alumni	Academic & Science
Global Advertising Lawyers Alliance	Business
Globalization and Localization Association	Community
Generosity Academics Leadership and Activism	Community
Gala	Cryptocurrency
Gay And Lesbian Acceptance	General
Global Awareness Local Action	General
Gifted And Lifetime Achievers	General
Got A lot Accomplished	General
Geschwindigkeits Abhangige Lautstarken Anpassung	General
Greater Atlanta Limousine Association	General
Games And Learning Alliance	Governmental
Gay And Lesbian Alliance	Governmental
GUNADALA	Indian Railway Station
Global Access To Local Applications	Networking