GALA Up 200% in Past Month: What’s Fueling the Rally?

GALA Up 200% in Past Month: What’s Fueling the Rally?

GALA, the native cryptocurrency of the Gala Games ecosystem, has been on a roller coaster ride as of late.

The token has gained more than 12% over the past day amid the broader rally among gaming coins. It has also seen its value soar by more than 60% over the past week and 200% over the past month, according to data from CoinMarketCap.

In a note to Techopedia, Anndy Lian, Intergovernmental Blockchain Expert, said:

“The recent surge in GALA’s price can be attributed to a combination of factors, including partnership announcements and growing investor interest in the GameFi sector.”

With a market cap of $2.2 billion as of March 11, 2024, GALA is currently the 56th largest cryptocurrency by market value. It has a circulating supply of 29,309,794,963 coins and a 24-hour trading volume of $1.7 billion.

Where’s next for GALA? Is the latest rally sustainable? Learn in our GALA price analysis.

Key Takeaways

  • GALA has seen a significant surge, gaining over 200% in the past month.
  • The rally is attributed to several factors, including the resurgence in the crypto market.
  • Recent developments, including the economic system of a new game called Last Expedition, have sparked further interest in GALA.
  • Other gaming tokens have also surged alongside GALA, including PIXEL and RON.

Gala Gains Renewed Interest Amid Market Resurgence

Founded in 2019 by Eric Schiermeyer (a co-founder of Zynga) and other industry veterans, Gala Games leverages blockchain technology to facilitate the creation, distribution, and trade of non-fungible tokens (NFTs), enabling players to own unique in-game assets such as characters, equipment, and land.

The platform offers a variety of games spanning different genres, with notable titles including “Town Star” and “Mirandus.” These games are designed to be play-to-earn, allowing players to potentially earn rewards through skilled gameplay or contributions to the ecosystem.

After explosive growth during the 2021 bull run, the platform faced significant challenges, largely attributed to a mix of technical vulnerabilities and the waning interest in GameFi.

A notable incident was an issue with a bridge malfunction, which allowed an attacker to mint over $2 billion worth of GALA tokens.

The incident involved a vulnerability within the multi-chain routing protocol provided by pNetwork, which supports 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 maintaining the explosive growth experienced in their early days.

Nevertheless, the GameFi project has once again picked up momentum amid the recent market resurgence. With Bitcoin hitting a new all-time high, GALA has also been on a roll, gaining more than 200% over the past month alone.

Why Is GALA Surging?

GALA’s recent surge can be largely attributed to the announcement detailing 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, gather valuable resources and tech while facing deadly creatures. It uses in-game currencies as a reward system, which could be swapped for other currencies, including GALA. The announcement read:

“Thanks to the power of GalaChain, a variety of in-game currencies with different purposes will be used to provide an immersive player experience with nearly infinite combinations and strategic choices.”

In-game currencies and Notarium, a key resource, can be earned and used for various upgrades and crafting, adding depth to the gameplay. This intricate economic model, combined with strategic gameplay elements, likely contributes to increased interest and investment in GALA.

 

Gala has been vigorously pursuing other development initiatives as well. The platform has launched its GalaSwap decentralized exchange (DEX) on the GalaChain network and sponsored a $1 million hackathon at the Game Developers Conference.

Anndy Lian commented:

“Their partnership with AWS Game Tech and Alienware is one of the highlights. This increased GALA’s brand visibility for the token in the global gaming arena, and its connection with the big brands brought more credibility. The growing price of GALA has also brought many GameFi users back to the market.”

Positive sentiment across the crypto space, driven by institutional interest and increasing adoption, has benefited altcoins, including GALA.

Furthermore, GALA’s tokenomics include mechanisms such as token burning, where a portion of the transaction fees collected in GALA is burned, effectively reducing the overall supply over time.

This deflationary measure can contribute to the token’s price appreciation as the circulating supply decreases.

Gaming Tokens Surge as Bitcoin Hits $70,000

Aside from GALA, other prominent gaming tokens and metaverse coins also experienced a significant surge in value over the weekend. This surge occurred concurrently with Bitcoin briefly surpassing the $70,000 mark.

One of the tokens experiencing significant gains includes PIXEL, the crypto farming game, and its associated network, Ethereum scaler Ronin. PIXEL reached a new all-time high price above $0.94 overnight, with growing interest reflected in over 500,000 daily active users.

