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Why is the price of Gala increasing?

Why is the price of Gala increasing?

Major announcements and increased activity in the NFT markets have driven the price of the GALA token up in recent days, which is currently trading near $0.044 per unit.

GALA, the native token of the Gala gaming ecosystem, is gaining momentum with recent announcements made by its developers.

On Twitter, Gala confirmed a collaboration to develop their film projects. Film publication Variety reported in November that the production team of “Four Down” has signed an agreement with the Web3 entertainment company, Gala Filmto produce a feature-length documentary directed by Oscar-nominated and Emmy Award-winning Steven Cantor.

Other important names in the film industry will participate in the production, such as Mark Wahlberg and Dwayne Johnson, known as “The Rock”.

The news was confirmed on Twitter by the developers of Gala, who also announced the acquisition of game developer with 20 million users Ember Entertainment.

As part of the acquisition of Ember Entertainment, Gala announced that the mobile games portfolio developed by the newly acquired company will be part of the Gala Games blockchain gaming ecosystem. In this way, Ember Entertainment’s “Dragon Strike” and “Meow Match” games, available for Apple and Android, will integrate with the Gala blockchain and use the GALA token for gas charges.

GALA presents recent announcements from its developers

Gala is a gaming ecosystem that wants unlocking the potential of blockchain in the gaming industry. Therefore, the developers of this blockchain ecosystem have reported that titles developed by Ember Entertainment will integrate with Gala.

Following the Twitter post, Gala explained that in-game assets from “Dragon Strike” and “Meow Match” will be converted into digital assets within the blockchain. In addition to this, the blockchain ecosystem has highlighted that players will be able to hit NFTs and participate in weekly tournaments and competitions to generate rewards through Play to Earn (P2E) mechanics.

Following the announcements, the GALA price reacted positively and soared in the market. According to data from CoinMarketCap, last week the price of GALA increased by 142%reaching $0.044 per token at the time of writing.

Gala (GALA) price in the market last week.

GALA’s current market cap is $299 million, but its trading volume, which grew 31% this week, exceeds $41.36 billion.

What is Gala?

Gala is a blockchain protocol that was created to empower the gaming community through new technologies and Web3. Its main objective is to return control and power to players so that they own their own gaming experiences, so that they can monetize them and create new communities around them.

This ecosystem has also developed a Web3 solution for music, film and television, called Gala Film, which aims to boost the creative and artistic work of emerging artists and fans.

Other cryptocurrencies are also revalued

Apart from the Gala (GALA) token, other cryptocurrencies in the market also saw significant growth in the past week, such as Lido (LDO), Zilliqa (ZIL), Solana (SOL) and Aptos (APT), whose prices rose between 43% and 60%.

Metaverse and NFT tokens such as Decentraland (MANA), The Sandbox (SAND), Apecoin (APE), Immutable X (IMX) and Chiliz (CHZ) have surged over 20% in the past 7 days.

Finally, Bitcoin (BTC) and Ethereum (ETH), the market’s leading cryptocurrencies by capitalization, rose between 3% and 9% respectively.

IMPORTANT: The content of this article is made for informational purposes only and, in no case, what is written here should be considered as advice or an investment recommendation. fkams News reminds you that before making any investment, you need to educate yourself and know where you are investing your money, as well as the advantages and disadvantages of the system. We detach ourselves from the actions and consequences that ignorance can bring. If you decide to invest in this asset class or any other asset class, you are solely responsible for the consequences that your decisions and actions may have.


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