In 2021, when the cryptocurrency market place is vibrant and the GameFi trend is the most well-liked, Gala Games emerges as a phenomenon in the neighborhood. Everyone utilizes Gala Games, partly for the video games it features, partly for the big income it brings. So what is Gala Games and in 2023 what stays of this identify? Let’s uncover out with Coinlive via the report beneath.
What are the Gala Games? Update the present predicament of the GameFi platform which when dominated the cryptocurrency market place
What are the Gala Games?
Imagine remaining on Steam and remaining in a position to perform any game you want for absolutely free and offering in-game products for revenue. Gala Games is a platform that delivers end users with the over capabilities, but the big difference is that the video games all run on blockchain. Therefore, it can offer end users with real ownership of game products (NFTs).
Gala Games brand
At the time of its launch, this platform represented one particular of the initial innovations in the discipline of GameFi in common and gaming for revenue in distinct. However, the big difference of Gala Games is that this platform focuses on each “game part” and “earning part”, absolutely distinctive from MVP or MMORPG video games that have been well-liked at the time. Gala Games was at first founded and produced by 60 individuals, and at its peak the platform registered additional than one.two million international end users. This platform is led by two founders, Eric Schiermeyer (CEO) and Write Thurston.
Main Features of Gala Games
Currently, Gala Games delivers three principal capabilities excluding governance abilities, these capabilities all revolve about the GALA token, the governance token of the platform. The capabilities presented by Gala Games are an NFT gaming platform (Gala Games) and an NFT marketplace (Gala Store) and a validation node.
Gala Games principal interface
Node validation: Gala has a separate plan to incentivize validators to validate nodes. Currently licenses to run nodes for this platform are offered in quantities of 5000 licenses.
Gala Shop: Users can use GALA tokens to order NFTs, which can only be applied in video games on the Gala platform.
Gala Games: A platform that concentrates all the video games offered on Gala so that end users can simply pick out their favored video games to perform and experiment with. Town Star, a farming simulation game, is the initial game launched by the Gala platform.
Administration: For other tasks, voting on administrative proposals is open to all end users. However, for the Gala Games platform, this only applies to validator nodes and founders. These proposals usually involve incorporating new video games to the platform.
Current predicament of the Gala Games
At the time of creating, the market place predicament is incredibly gloomy and there are not numerous indicators that can revive the market place. The standing of Gala Games and the task token is also not constructive. According to information from CoinMarketCap, the present rate of the GALA token is trading about USD .01433/GALA, and the trading volume in the previous 24 hrs has only reached USD 42,329,132. A rather grim figure for a platform that when stirred up the cryptocurrency market place.
Network assault
Without stopping there, in just two many years, 2022 and 2023, the neighborhood has also witnessed adverse details about this platform. Specifically, on November four, 2022, the rate of the GALA token out of the blue collapsed, at times reducing by up to thirty% in just 60 minutes. “Blockchain detectives” quickly discovered the culprit, namely the handle of a wallet that had issued a huge quantity of GALA well worth in excess of $two billion and place it on the market place.
However, quickly right after, in accordance to CoinDesk sources, the culprit was pNetwork. A representative of the pNetwork task confirmed this, saying that right after finding that the pGALA pool showed indicators of vulnerability to attacks, They attacked this vulnerability themselves to stop negative actors from exploiting it. This representative also mentioned that they will coordinate with Gala Games and exchanges to compensate end users for damages.
Vague details about the blockbuster
In early 2023, right after a series of days of bottoming about USD .014 – USD .015, the GALA token out of the blue greater to USD .05, or 300%. The cause is mentioned to be due to the details that the task crew constantly up to date for the duration of that time period. But the details that excites end users the most is operate Gala Games will obtain a game studio with in excess of twenty million end users and probe the application of the mechanism to burn up one hundred% of the present GALA tokens. But like details about a $five billion NFT ecosystem advancement fund announced in February 2022, this details is nonetheless left open.
Gala Games (GALA) has modified its visual appeal with a new token and the controversy of the two co-founders
On May 15, 2023, Gala Games has officially announced the substitute of the present GALA token with a new coin. All GALA v1 token holders will be in a position to convert to GALA v2 tokens at a one:one ratio. The task representative mentioned that this conversion takes place to serve the good contract update method.
At the starting of September 2023, Gala Games founders Eric Schiermeyer and Write Thurston filed a lawsuit towards just about every other in court . Specifically, CEO Eric Schiermeyer accused Write co-founder Thurston of stealing billions of GALA tokens and then secretly dumping them to make $130 million. In the opposite path, Write Thurston denounced the present failure of Gala Games as remaining due to Eric Schiermeyer’s mismanagement.
summary
Above is details about the Gala Games task and the not so superior information about this task recently. Hopefully, via the report, Coinlive has offered readers a in depth overview of Gala Games and the present standing of this task.