Blockchain gaming studio Gala Games has an ambitious goal for 2022 and it is allocating $5 Billion to make it happen! The startup is expanding its offerings to include music, movies and theme park NFTs. Since launching in 2020, it has attracted 1.3 million monthly active users thanks to its gaming titles, so this move marks a new chapter for the company and its supporters.
Gala Games Beyond Gaming
Gala Games’ President of Blockchain, Jason Brink, confirmed that they would be pouring in capital to new NFT segments. Out of the $5 billion allocated to Gala Game’s NFT expansion, $2 billion is expected to go to gaming. A further $1 billion will be earmarked for the studio’s music ambitions, as well as $1 billion for movies. Lastly, Gala theme park NFTs will pick up the remaining $1 billion.
Commenting on the big move, Brink said:
“Those were some of the numbers shared with the Gala Gold community. We certainly look forward to helping that unfold with the community in the future.”
Despite not elaborating plans, the community quickly picked up Brink’s photo with iconic rapper turned NFT investor and creator Snoop Dogg. As such, there are rumors that the chart-topping musician will release an NFT album on Gala Games’ music platform. “As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it’s as an NFT or otherwise,” said Brink.
Let’s Run Numbers
With a $5 Billion budget, Gala Games has all the means to shake things up in the space. How did a two-year-old venture raise such huge capital?
GALA, Gala Games’ token, has a fully diluted valuation of $16.73 Billion, with about 15% of its supply currently circulating. In addition, it carries a market capitalization of $2.52 billion, with the tokens trading at $0.33 each, according to CoinGecko. The token is actually down by about 60% from its all-time high set on Nov. 26, 2021.
In addition, the gaming titles under Gala Games’ umbrella are performing exceptionally well. Town Star, Mirandus, Spider Tanks, The Walking Dead and more were huge hits to the NFT gaming scene. As such, Gala Games collectively sold over 26,000 NFTs. Its most expensive NFT sale bagged $3 Million!
With liquidity and momentum on its side, the blockchain gaming studio is making bold choices. It also launched a $100 million blockchain gaming fund with crypto investment firm C2 Ventures. The partners aim to invest in game developers and projects building atop the blockchain.
Controversies Surrounding Gala Games
Yes, Gala Games has the machinery for expansion, but it has yet to resolve some issues around its homecourt. A few weeks ago, we reported how some users are dismayed over the increasing Gala Games Hacks and the lack of support. There were also some questions about the alleged Vox Mint issues before these cases. These are areas they need to resolve and look out for. Otherwise, history is bound to repeat itself.