Gala Price Prediction September 2023– Buy or Sell?
With more than 26,000 NFTs sold since its launch four years ago, Gala Games has acquired more than 1.3 million monthly active users. Its most expensive NFT to date sold for $3 million.
Recently, however, GALA’s price has been suffering due to claims of a hack, causing a lack of market confidence. Does this reflect GALA price prediction as of September2023? Let’s take a look at it.
Gala (GALA) At A Glance
What is Gala?
To make gaming more decentralized and help players take ownership of their game items, Gala Games introduced non-fungible tokens (NFTs). The Gala Games ecosystem allows NFTs to be collected, traded, and sold beyond their native game so that users can ear real-world value from playing.
Gala Games have established a blockchain network powered by GALA tokens to achieve its stated goal. GALA tokens are transferable between users and are based on the Ethereum blockchain network.
Because GALA uses Ethereum, it is more like a token than a coin. Nevertheless, GALA is pppular amongst investors looking to gain exposure to crypto gaming.
Furthermore, players can buy nodes in GALA, Ether or Basic Attention Token (BAT) to vote on which games will be added next to the platform. More than 16,000 player-run nodes power the Gala Games Ecosystem, known as the Founder’s Nodes.
Additionally, GALA cryptocurrency rewards holders and Founder’s Node owners for logging into the network for at least six hours every day, with rewards issued daily. 50,000 Founder’s Nodes were released when the network was launched to ensure smooth operation.
Gala Games plans to establish multiple game studios that will work on multiple games to incentivize the system and keep it stable, creating a steady stream of NFTs.
Currently, the platform hosts games and a collectible series from NFT, VOX. A blockchain-based esports game, Spider Tanks, was due to launch on October 31, marking the platform’s first launch. After announcing Mark Skaggs would join Gala Games as senior vice-president of games, the company announced this launch not long afterward.
Upon launch, GALA did not have an initial coin offering (ICO). According to Gala’s website, 1.3 million monthly active users have been acquired since launch, and more than 26,000 NFTs have been sold. However, these figures have not been updated for several months.
Gala Blockchain Networks
Gala’s ecosystem is currently based on the Ethereum blockchain network. These Founder’s Nodes cost about 287k GALA (about $90k) each, and there will only ever be 50,000 available. As owners of assets and content, Founder’s Nodes guarantee players real ownership. They will receive GALA, NFTs, and governance power in return. To mint those tokens, Founder’s Nodes must pay gas fees, which are stored in a treasure chest. Decentralization was increased by implementing this feature. To determine whether processing power is needed or storage is needed, the Founder’s Nodes will use a “see-saw” algorithm.
As a result of these nodes, a new native blockchain called GalaChain will be created to solve transaction fees and scalability issues. On this new blockchain, GALA is likely to be used to pay network fees. Gala will begin selling game-specific nodes once all 50,000 Founder’s Nodes have been sold to ensure scalability as more and more games are released. For instance, a player can run their town using a game-specific node without leaving their browser open. These nodes will only get rewards specific to the game they are supporting, which means they will never get GALA or Founder’s Node bonuses. Developers may even be able to vote on game-specific nodes. It is necessary to have game-specific nodes for the ecosystem to scale. Founder’s Nodes alone would not be able to support hundreds of games.
GALA tokens have a total supply of 35 billion. However, fewer than 6.9 billion GALA tokens are in circulation today.
On the GALA network, 17,123,286 tokens are distributed daily. In addition to the Founder’s Node operators, half of these tokens will be given to the Gala Games conservatorship.
GALA distribution is halved every July 21. Thus, starting July 21, 2022, 8561,643 GALA will be distributed instead of 17,123,286 GALA. Developers can alter this mechanism to create a deflationary effect.
Who Is The Team Behind Gala?
Having assembled a team of some of the best veterans in the video game industry, Gala Games was destined for success.
