GALA Coin Skyrockets 20% Amid News of $5 Billion NFT Expansion
Gala Games platform’s GALA token, surged over 20% in the last day, overshadowing gains of other major metaverse tokens as well as Meta’s stock.
This spike in price came in tandem with Gala Games’ announcement about plans to deploy $5 billion within the next year to bolster its non-fungible token (NFT) offerings by buying intellectual property rights and building a theme park.
GALA in Limelight
Gala Games (GALA) is a blockchain-based, play-to-earn (P2E) gaming ecosystem that enables players to earn their GALA tokens for in-game achievements. It also offers the creation and trade of NFTs on exchanges or in the game itself.
In the last year, the token saw a price jump of over 50,829% soaring to its all-time high price of $0.841, as the coin surpassed other eminent metaverse projects including Axie Infinity, The Sandbox, and Decentraland.
Reportedly, Gala is set to spend $2 billion on gaming, $1 billion on movies, $1 billion on music, and the remaining $1 billion to construct a theme park, in efforts to expand its NFT and Metaverse presence.
That said, the project was recently in the limelight after rapper Snoop Dogg signed a promotional deal with Gala to create loot boxes to promote his new album, ‘B.O.D.R. (Bacc on Death Row).’
Notably, there will be 1,470 NFTs minted for each song and the NFTs do not confer any sort of IP rights.
Furthermore, Gala also announced another Galaverse festival set for June in Copenhagen. The blockchain-based gaming platform held the previous Galaverse event, in December in Las Vegas.
The event generated considerable social attention as it was deemed as one of the first major concerts to occur post-COVID-19.
Metaverse Tokens Soar
While GALA’s recent gains were commendable, the token still traded at an almost 50% discount from its top. The same could be seen as an attractive entry point to invest in the metaverse token for participants.
Last year, in November, GALA registered over 95% gains in just a fortnight making a new ATH on November 26. For now, other major metaverse tokens such as MANA, ENJ, and SAND also noted decent gains, possibly on the back of the recent BTC gains.
As per data from Coin Market Cap, MANA was up close to 10% in a day, while SAND posted gains of 7%. On the other hand, Enjin Coin noted close to 8% gains as the total crypto market cap seemed to head towards the $2 Trillion mark once again.