What is Gala Cryptocurrency

Introduction

In the ever-evolving landscape of cryptocurrencies, Gala has emerged as a prominent player. Project is not just a cryptocurrency. It is also the digital utility token of the Gala Games ecosystem. Gala Games is a blockchain-based gaming platform that aims to revolutionize the gaming industry by giving players control over their games and the ability to own in-game items.

In this comprehensive guide, I will deep dive into the history of this project, explore its use cases. Then, understand how it works, highlight its advantages, discuss how to buy it, and learn about the best practices for storing Gala securely.

Please read it, comment it and share.

History of Gala

Gala was founded in 2019 by Eric Schiermeyer, Wright Thurston, and Michael McCarthy. Eric Schiermeyer, the CEO of Gala Games, has an extensive background in the gaming industry. His having previously co-founded Zynga, the social game development firm behind popular titles like Zynga Poker and Farmville.

Wright Thurston is a pioneer in the cryptocurrency space, and Michael McCarthy, the Creative Director behind viral gaming hits such as Farmville 2, brings his expertise in game development to the Gala Games team.

The first game released by Gala Games was Town Star, a farming simulation game that allows players to compete in weekly competitions. It introduced the concept of non-fungible tokens (NFTs) that can be used in the game to provide bonuses but are not required for gameplay.

Gala Games is also developing Mirandus, an MMORPG/Adventure Simulator, which aims to redefine game development and gameplay by empowering players and giving them control over the in-game economy.

What are another use cases? I will write about it in the moment.

What is Gala used for?

Gala serves as the digital utility token of the Gala Games ecosystem. It is an ERC-20 token based on the Ethereum blockchain. There are several use cases within the Gala Games platform.

Medium of Exchange. It is used as a medium of exchange between participants in the ecosystem. Players can use this token to transact with other players and purchase digital assets, including NFTs.

Governance. Ecosystem embraces decentralization and community governance. GALA token holders have a voice in the platform’s development and decision-making processes.

They can participate in distributed voting mechanisms to determine which games should be added to the platform and help fund projects within the ecosystem.

How does Gala work?

Gala Games differentiates itself from traditional gaming platforms by leveraging blockchain technology and NFTs to give players ownership and control over their in-game items.

Project operates on the Ethereum blockchain, ensuring transparency, security, and immutability of transactions.

Gala Games offers a diverse range of games, including Town Star, Mirandus, Spider Tanks, Fortitude, Echoes of Empire, and more. Each game has its unique gameplay mechanics and rewards system. However, all games within the ecosystem reward players with GALA tokens and NFTs.

Players can earn tokens and NFTs through gameplay achievements, competitions, and participation in the community. These digital assets can then be used within the ecosystem or traded on compatible cryptocurrency exchanges.

The Gala Games ecosystem also includes Gala Nodes, which are a distributed network of computers that operate the platform. These operators contribute computational resources and secure the platform from fraudulent activities. In return, they are rewarded with GALA tokens and unique NFTs.

Advantages

Gala offers several advantages both for players and the gaming industry as a whole.

Play-to-Earn. Gala Games embraces the play-to-earn model, allowing players to earn cryptocurrencies and NFTs through gameplay. This model provides players with the opportunity to generate income while enjoying their favourite games.

Community Governance. Gala Games empowers its community by giving GALA token holders a say in the platform’s development. Players can actively participate in shaping the future of platform by voting on proposals and contributing to ecosystem development.

Utility of NFTs. NFTs have gained significant attention in the gaming industry, and Gala Games leverages their potential. NFTs can be used in games to represent unique in-game items and provide benefits to players.

Gala Games enables players to truly own their NFTs, giving them the freedom to trade, sell, or use them in other compatible games.

Gala Price in Depth

1st Bull Market

The starting price was really attractive, $0.0015 per unit. It was September 2020, so the cryptocurrency market was in full swing! Gala achieved its ATH just a year later.

Around the end of November 2021. The price changed dramatically, jumping to $0.82 per unit. The price, as always, went through a period of corrections.

Either way, it grew 500 times from bottom to top. Read again…

Such euphoric growth must end with a strong inflow of capital from the market in a bear market, and that is what happened.

About that right now.

1st Bear Market

The first half of the year was a bear market and a strong outflow of capital. The price drops to $0.08 per unit.
Does it find its bottom at this level? Unfortunately not.

The bottom of the bear market is around $0.012.
Such a strong capital outflow will hurt everyone.
If you take a closer look, the bear market actually lasted until the end of 2023!

Well, almost 2 years.
Count your losses yourself!

2nd Bull Market

So what about this next bull market?
Well, that’s what it’s all about here.
It cannot even be said that we are experiencing a boom in the Gala project.

The price jumps up and down and such price behaviour is a sideways trend.
In fact, the bottom of the bear market is regularly defended at the level of $0.012.
Capitalizations, like the price, move in a sideways trend.
Okay, with a slight indication of an upward trend.

If you look at the difference in capitalization at the beginning of 2023 and the current capitalization, it is a 10-fold increase.
Let’s not be fooled only by price changes.
The value of the entire network of this blockchain has been increasing over the last 2 years.

One can only dream of a strong bull market so far.

How to Buy Gala

To buy Gala, you can follow these steps.

Choose a Cryptocurrency Exchange. Select a reputable cryptocurrency exchange that supports Gala and offers dollars trading pairs.

Complete the Registration Process. Sign up for an account on the chosen cryptocurrency exchange. Provide the necessary identification documents and complete the verification process.

Deposit USD. Deposit American dollars into your exchange account using available funding methods such as bank transfers or credit/debit cards.

Place an Order. Navigate to the trading interface of the exchange and search for the Gala trading pair. Place a buy order for the desired amount of cryptocurrency, specifying the price you are willing to pay.

Execute the Trade. Once your buy order is matched with a seller, the trade will be executed. The project tokens will be credited to your exchange account.

Withdraw. After the trade is completed, you can withdraw your tokens to an external wallet for added security.

In this moment you should learn little bit about storing methods and tools.

How to Store Gala Securely

Storing Gala securely is essential to protect your digital assets. Here are some best practices for this reason.

Hardware Wallets. Consider using a hardware wallet, such as Ledger or Trezor, to store your Gala tokens offline. These wallets provide enhanced security by keeping your private keys offline and out of reach from potential hackers.

Software Wallets. If you prefer a software wallet, choose a reputable wallet that supports ERC-20 tokens like this one. Examples include MetaMask, MyEtherWallet, and Trust Wallet. Ensure that you follow best security practices, such as using strong passwords and enabling two-factor authentication.

Secure Backup. Make sure to create a secure backup of your wallet’s recovery phrase or private keys. Store it in a safe place, preferably offline, to prevent unauthorized access.

Beware of Phishing Attacks. Be cautious of phishing attempts and always double-check the website’s URL before entering your wallet information. Avoid clicking on suspicious links or downloading unknown files that may compromise the security of your Gala tokens.

By following these security measures, you can ensure the safety of your Gala tokens and protect yourself from potential threats.

Conclusion

Project is not just a cryptocurrency. It is a revolutionary force in the gaming industry. Through Gala Games, players can experience true ownership of in-game items and earn cryptocurrencies and NFTs through gameplay.

Gala is reshaping the gaming landscape and empowering players. This article gave you full history, use cases, and advantages of this project, as well as the best practices for buying and storing it securely.

It’s always matter of own choice about investment or not, but evidence shows that this project is worthy to explore and learn more.

Future of Crypto Gaming What is Axie Infinity Coin NFT Collector Tokens