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Editing by Nathaniel Cajuday
- Gala games started the year with a bang as $GALA shoots up to 150% increase since 2022 ended. The platform also announced its plans for 2023.
- One of its plans is about burning 100% of the $GALA used in purchases on the platform, 90% of its community agreed to this idea.
- Another plan is to add 15 more games to the platform. It is after Gala Games acquired a mobile gaming studio with over 20 million users. The platform’s game portfolio is now at 53 games.
As the interest of investors in tokens is going back up this new year, blockchain gaming platform Gala Games and its native token GALA are gaining traction and recently went up in value after it teased its upcoming token burn mechanism as well as the onboarding of 15 mobile games into their ecosystem.
As of this writing, as per the data from CoinGecko, $GALA is at $0.04178002, a 153% increase from $GALA’s $0.01650123 price as 2022 ended.
Moreover, the gaming platform also revealed its upcoming plans for 2023 in a YouTube video.
In a tweet last Saturday, January 7, the developers asked its community about burning 100% of the $GALA used in purchases on the platform. The poll ended with 13,032 votes, 90.5% agreed and 9.5% said no.
The mechanism of token burning goes with the principle of supply and demand, token burning reduces the overall supply of a cryptocurrency, thus raising demand. Essentially, when the demand is high and the token supply is low, a price increase can be expected.
Despite the overwhelming support from its community, Andy Anderson (@Whytepaper in twitter), Blockchain Development Strategist at Enjin, stated that the action “doesn’t seem like a great long term strategy if you have a fixed supply token.”
“That’s betting against your own success and underestimating the need for tokens. 50B is not that much in the grand scheme if it (is) meant to encompass all GALA ecosystem activities.
If anything, there will need to be dilution events in the future IMO,” he added.
Mobile Games Onboarding
Regarding their onboarding of 15 mobile games, which are still being evaluated, Gala Games also announced that it has acquired a mobile gaming studio with over 20 million users. The games are set to target demographics from “Moms to Dragons to Casino,” a slot-machine-based game. Further, the onboarding also increased the platform’s game portfolio to 53, with multiple games already live in app stores.
Gala Games President Jason Brink provided “a bit of context on this, as I am seeing both a ton of enthusiastic fans and a lot of haters and FUD out there” in a Twitter thread:
“We also need to DELIVER VALUE for the community. It isn’t about sales or driving revenue or making money. It is about building something more amazing that CHANGES THE WORLD. So, things are starting to change. What you have seen today isn’t just Bene going on a posting spree.”
Lastly, the CEO of Gala Games, known as Benefactor, also shared his thoughts as well as an explanation regarding his firm’s mobile strategy:
“Our recent acquisition is a massive leap forward in terms of being able to test and explore various genres and tactics in the space.”
This article is published on BitPinas: GALA Skyrockets to 150% as Gala Games Teases Token Burn, 15 Additional Mobile Games
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.