Bittime - Leading blockchain gaming platform Gala Games was founded in 2019 by Eric Schiermeyer (co-founder of Zynga) and other industry veterans, leveraging blockchain technology to facilitate the creation, distribution, and trading of non-fungible tokens (NFTs), allowing players to own unique in-game assets such as characters, equipment, and land.
The platform offers a variety of games spanning many genres, with well-known titles like "Town Star" and "Mirandus." These games are designed to be played to earn, allowing players to potentially earn rewards through skillful play or contributions to the ecosystem.
Rise After Being Attacked by Hackers
After explosive growth during the 2021 bull market, the platform is facing major challenges, largely due to a combination of technical vulnerabilities and declining interest in GameFi.
A notable incident was a problem with the blockchain bridge disruption, which allowed attackers to mint more than $2 billion worth of Gala tokens.
The incident involved a vulnerability in a multi-chain routing protocol provided by pNetwork, which powers Gala Games, among other DeFi organizations.
Additionally, as the initial excitement around blockchain gaming and NFTs began to stabilize, platforms like Gala Games faced challenges in sustaining the increased growth that occurred in their early phases.
Nevertheless, GameFi projects are regaining momentum amid the recent market return. With Bitcoin experiencing a slight correction and a chance to reach new record highs again, GALA has also been impacted by a 143% increase in the past month.
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Causes of GALA Price Rise
The recent rise in GALA can be largely attributed to the announcement outlining the economic system of a new blockchain-based game called Last Expedition.
The game features a rich narrative on the alien planet Aura, where players, as hunters, collect valuable resources and technology while facing deadly creatures. It uses in-game currency as a reward system, which can be exchanged for other currencies, including GALA. The announcement stated:
"Thanks to the power of GalaChain, various in-game currencies with different purposes will be used to provide an immersive player experience with virtually unlimited combinations and strategic choices."
In-game currency and Notariumi can be earned and used for various upgrades and crafting, adding depth to the game. This complicated economic model, combined with strategic gameplay elements, most likely contributed to increased interest and investment in GALA.
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Improve Platform Development
Gala has also been vigorously pursuing other development initiatives. The platform has launched decentralized exchange (DEX) GalaSwap on the GalaChain network and sponsored a $1 million hackathon at the Game Developers Conference.
"Their partnerships with AWS Game Tech and Alienware are one of the highlights. This increases GALA's brand visibility for the token in the global gaming arena, and its relationship with big brands brings more credibility. The increasing price of GALA also brings many GameFi users back to the market," said Anndy Lian.
High institutional interest and growing adoption of cryptocurrencies have driven altcoin price gains, including GALA. In addition, GALA tokenomics includes mechanisms such as token burning, where a portion of transaction fees collected in GALA are burned, effectively reducing the overall supply over time. This deflationary move could contribute to the appreciation of the token's price as the circulating supply decreases.
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How to Buy Gala Games (GALA) on Bittime
You can buy and sell Gala Games (GALA) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Gala Games (GALA) is available on Bittime with the market pair GALA/IDR. To be able to buy GALA IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Gala Games (GALA) on Bittime.
Monitor the price chart movements of Gala Games (GALA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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GALA Price Prediction 2024, 2025, 2030: Gala Games Token Will Skyrocket?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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