Gala Games to Plow $5B Into NFT Expansion Efforts

Gala Games is seeking to ramp up its presence in the NFT sector and will allocate billions of dollars to further its efforts in the coming year

article-image

Gala Games banner; Source: Shutterstock

share

key takeaways

  • Gala Games confirmed Monday it will allocate $5 billion to further its NFT ambitions in the coming year, split between gaming, music, movies and theme park NFTs
  • The Gala Games token, GALA, has a fully diluted valuation of $16.73 billion with about 15% of its supply currently circulating

Blockchain gaming studio Gala Games confirmed Monday it will allocate $5 billion within the next year to expand its NFT offerings.

The startup will begin pouring capital into music, movies and theme park NFTs (non-fungible tokens), a source told Blockworks on Monday. The figure was later confirmed by Gala Games’ President of Blockchain Jason Brink.

Out of the $5 billion allocated to Gala Games’ NFT expansion, $2 billion is expected to go to gaming. A further $1 billion will be allocated for the studio’s music ambitions, as well as $1 billion for movies. Gala theme park NFTs will pick up the remaining $1 billion.

NFTs are unique crypto assets providing proof of authenticity and ownership. They are tradable on marketplaces including OpenSea and LooksRare. The marketplace value for NFTs hit a staggering $41 billion by the end of 2021.

When asked about the developments, Brink said:

“Those were some of the numbers shared with the Gala Gold community, and we certainly look forward to helping that unfold with the community in the future.”

Brink declined to comment further on the future plans, saying his studio needed to save “some stuff for the Gala Gold community.”

Blockworks’ anonymous source also said rapper Snoop Dogg may release an “NFT album” on the platform shortly before the album is released elsewhere as part of the effort.

Loading Tweet..

Snoop, who is no stranger to crypto, reportedly began collecting NFTs last year under the pseudonym Cozomo de’ Medici. The artist also posted a tweet in February 2021 featuring the head of a Shibu Inu superimposed on his body from his album R&G (Rhythm & Gangsta): The Masterpiece.

“As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it’s as an NFT or otherwise,” said Brink.

Gala Games recently launched a $100 million blockchain gaming fund with crypto investment firm C2 Ventures focusing on investment in game developers and projects building atop the blockchain.

The platform’s token, GALA, currently carries a market capitalization of $2.52 billion, and a fully diluted valuation of $16.73 billion, trading at a price of $0.33 per token, according to CoinGecko, down about 60% from its all-time high set on Nov. 26, 2021.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million

article-image

Plus, funds go to a platform making development on Solana easier