Gala Games is a blockchain-based gaming and NFT ecosystem founded in 2020 by Eric Schiermeyer. In this system, participants can generate or earn tokens by playing play-to-earn games. As an Ethereum-based project, GALA aims to bring creative thinking back to dominate the industry by giving users control of games and in-game assets with the help of Blockchain Technology. Players can own NFTs and have a say in the management of games in the Gala Games ecosystem.
GALA runs on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. The gala network is protected by its own set of nodes called “Founder’s Nodes”. There will only ever be 50,000 Founder’s Nodes that ensure in-game transactions and network security.
GALA has fallen by 7.50% in the last 24 hours. Gala Games announced this week that it has burned nearly 21 billion GALA from its own reserves after completing its V2 token airdrop in an effort to allay concerns surrounding a possible “dump and exit” scenario. According to CoinGecko, approximately $637M worth of tokens have been burned. Gala has also stated that they plan to burn 2 billion GALA as part of their 2023 Vision Paper. With this recent token burn, the price of GALA has increased by about 8% in the last 7 days, so we can consider today’s decline as a corrective move.