Ronin’s RON token also hit a more than two-year high of $4.05 before slightly dipping to $3.70. Yield Guild Games’ YGG token, announced as PIXEL’s guilds infrastructure partner, saw a 64% increase in value this week.

Moreover, NFT card battler Parallel’s PRIME token reached a new all-time high of $19.78, while BEAM, the token of the Beam gaming network, set a record high of $0.044. Immutable’s IMX, the largest gaming token by market cap, spiked to a two-year high of $3.62.

Tokens such as Axie Infinity’s AXS and Iluvium’s ILV also experienced notable gains.

These gaming token surges often outperformed Bitcoin, which briefly exceeded $70,000 on Sunday, following its historic breach of that price point on Friday. Bitcoin’s current value sits just below $69,500, representing an 11% increase over the past week.

So, will the price of GALA continue moving up? Anndy Lian has a positive view. He said:

“When I spoke to my community on the ground, they said that the price action got their attention, and they are promoting the token non-stop on X. In the last few days, I have seen a big increase in trading volume by close to 110%, amounting to around $1.4B in the last 24 hours. The increased volume means that the buying interest is very high. If you look at CMC on the addresses by time held, I see that the number now is 69.28% vs. 52.14% 1 year ago. This also means that more people are more confident about the token now.”

Giving his short-term GALA price outlook, Lian predicted:

“Maybe consider holding it [GALA] for a longer period. If this situation continues, I believe a 5% to 15% price hike in the next week is also possible.”

The Bottom Line

The remarkable surge in GALA’s value, alongside the broader rally in gaming tokens, comes amid a renewed interest in blockchain gaming and NFTs.

GALA has emerged as the biggest winner in the recent gaming and metaverse coin surge, with the price jumping more than 200% over the past week.

 

Source: https://www.techopedia.com/gala-is-up-200-percent-in-past-month

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin bull run on the horizon? Experts analyse surge past $25k in 2023

Bitcoin bull run on the horizon? Experts analyse surge past $25k in 2023

Bitcoin, the world’s largest digital currency, surged last week, breaking past the $25,000 mark and reaching a new high for 2023. This was an almost 60 percent gain for the cryptocurrency from the low of $15,742 in 2022 following the FTX crisis in November. Bitcoin’s value has been increasing steadily since then.

The last time Bitcoin was at a similar level was in mid-June of 2022, after which it stagnated for a prolonged period, with values hovering in the $19,000 to $21,000 range for several months. The cryptocurrency is still well below its peak of $68,992, which it reached in November 2021.

Experts said that while the surge above $25,000 was a positive sign, the market remains susceptible to sudden changes. They advise investors to remain vigilant and prepared to react quickly to market movements.

According to Ben Sharon, cofounder of LumiShare SRG, factors such as regulatory changes, geopolitical tensions, and the performance of major players like Bitcoin will all have an impact on the market, which looks positive at this stage. “The bull market will begin within the next two quarters,” Sharon told Moneycontrol.

Matter of regulation

Another market analyst said Bitcoin is still largely misunderstood or misrepresented and the real question for investors is how regulatory authorities treat the cryptocurrency ecosystem.

Nathan Thompson, a lead tech writer at Bybit, noted that Bitcoin is currently traded as a risk asset and is affected by many macro factors. These include inflation, recession, and general discourse, which have a direct impact on the price of cryptocurrency.

Thompson emphasised that Bitcoin and other blockchain-based assets are a net gain in terms of access and efficiency and if allowed to flourish, they will increase productivity and growth worldwide. Sean K. August, CEO of The August Wealth Management Group, said crossing the $25,000 mark is a significant milestone for Bitcoin, which could potentially continue to rise in the short term.

However, the future of Ethereum, the second-biggest cryptocurrency by market capitalisation, may depend on factors such as the adoption of the Ethereum blockchain and the launch of new projects and applications.

August said the crypto market is highly volatile and subject to fluctuations, influenced by factors such as regulatory changes, adoption by institutional investors, and the macroeconomic environment. Modulus CEO Richard Gardner notes that the macroeconomy is only moving the market for the short term, and the real question for Bitcoin investors is how regulatory authorities will treat crypto.

Until there is regulation, the sector will be stuck in a holding pattern. Gardner predicts that crypto will truly break free in a meaningful way only when regulatory authorities provide oversight.

