The development of blockchain technologies affected even the industry of gaming, bringing new-age projects that change the way people play games. One of the most significant examples is the Gala Games project which offers users a chance to own all the in-game assets. After gaining lots of value in the bullish rally of autumn 2021, the token was going bearish, and even when most of the assets started to gain value this summer it stayed down. Read our GALA token price prediction to see if there is a chance for this token to get back on track.
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Table of Contents
Gala Fundamental Analysis
Gala is a blockchain gaming project that aims to change the gaming industry by returning the control over their gaming experience back to the players. The project set a goal to create the games people really want to play on blockchain but in the way that its architecture stays invisible and even beginners can easily start playing them. Moreover, the players own all the in-game assets and items as NFTs, so it changes the situation when the players spend thousands of dollars on paying for games, buying the skins and objects and still can lose everything in a split second due to the bugs in technology or connection errors.
The development process in Gala is ongoing and the team regularly tests their work on the community and pays attention to the proposals from the users and players. The project implements the Founder’s Nodes voting mechanism that allows the community to choose which projects to develop and how to use the funding.
The Gala Games project was launched in July 2019 by Eric Schiermeyer, who before was working on Zynga — a popular social and mobile games company. As of 2022, there are around 100 employees in the company. Eric Schiermeyer considers the project the future of the internet.
Gala games are not a single game, but more of a set of games united by the same idea. The first game ever delivered by the company is Town Star — a browser town simulation similar to SimCity, but with a key difference. In Town Star the players that manage the town actually own it.
The company also launched an NFT collection called VOX — a set of unique collectible avatars. Some of them are rarer than others. At the initial drop, 8,888 items were distributed with an average price of 0.088 ETH. The users who got VOX avatars also receive their own FXB file that allows them to animate the avatars and even 3D print them in the future.
There are other games in development. For example, Fortified is a player-versus-player town defense game with medieval gameplay, where players compete to build the best town defense. Another game is a fantasy RPG Mirandus, where the in-game world is ruled by five-player monarchs. The company also works on the Echoes of Empire strategy game where the players fly around on their NFT spaceships and fight for ruling the Galaxy.
At the time of writing, there are over 1.3 million active monthly users and over 26K NFTs sold with the most expensive of them priced at over 3 million.
The users run Gala Nodes that support the Gala Network to receive the Gala tokes and NFTs as rewards. Unlike other projects, the Gala network utilizes a triple consensus mechanism consisting of proof-of-work, proof-of-stake, and proof-of-storage algorithms.
GALA is a native utility token of the project, represented as ERC-2 and BEP-20 tokens It has a maximum supply of 35 billion tokens with only around 7 billion currently circulating. It began trading in September 2020. The Gala token is used to purchase in-game items and also can be earned through running a node.
Gala Live Price Chart
The price of the GALA token followed along with the overall crypto market tendency but had some changes in the trends. For instance, when most of the assets were going up in August 2021, the GALA coin stayed stable at around $0.02 and only in September established a new price level.
In the middle of September, it jumped to $0.11, maintained this level of the price for a week and then continued at the lower level of around $0.08. While most of the altcoins and meme tokens approached their new heights in October, the GALA token price at that time stayed pretty stable not going higher than $0.10 at the beginning of the month. The situation changed drastically in November. The price of the GALA token gained over 100% in just one day and reached $0.23 on November 19. In just 4 days it approached a new milestone of $0.39 and after a short price, the correction gained over 200% and hit its all-time high of $0.83 on November 28.
From that time, the price of GALA started to go down. On December 8 it already lost around 40% and was trading for $0.47. It then shortly went up to $0.53 at the end of the year but continued in the downtrend at the very beginning of 2022. From the beginning till the very end of January 2022, the GALA token price chart was going down until it reached $0.19 on January 23. Around this level, the token was trading at the beginning of February.
But after the first week of the month, the token doubled its price and jumped to $0.38, but after 10 days of trying to maintain this level dropped to $0.22. The price was bouncing around $0.21 and $0.23 till the middle of March. At that time some experts were predicting the flip of the market trends and the GALA token was also bullish, reaching $0.27.
The following market correction appeared to be another bearish trend and at the beginning of April, the price returned to the previous level of $0.22 and then kept falling, following the overall trends.
The biggest drop happened on May 12 when all the market prices were corrected. At that time the price of the GALA token fell to $0.06. It was corrected the next day to $0.1, but then went down again and stayed at this level for till the beginning of June. At the time of the big crypto sell-off, the GALA token also went down and was trading at $0.05 for the next 2 months. In the middle of July, the price started to slightly rise, but couldn’t break the resistance at $0.059. The experts see different ways the price of GALA can develop. If the price will start breaking through $0.067 it might gain even more value in the future, otherwise, the possibility of the bearish trend is more visible at the moment.