Gala Price Prediction in 2024

Gala: An Introduction

Gala is a platform that is built on Ethereum and offers incentives to players who can earn crypto assets and non-fungible tokens via their gameplay. The hosting of the respective games is done on a network containing user-owned and distributed nodes with which the platform becomes secure and witnesses further development.

Axie Infinity is known as an early entity that entered the world of blockchain gaming. It additionally enjoyed considerable success in this respect. The platform also inspired the rest of the projects to become a part of this space as well as explore it further. Later on, in 2019, Gala Games launched to capitalize on the resilient demand and adoption of blockchain-based companies dealing with gamers.

Gaming with the help of blockchain technology has seen a lot of popularity within both the gaming as well as crypto communities. A chief reason behind this is that this category can exclusively provide provable possession of in-game objects because of the non-fungible tokens (NFTs). Objects like land, tools, potions, and swords can be purchased in video games. Later on, these items can also be sold to the other players within the open market.

The respective items’ worth is described based on the demand and supply. The local digital token of the Gala is GALA. The crypto token is utilized in the form of an in-game currency. It also operates as a mechanism for incentivizing rewards to facilitate the node operators. The other use cases of the GALA token take into account its status as a medium of payment for objects exiting the Gala Store. The token can also be utilized for governance voting.

Development of Gala Games

Gala Games was established back in 2019 with Wright Thurston, Michael McCarthy, and Eric Schiermeyer as its co-founders. Previously, Schiermeyer was popular because of co-founding Zynga (an online gaming protocol). The respective platform was the pioneer for the development of Mafia Wars, Farmville, as well as several other well-known mobile-based games.

In addition to this, McCarthy operated as Zynga’s director before becoming a part of Gala. The development team of the platform expanded to take into account participants that assisted in the development of prominent gaming titles like Call of Duty, Halo, and Doom. Gala obtained funding from the Accelerator Fund of the top crypto exchange Binance for its additional development.

In the year 2021, the platform’s team additionally declared a collaboration with C2 Ventures (a venture capital company) to establish a $100M fund. The purpose of the respective fund was the investment in the top sectors like metaverse and play-to-earn (P2E) gaming. A few critics are of the view that several blockchain-based P2E games provide considerable attention to monetary incentivization rather than enjoyable gaming.

On the other hand, the focus of Gala Games is on dealing with the respective criticism by developing blockchain-based games that people want to play for fun. In this respect, the Gala company hosts several services. These services take into account Games, music, films, and non-fungible tokens. The immersive games developed by Gala contain diverse crypto-based rewards including real-time strategy (RTS), multiplayer online battle arena (MOBA), and simulator, as well as role-playing games (RPGs) like GRIT, legends Reborn, and Spider Tanks.

In the category of NFTs, several things are included such as in-game skins, tools, and weapons that can be sold and purchased on the Gala Store. The respective store operates as a marketplace of non-fungible tokens. After the first effort in the gaming sector, Gala has incorporated music and film platforms incentivizing artists to trade their creations straightly to the customers.

Back in February last year, Gala released Project GYRI which was an autonomous blockchain forum. The purpose of the respective blockchain was to host the ecosystem of Gala. While it would start as a permissioned blockchain protocol, the team of Gala targets the transition thereof to an additionally decentralized model after it has shown to be stable.

Nodes

The nodes powering the network of Gala are of 4 types. The respective nodes were possessed by the consumers that provide computational energy required to operate the games that Gala hosts and rewards are given to them in the form of NFTs and/or GALA tokens for their contributions in this respect. Founder Nodes permit voting by the owners on the project’s evolution with the use of GALA tokens. There are just 50,000 Founder Nodes to be bought from the platform with the use of the GALA tokens.

Game Nodes are run by the consumers by whom gaming servers are hosted. They may also get special considerations and allowances in the games supported by them. Those music players within the decentralized sector that permit listeners to share as well as play music in NFT form are responsible for running the Player Nodes. Film experiences and entertainment is hosted by Film Nodes just like Player Nodes.

GALA token of Gala Games is available in both the token models taking into account the BEP-20 of BNB Chain and ERC-20 of Ethereum. The token is utilized as a mechanism for reward incentivization for operators of the Founder Nodes. Along with this, it also operates for platform governance via voting. The other use case of the token includes its use for in-game rewards provided to the players.

Tokenomics

Along with this, it is additionally considered a payment unit for buyable NFTs existing within the Gala Store. The token can additionally be utilized for purchasing a license needed for operating a node. The cumulative supply of the GALA token is nearly 50B. Every day, the distribution of an already planned amount is carried out among the Gala Games Conservatorship and Founder’s Nodes.

Each of them gets a half proportion of the token distribution. From 2023’s July to 2024’s July, the distribution of up to 8,561,643 GALA tokens was scheduled regularly. The daily issuance is divided into half daily. Hence, starting in 2023’s July, the respective measure will be modified to slightly decreased than nearly 4.3M tokens.

Gala Price Prediction: Price History

The price history of the crypto tokens plays a crucial role in getting an overview of their current position as well as their potential in the future. The crypto market has been recently seeing considerable value recovery. The historical price movements of the crypto tokens make the analysts understand the links between the macroeconomic factors that influence the industry as well as the performance of the cryptocurrencies. In addition to this, the history also tells about the likely outcomes of the respective connection in the coming times.