Intergovernmental blockchain expert Anndy Lian said the recent surge in BTC price cannot be attributed solely to its intrinsic value – it is also heavily influenced by the current global economic climate. Bitcoin is viewed as a safe haven asset and its decentralised nature makes it an attractive option for those who are sceptical of traditional financial institutions.

Whitney Setiawan, a research analyst at cryptocurrency exchange Bitrue, has predicted that the current market for Bitcoin and Ethereum could signal the start of a bull run in the near future. According to Setiawan, the crypto market is influenced by factors such as inflation slowing globally and the US Federal Reserve taking a slightly dovish tone.

Setiawan cited the bottoming of crypto prices and the buy-on-the-dip mentality of traders as the main drivers for the recent price surge. Setiawan noted that historically, bear market rallies with a parabolic upward movement are quite common before a substantial decrease in price, and this could be the case this time as well.

 

Source: https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-bull-run-on-the-horizon-experts-analyse-surge-past-25k-in-2023-10167331.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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EXCLUSIVE INTERVIEWS: Seasonal Insights on NFTs Past, Present, and Future (Part 2)

EXCLUSIVE INTERVIEWS: Seasonal Insights on NFTs Past, Present, and Future (Part 2)

Interviews with Jordan Belfort, Brock Pierce, Nifty Gateway, SuperRare, VaynerNFT, and other leaders in the NFT space.

The whir of people and activity, bright lights and decoration, and general festive air that used to punctuate the holiday season in the now-archaic shopping malls across the U.S. now seem replaced with the hustle and bustle of more NFTs coming to market. Every week brings news surprises directly to our inbox, for those of us who are on the mailing lists for new projects.

Multi-platinum recording artist, Pia Mia, came back from her stint as one of the judges at Miami Art Week inspired to release Birth of D1AD3MA, an NFT collection on OneOf which included the early release of her new song “Whole Thing”.

Sarah McDaniel, Playboy cover girl in 2016, dropped a limited edition of NFTs last week, this time not leveraging her image as a model, and only five of the 82 pieces have been collected. The NFTs are based on a short animated film, Kerfuffle. The difference in reception between Kerfuffle and her NSFW.app drops has not escaped McDaniel who said in a statement:

Looking to profit off crypto trading? Crypto traders just like you are getting profitable trades from Benzinga’s crypto research team! Click Here to See the Next Trade.

“My first NFT drop sold out in seconds because it leveraged my image and notoriety in the modeling world,” McDaniels said of her NSFW.app collection on OpenSea. “But the Kerfuffle drop has artistic power. It spotlights the empty culture and false beauty standards that generate a darker side to our society.”

Perhaps McDaniel anticipated the difference in responses – if so she made a Kerfuffle with the contrast in the drops themselves.

VaynerNFT, beyond supporting the very successful VeeFriends series, seems determined to dominate the space through sheer volume and variety of drops. This week they partnered with Coach on the launch of its first collection of NFTs featuring eight Coach Holiday animals.

VaynerNFT also released the Pepsi Mic Drop genesis NFT collection about which Gary Vayernchuk was naturally very enthusiastic:

“I love that Pepsi is embracing one of the most significant technology shifts of our lifetime. NFTs will change the culture of value creation forever; this is an exciting moment for the brand to build loyalty & bring immense value to its community & fans,” Vaynerchuk said.

But in the hubbub of holiday shopping for the latest and shiniest new certificates of digital ownership, we return to our review of the leading minds in the NFT space and their view, with all respect to Charles Dickens, on the spirit of NFTs past, present, and future.

Jordan Belfort

Investor, Entrepreneur, Speaker, and Author

Past – What brought us here?

“I posted a tweet saying 2021 is the year of the NFT. And I got some pushback from people saying, no, this is just the beginningNext year is the year of the NFT. People are really passionate about this stuff.

I think it has to do more with what’s going on with web 3 and this push towards taking back power from centralized institutions. Web 2 is all about the big platforms like Amazon, Facebook, Google, Twitter, they organized what was this incredibly large, massive information that was web 1 and made it easy to use. But everyone that gave all the information lost power. Some people struck it rich, but most people didn’t make any money. They were the contributors and content creators, but they didn’t get compensated fairly for it.

So that I think what’s really underpinning this next movement where wealth is spread to the people who actually contribute to the creation of information. And what makes that possible is  NFTs. NFTs are like your authentication of ownership of any given asset or piece of information. They allow the individual to go out and create content, put it out into the world, and use smart contracts to get compensated for little bits of information over time…  it creates this landscape where the average person can start to get paid for creating content, and that’s what’s behind it.

