Key takeaways
- Gala Games has announced that the native GALA token will be used for transaction fees on its proprietary blockchain, Gala Chain
- Gala Chain supports Web3 media projects that span across gaming, music, film, and decentralized social
- The GALA token climbed 14% after the announcement due to increasing on-chain utility for the digital asset
Gala Games has announced that its native token, GALA, will now be used for all transaction fees on Gala Chain. The GALA token price surged 14% higher in the hours after the announcement was made.
How about an update…
GalaChain is live and being used by our ecosystem!
And lets be clear about something…if the project is on GalaChain it will use $GALA as gas.
But what is coming…Gala Music is constantly onboarding more and more artists. And has some very exciting…
— benefactor (@Benefactor0101) August 4, 2023
Gala Chain is Gala Games’ proprietary blockchain network, designed to improve the user experience for Web3 media applications by supporting faster transactions and cheaper fees.
The Gala Chain ecosystem has now incorporated several other Web3 media sectors beyond P2E gaming, including Gala Music and Gala Films. Gala Games now makes MP3- and MP4-infused NFTs easily accessible to artists and filmmakers, who can transact with fans directly without needing to rely on intermediaries.
Jason Brink, another key Gala Games contributor, stated that the GALA token will now be used to pay for transaction fees for Gala Games, Gala Music, and Gala Films, as well as for developers seeking to build decentralized social media platforms on Gala Chain.
There we go!
Confirmation – $GALA will be the gas token for everything on #GalaChain… doesn’t matter if we are talking about a game, a social media network, or another ecosystem like @GoGalaMusic or @GoGalaFilms. $GALA is the gas token for #GalaChain. https://t.co/pZeuhAA2Dl
— Jason Brink aka BitBender (@BitBenderBrink) August 4, 2023
The move to make all transaction fees payable with GALA tokens brings more utility for the native GALA token. This could mark the start of a new era for Gala Games as it seeks to become the go-to decentralized media network for Web3. As stated by Benefactor, the recent developments “could be a massive inflection point in the adoption of Gala Chain.”
What is Gala Games?
Gala Games started as a blockchain-based gaming platform that enables players to earn crypto rewards while playing AAA-quality titles. The ecosystem, which includes a marketplace for trading in-game customizables as NFTs, offers more benefits to gamers and facilitates full custody over in-game items.
GALA price surges 14% as latest news hit the market
The GALA token climbed more than 14% since the announcement was first made on 4th August 2023. The token, which briefly dipped to the $0.022 price level, surged 18% in total before retracing back to support.
The current price of GALA is $0.024. The CoinCodex price prediction algorithm anticipates that GALA will climb a further 9.96% over the coming 30-day period, taking the token’s price to $0.026.