Sebastian Sinclair

Morgan Chittum

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 <ul>
 <li>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</li>
 <li>The Gala Games token, GALA, has a fully diluted valuation of $16.73 billion with about 15% of its supply currently circulating</li>
 </ul>
 
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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&#8217; President of Blockchain Jason Brink.



Out of the $5 billion allocated to Gala Games&#8217; NFT expansion, $2 billion is expected to go to gaming. A further $1 billion will be allocated for the studio&#8217;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:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">&#8220;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.&#8221;</blockquote>



Brink declined to comment further on the future plans, saying his studio needed to save &#8220;some stuff for the Gala Gold community.&#8221;



Blockworks&#8217; anonymous source also said rapper Snoop Dogg may release an &#8220;NFT album&#8221; on the platform shortly before the album is released elsewhere as part of the effort.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">When you have an awesome photo opportunity with <a href="https://twitter.com/SnoopDogg?ref_src=twsrc%5Etfw">@SnoopDogg</a> but the newscast in the background just doesn&#39;t want to behave. <a href="https://t.co/6lpjnaDweH">pic.twitter.com/6lpjnaDweH</a>&mdash; Jason Brink aka BitBender (@BitBenderBrink) <a href="https://twitter.com/BitBenderBrink/status/1490847722487705600?ref_src=twsrc%5Etfw">February 8, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Snoop, who is no stranger to crypto, reportedly began collecting NFTs last year under the pseudonym Cozomo de&#8217; Medici. The artist also posted a <a href="https://twitter.com/SnoopDogg/status/1358141965930426368?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1358141965930426368%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fmarkets%2F2021%2F02%2F07%2Fdogecoin-smokes-its-all-time-high-after-snoop-dogg-becomes-snoop-doge%2F" target="_blank" rel="noreferrer noopener">tweet</a> in February 2021 featuring the head of a Shibu Inu superimposed on his body from his album R&amp;G (Rhythm &amp; Gangsta): The Masterpiece.



&#8220;As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it&#8217;s as an NFT or otherwise,&#8221; said Brink.



Gala Games recently launched a $100 million <a href="https://www.gameinformer.com/2021/12/13/gala-games-announces-100-million-blockchain-fund-alongside-new-play-to-earn-games-from" target="_blank" rel="noreferrer noopener">blockchain gaming fund</a> with crypto investment firm C2 Ventures focusing on investment in game developers and projects building atop the blockchain.



The platform&#8217;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, <a href="https://www.coingecko.com/en/coins/gala" target="_blank" rel="noreferrer noopener">according to CoinGecko</a>, down about 60% from its all-time high set on Nov. 26, 2021.



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