I think it’s going to very quickly evolve… you’ll see many, many things tokenized – real estate, titles, and anything can really be tokenized, a great portion of the economy can be tokenized,” Belfort said.

See more: NFT Release Calendar

Present – What brought us here?

“I think that what you’re seeing right now is a hyper-growth phase. When you have this first wave of adoption there is a lot of FOMO (Fear Of Missing Out), and it’s speculative hot money… And we see that often happen early on and something gets hot.
And it’s because the hot money it’s a lot of speculative investments… Some projects are just looking for quick cash and those will probably fall by the wayside. But I think what you’re going to find is a lot of the better projects where there was something of value or some utility behind it, will continue to thrive over the long term…

I haven’t launched anything myself. I’ve been buying NFTs and I’ve been approached by everybody under the sun to launch NFTs, but I want the market to get a bit more mature. And also I’m looking to do something very special,” Belfort said.

Future

“At some point in the near future, the SEC is going to get involved in this space. They have to. I think what they’re going to be looking at is how many of these NFT projects are really about the future work of people who are essentially creating… value in a decentralized community. If they are not driving forward the value of a project, then that fails the Howey Test, which is what the SEC uses when they take action against someone.

So be very careful about getting involved in these projects that could really have the regulatory hammer come down on them in the next six months…  That doesn’t mean you shouldn’t do it, make your own decision, I think the NFT space is going to be massive in 2022. So there’s a lot of money to be made and a lot of fun to have there. Just be careful,” Belfort said.

Brock Pierce

BROCK PIERCE, Bitcoin Foundation Chairman

Past & Present

“NFT has been the theme of the year and Webster’s Dictionary acknowledged it as the 2021 ‘Word of the Year.’  It has taken a few years to get to this point – ownership of digital art as NFTs first began a few years ago – but the enthusiasm surrounding NFTs is expanding the horizons and driving innovation surrounding the ownership of unique digital assets,” Pierce said.

Future

“Looking ahead, the market does need to have some caution and there will likely be a correction next year, in many of the NFT projects that are ‘hype’ and without real communities behind them.

There will, however, be many new projects launched, some of which will capture the right balance of innovation, community, and utility, and will drive interaction with DAOs and metaverses,” Pierce said.

Griffin Cock Foster

Co-founder of Nifty Gateway

NFTs past: What brought us to this incredible point in NFTs in 2021?

“Looking back, the most remarkable part isn’t that NFTs grew the way they did – it’s that it took so long for something like this to come into fruition. At Nifty Gateway, we’ve seen and worked with hundreds of artists who had enormous followings, creativity, and devotion, but were denied meetings at traditional art galleries. In hindsight, it’s clear that there was tremendous demand from the public to collect their work and participate more deeply in the communities they created. Blockchain innovation was just the technological breakthrough that allowed it to happen,” Foster said.

NFTs Present – what should people be focused on right now?

“Right now, as always, it’s essential for NFT projects to focus on the long term. Those of us who have been in crypto for a while have seen many swings up and down, but as a five-year average, things look quite rosy indeed. This level of volatility is not uncommon for breakthrough new technologies. If we look back, we saw tremendous volatility when the Internet was first introduced for commercial use in the 1990s, and going back much further, we saw tremendous volatility when oil was first discovered and put to use in the Pennsylvania oil fields of the 1870s,” Foster said.

NFTs Future – is the growth sustainable?

“I predict in 2022, we will continue to see growth.  However, I will also stick to the mantra that prediction is hard, especially about the future. It’s unclear what trends will dominate in 2022, and it’s unclear what to expect, other than the unexpected.

I believe that 10 years from now, NFT collecting and trading will be at least 100x more popular than it is today. It’s captured the art world – and that is only the first inning. We couldn’t be more excited for the future,” Foster said.

Avery Akkineni

President of VaynerNFT

NFTs past: What brought us to this incredible point in NFTs in 2021?

“2021 was a watershed year for NFTs, with millions of new users flocking into the space, driven by key culture-makers and moments – particularly across art, sports, entertainment, and gaming. This year, NFTs truly entered mainstream consciousness,” Akkineni said.

NFTs Present – what should people be focused on right now?

“Successful NFT projects have a few things in common – a dedicated community, elements of utility, and unique use of NFT technology. While there is no set formula for what works, community buy-in is the most important variable to success,” Akkineni said.

