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Gala Games to Expand NFT Offerings with $5 Billion

UTC by Babafemi Adebajo · 2 min read
Gala Games to Expand NFT Offerings with $5 Billion
Photo: GalaGames / Twitter

Since its launch in 2019, Gala Games has been growing steadily. Currently, the platform has about 1.3 million monthly active users and has sold up to 26,000 NFTs.

Blockchain gaming platform Gala Games has stated its plan to expand its NFT portfolio. The company will assign about $5 billion in a year to the expansion efforts. According to the President of Blockchain at Gala Games, Jason Brink, the money will be spread between music, movies, and theme park NFTs.

Brink confirmed that the firm will spend $2 billion on gaming, $1 billion on music, $1 billion on movies, and the remaining $1 billion on the Gala theme park NFTs. Asides from the $2 billion budgeted for gaming, the firm also launched a $100 million gaming fund with C2 ventures. The partners will invest the fund in new blockchain games.

Despite confirming the figures, Brink declined any further comments on how the expansion will happen.

Snoop Dogg to Release NFT Album on the Platform

Apart from the $1 million endowments, there are suggestions Snoop Dogg may release an NFT album on the platform. Snoop Dogg has been particularly active in the NFT space collecting NFTs under the pseudonym Cozomo de’ Medici. Currently, the account holds 591 NFTs based on data from OpenSea.

In December, the celebrity artist went further by unveiling an NFT portrait of himself. The digital portrait attracted a bid of up to over $771,000.

When asked about the veracity of the information, Brink said, “As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it is as an NFT or otherwise.”

Gala Games Trajectory and Its Interest in NFT

Since its launch in 2019, Gala Games has been growing steadily. Currently, the platform has about 1.3 million monthly active users and has sold up to 26,000 NFTs. Its most expensive NFT had a valuation of $3 million.

Recently, the platform added support for new gaming projects, Legend Reborn and Spidertank. It also announced new partnerships to expand the GALA ecosystem and grow the GALA user base.

The effect of these steps on the GALA token of the ecosystem has been immediate. In February alone, Since February, the token has risen by up to 117%. At the time of writing, the coin was trading at a market price of $0.36, according to CoinMarketCap. It also had a market capitalization of $2.54 billion and a fully diluted valuation of $12.8 billion.

With more P2E gaming projects to come, Gala Games seems positioned to take advantage of the budding sector.

Blockchain News, Cryptocurrency news, Gaming News, News, Technology News
Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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