Gala Games is a platform that aims to revolutionize the gaming industry by empowering players with more freedom, control, and rewards than ever before. Gala Games leverages Web3 and blockchain technology to create a huge ecosystem of AAA-level games, many of which are free to play and offer players the opportunity to own and earn from their in-game assets.
One of the core components of Gala Games is the Gala token (GALA), the utility token that fuels the platform. Gala token (GALA) is used for various purposes, such as purchasing NFT items, operating Founder’s Nodes, and paying network fees on Gala’s blockchain. Gala token (GALA) is also distributed as a reward to Founder’s Node operators and players who achieve certain milestones in the games.
In this blog post, we will explore what the Gala token (GALA) is, how it works, and why it is valuable for both gamers and investors.
Table of Contents
What is a Gala token (GALA)?
Gala token (GALA) is an ERC-20 token that runs on both Ethereum and Binance Smart Chain. It was launched in 2019 by Gala Games, a company founded by Eric Schiermeyer, co-founder of Zynga, and other industry veterans who wanted to bring value back to the players.
Gala token (GALA) has a total supply of 50 billion tokens, of which 35 billion are reserved for node rewards, 7 billion for ecosystem growth and project funding, 5 billion for teams and advisors, 2 billion for liquidity provision, and 1 billion for marketing.
Gala token (GALA) has a deflationary emission schedule, meaning that the daily amount of Gala tokens (GALA) minted decreases every year. According to the official website, the emission schedule is as follows:
– From 7/21/21 to 7/21/22 – 17,123,286 GALA per day
– From 7/21/22 to 7/21/23 – 8,561,643 GALA per day
– From 7/21/23 to 7/21/24 – 4,280,822 GALA per day
Each day, 50% of the newly minted GALA is distributed to Founder’s Node operators, and 50% is allocated to the Gala Games conservatorship.
Gala V2 is the upgraded version of the Gala token. Gala V2 was launched on May 15, 2023, and replaced the previous Gala V1 token with a 1:1 conversion ratio.
The upgrade brought several improvements to the Gala smart contract on Ethereum, such as enhanced security, burn mechanisms, and future upgradability. Gala V2 also supports cross-chain transactions with other blockchains, such as Binance Smart Chain and Polygon. Gala V2 aims to provide a better user experience and more value for the Gala Games community.
How does the Gala token (GALA) work?
Gala token (GALA) is used for various functions within the Gala Games ecosystem. Some of the main use cases are:
Purchasing NFT items: Gala Games offers a variety of NFT items that can be used in different games on the platform. These items can be purchased with GALA tokens from the Gala Games store or from other players on the marketplace. Some examples of NFT items are characters, weapons, skins, land plots, buildings, vehicles, and more.
Operating Founder’s Nodes: Founder’s Nodes are servers that help secure and decentralize the Gala Games network. Anyone can purchase a Founder’s Node license with GALA tokens and run a node on their own hardware or cloud service. By doing so, they can earn daily rewards in GALA tokens and exclusive NFT items. There are currently over 20,000 Founder’s Nodes operating on the network.
Paying network fees: Gala Games has a blockchain that is compatible with Ethereum and the Binance Smart Chain. This blockchain is used to record transactions and events related to the games and NFT items on the platform. To use this blockchain, users need to pay network fees in GALA tokens. These fees are then burned, reducing the circulating supply of Gala tokens (GALA) over time.
Why is the Gala token (GALA) valuable?
The Gala token (GALA) is valuable for several reasons. First of all, it is backed by a strong team of game developers who have decades of experience in creating successful titles such as Zynga Poker, Farmville, Mafia Wars, and more. They are passionate about gaming and Web3 technology and have a vision to create a platform that can compete with mainstream gaming platforms.
Secondly, the Gala token (GALA) is supported by a vibrant community of gamers and NFT enthusiasts who are actively engaged in playing and collecting the games and items on the platform. Gala Games has over 1 million monthly active users across its games, which include Town Star, Mirandus, Spider Tank Project, Echoes of Empire, Fortified, Legacy: The Lost Pyramid VR Editions (coming soon), The Walking Dead: Empires (coming soon), and more.
Thirdly, the Gala token (GALA) has a deflationary tokenomics model that ensures its scarcity and long-term value appreciation. As more users join the platform and demand for NFT items increases, so does demand for GALA tokens. At the same time, as more network fees are paid and burned, the supply of GALA tokens decreases. This creates a positive feedback loop that drives up the price of GALA over time.
Conclusion
Gala Games is a game-changer for Web3 gaming that offers players more freedom, control, and rewards than ever before. By using Web3 and blockchain technology, Gala Games enables players to own and earn from their in-game assets while enjoying high-quality games with immersive graphics and gameplay.
The Gala token (GALA) is the utility token that fuels the Gala Games ecosystem. On Gala’s blockchain, it is used to pay network fees, run Founder’s Nodes, and buy NFT goods. It is also distributed as a reward to node operators and players who achieve certain milestones in the games.
Gala token (GALA) is valuable because it is backed by a strong team of game developers who have a proven track record in creating successful games; it is supported by a vibrant community of gamers and NFT enthusiasts who are actively engaged in playing and collecting; and it has a deflationary tokenomics model that ensures its scarcity and long-term value appreciation.
If you are interested in learning more about Gala Games and the Gala token (GALA) or want to join the platform as a player or node operator, you can visit their official website or follow them on social media.
What is Gala V2?
Gala V2 is the upgraded version of the Gala token, which is used in the Gala Games ecosystem. Gala Games is a web3 gaming platform that allows users to play and own digital assets in various blockchain-based games. Gala V2 was launched on May 15, 2023, and replaced the previous Gala V1 token with a 1:1 conversion ratio. The upgrade brought several improvements to the Gala smart contract on Ethereum, such as enhanced security, burn mechanisms, and future upgradability. Gala V2 also supports cross-chain transactions with other blockchains, such as Binance Smart Chain and Polygon. Gala V2 aims to provide a better user experience and more value for the Gala Games community.
How can I get Gala Tokens?
There are several ways to get Gala Tokens. You can buy them from exchanges that list GALA, such as Binance or Uniswap. You can also earn them by playing games on the Gala Games platform, such as Town Star or Mirandus. Additionally, you can receive them as rewards for running a node or referring new users to the platform.
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