The Gala price history shows that the token has been experiencing considerable volatility in terms of its value since its launch. The Gala Market outlook signifies that, after its introduction, the token gained traction back in 2021’s September. This was witnessed after the token’s listing by the top crypto exchanges like Bibox and Binance. During that month, the GALA token’s price rose to $0.133 on the 23rd of September. This figure was up to 500-fold greater than its former all-time low price of nearly $0.00022 which was witnessed on the 28th of December in 2023.

Following the updates made to the inventory of Gala Games, which provided convenience in transferring objects from within the ecosystem of the platform to Ethereum, as well as the signatures made on a memorandum of understanding (MOU) between Wemade Tree – the blockchain sub-branch of Wemade – and Gala Games, huge jumps were witnessed by the GALA token during October and November.

After that, on the 15th of November, the news circulated that the platform would introduce its initial limited supply of licenses for game nodes for Town Star. The respective news circulation played a significant role in boosting the value of the GALA token by 3 folds. As a result of that, the token reached a price level of almost $0.44 from the previous price of nearly $0.11. The token remained successful in maintaining its pace in terms of development and touched $0.71 on the 28th of November that year.

This price rise was seen after the declaration of releasing an exclusive series of VOX NFTs by the platform. Nonetheless, the respective success did not last for much time despite the overall hype around the platforms dealing with play-to-earn games that reached beyond the $1B mark in the case of the trading volumes of NFT, as per the statistics provided by DappRadar.

Following that, the GALA token plunged by 29% and reached $0.39 on December 3, 2023. Then the digital token kept on dropping in its value and reached the price of approximately $0.22 on January 22, 2024. This was witnessed despite the platform’s ability to secure a fund of up to $100M for blockchain gaming in collaboration with C2 Ventures.

Along with this, it prepared to launch the 2nd phase of the ecosystem of nodes at the beginning of January last year. On the 8th of February, the token touched the price level of $0.38 as the expectations around the next 8,888 membership non-fungible tokens’ release. After that, GALA began a rapid plunge by February’s mid. On the 15th of that month, the token was trading at around $0.36. Nevertheless, it dipped to nearly $0.22 following the Russian invasion of its neighbor country Ukraine.

Gala Price Prediction: Price Analysis

Looking at crypto market trends assists in analyzing the performance of the crypto tokens. the price history of the crypto tokens helps in market analysis. Moreover, the analysts focus on the market indicators to better understand the trends within the industry. Gala price analysis points out that the crypto token can see substantial growth in terms of its growth and adoption in the coming time.

Fundamental analysis of the token says that its current price is $0.0345. The latest 24-hour trading volume of the token stands at $183,216,955. Its current market capitalization is nearly $240,697,839. The token’s all-time high price is almost $0.8367. The all-time low price level of the token is placed at $0.000151.

The technical analysis brings to the front that the GALA token is near -96% down from its all-time high price. Sentiment analysis for Gala price forecasting signifies that the current sentiment around the token is neutral. It has a market dominance of up to 0.02%. In addition to this, the volatility of the token is very high at 14.70%.

Gala Price Prediction

Gala price speculation and prediction point out that the next year will see considerable growth in the price thereof. Historical data analysis for Gala price prediction discloses that the crypto token has the potential to experience remarkable price rises in the future. Analysts utilize neural networks for predicting Gala coin prices. Along with this, the Gala price prediction algorithms are also used in this respect.

Predicting Gala cryptocurrency prices takes into account Gala price projections in line with techniques for predicting Gala token prices. The Gala token price forecast indicates that the upcoming years will be very important in its further development. While evaluating factors for Gala price prediction, the analysts focus on Gala price prediction accuracy and reliability. Gala cryptocurrency price prediction trends are optimistic about the token’s performance in the next years.

Gala Price Prediction 2024

Gala cryptocurrency price analysis and prediction comprises Gala price forecasting methods and strategies. According to Gala price prediction models, forecasting gala price movements is a crucial task that includes analyzing the Gala market for price forecasting. Gala coin price outlook and prediction specify that the token will reach a maximum price of up to $0.04547 by the year 2023.

Gala Price Prediction 2025

Price chart patterns reveal that the GALA token will witness a huge price rise by the year 2025. In that year, the token could touch the maximum price level of up to $0.106096.

Gala Price Prediction 2030

In line with the historical price movements and analysis of GALA, it is pointed out that frequent developments as well as a huge increase in the user base and adoption will be witnessed in the coming years. In this respect, the maximum price of the Gala token is anticipated to be nearly $0.257661 by the year 2030.

Conclusion

In recent months, the Gala token has recovered to a great extent. This shows its potential for further price growth in the long term. Keeping that in view, the people interested in long-term investment can consider Gala as a good option. Nonetheless, Gala price volatility should also be kept in mind by investors. On the contrary, people reluctant in risky investments should not select this crypto asset as an option. 

MORE:

Rivian Stock Price Prediction 2030

Amazon Stock Price Prediction 2030

Meta Stock Price Prediction

SoFi Stock Price Prediction

Rivian Stock Price Prediction

Coinbase Stock Price Prediction

FAQ