NFTs Future – is the growth sustainable?

“We’re still in the very, very early days of NFTs, and 2022 will bring a plethora of new NFT use cases. However, in the long-term, NFTs are here to stay, and in the short-term, we’ll see an advancement of current technology, particularly as a larger number of users engage in the NFT space,” Akkineni said.

John Crain

CEO of SuperRare Labs

NFTs past: What brought us to this incredible point in NFTs in 2021?

“2021 has been an incredible year for the space and we’ve seen more than $200M in sales on SuperRare. I think this growth has been driven by the popularization of digital art and creatives who have been looking for new business models that work in a digital context. What makes NFTs so compelling is that they create an ownership layer for digital objects… When we started in 2018 it was very challenging to get folks to understand what we were doing. This year has been so validating in that the general public started to understand and embrace the implications and vast potential of this new market,” Crain said.

NFTs Present – what should people be focused on right now?

“2021 has been such an incredible boom year, there is sure to be a market correction and we’re prepared for that. Going forward, I think NFT projects need to focus on creating value and expanding the ecosystem… We’ve seen a lot of newcomers and we need new tooling and new use cases, not more of the same ideas and models being rehashed,” Crain said.

NFTs Future – is the growth sustainable?

“Overall, I don’t see things contracting in 2022…  I believe that 2022 will be a year of utility, with the goal being to create a more general user-friendly experience. I think we’re going to see better display technologies including analog and digital. We’re also looking to create an easier onboarding experience, which will open up new opportunities for users without a lot of crypto experience (so they don’t need to manage a wallet for example.)  We are also excited to see the technology continue to expand to new industries like fashion, film, and music, which really took off in 2021,” Crain said.

More Leading Voices in NFTs

There are so many use cases for NFTs, just within art and collectibles alone, that it’s hard to give the full picture with a single chorus of voices, even in a two-part article.

For example, Desiree “aka Dzikt”, artist and co-founder of Girlfrens NFT collection sees NFTs as a means to raising money and awareness for charity, specifically for those afflicted with cancer.

“Looking at this through the lens of a charity-focused NFT project, this community piece is something that is often overlooked by newcomers but becomes the key element that draws people in and keeps them engaged… Millions are being raised for charity through NFTs, it is a completely new avenue for causes to receive funds and more are being onboarded into crypto every day through platforms like the Giving Block,” Desiree said.

But while Desiree and other non-profit NFTs we have written about see a chance to raise funds for charity, other project leaders see NFTs as just a step toward the realization of a digitally verified and decentralized metaverse.

To Ori Levi, CEO of NFTTrade, 2021 might well be the year of the metaverse’s inception as much as the year of NFTs.

“2021 was the year of the metaverse, the first presence of digital life, and although we are still far from a mainstream metaverse, NFTs presented, for the first time, the ability to have status and be a member of an elite group of people online…  GameFi presents a new opportunity for the world, and the NFTs associated and usable in games and metaverses can go for significant value if they can present a fun and scalable game. ,” Levi said.

Dylan Katz, CEO of 2CrazyNFT platform, looks forward to a future more even market where digital ownership and encounters are just as valid as RL assets and experiences.

“In the future, we can hope to see NTFs in another more reasonable market that is available to the overall population, and simultaneously these NFTS will be Just authentic. Eventually, our virtual encounters will become compelling partners to certifiable encounters,” Katz said.

Anndy Lian, Chairman, Asia at BigONE Exchange concurs as to the importance of the Metaverse in the future of NFTs.

“I think NFT is the key and connector. NFT + Metaverse, NFT + Defi, NFT + SocialFI are some combinations that will do well in 2022. There are still many combinations to come. So, stay creative and innovative in 2022. I foresee 2022 as a year for stronger adoption,” Lian said.

In what very well may be a world first, Artentik, the marketplace for Santa Casa da Misericordia de Lisboa (SCML), Portugal’s 500-year-old organization that serves as keepers of the Museum and Church of Sao Roque in Lisbon will be dropping what is believed to be a Holy Thorn from Christ’s Crown of Thorns as an NFT on December 27th. I suppose it’s not too early to begin to think about Easter – if you have that kind of foresight for the bunny day.

 

Original Source: https://www.benzinga.com/markets/cryptocurrency/21/12/24668097/exclusive-interviews-seasonal-insights-on-nfts-past-present-and-future-part-2

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j