Using web3 technology, Gala Games is creating one of the largest gaming platforms of tomorrow, allowing players to own their gaming experience. Blockchain transactions and player-owned NFTs give Gala Games ecosystem members greater control and freedom than ever before. Many nearly 3 billion gamers worldwide are paying attention to Gala’s upcoming MMORPG, Mirandus, thanks to its massively popular NFT presales. Video games have attracted some of the greatest designers and developers in history, not just players. The mission of Gala Games to empower players resonates with many brilliant creators.
Gala Use Cases
In the burgeoning Gala play-to-earn gaming network, Gala is the utility coin.
On the dip, GALA might be a great investment. However, that depends on the quality of its games. Gala’s ecosystem is just beginning its journey in terms of games available right now:
- There are ten games in development: Fortitude (tower defense), Grit (battle royale), Battlestar Galactica (4X), Eternal Paradox (RPG), Superior (3rd person shooter), The Walking Dead Empires (MMORPG), Legends Reborn (card/strategy), Mirandus (fantasy role-playing game), Legacy (business simulation), Echoes of Empire (4X).).
- There is only one game in the test phase: Town Crush (Match-Three).
- One game is pending node vote (which means Gala ecosystem participants can vote on its development) – Last Expedition (FPS).
- Two games are in beta: Town Star (a simulation) and Spider Tanks (a PvP brawler).
Gala Price History
Founded in 2020, Gala aims to become the premier gaming and entertainment destination. During the same year, Gala tokens, a blockchain-based cryptocurrency, were added to the company’s online marketplace for users to purchase and sell items. In-game items can be purchased with the Gala token, and exclusive content can be unlocked. To become the world’s largest decentralized entertainment ecosystem, the company plans to continue building out its platform and offerings. Even though past performance is not an indicator of future outcomes, we can use the GALA price history to provide some context when interpreting or making our GALA price predictions.
In September 2021, the GALA token gained traction after being listed on Binance (BNB) and Bibox crypto exchange platforms. From its previous all-time low of $0.00022 on December 28, 2020, its price surged to $0.113 on September 23, 2021.
In October and mid-November 2021, the GALA cryptocurrency price moved sideways after Gala Games updated its inventory, making it easier to transfer items from the platform’s ecosystem to Ethereum. In addition, Gala Games and Wemade Tree (the blockchain subsidiary of Korean gaming giant Wemade) signed a memorandum of understanding.
The company’s announcement on November 15, 2021, that it would release a limited number of Game Node licenses for Town Star boosted the GALA token threefold, rising from $0.13 on that date to $0.37 a week later.
By November 28, 2021, after announcing a new series of VOX NFTs, the token’s price surged to $0.71, still at its all-time high.
In November, however, DappRadar reported that NFT trading volumes reached a record $1bn, leading to Gala Games’ crypto failure.
During November and December of 2021, the token’s value dropped by 29% to $0.51. Although Gala Games secured $100 million in blockchain gaming funds in partnership with C2 Ventures and was preparing to launch Phase 2 of the nodes ecosystem at the start of January 2022, the Gala Games token dropped to $0.18 on January 22, 2022.
Gala Games integrated with the Flare Network in January 2022, so the token moved sideways for almost a week before doubling one week later to $0.38 on February 8, 2022.
Recently, GALA coin announced a partnership with American rapper Snoop Dogg to release his latest album, B.O.D.R, on the blockchain, with tracks to be sold as NFTs.
Its value dropped by 37% in one week after Russia invaded Ukraine, from $0.36 on February 15 to $0.22 on February 22. Since then, the token’s price has declined.
How Has Gala Performed So Far in 2022?
Snoop Dogg and Paris Hilton have endorsed GALA, but the price has fallen since February 15, 2022.
The GALA price fell to $0.04944 on May 12, 2022, after the UST stablecoin depegged and the LUNA coin collapsed. A recovery followed, reaching $0.07253 on August 13 before falling again to $0.03161 on October 21. Following Skaggs’ hiring and growing interest before Spider Tanks’ launch, it reached a high of $0.0441 on October 31. Then, one wallet appeared to mint over $1bn worth of GALA out of nowhere, causing fears of a rug pull. As Gala Games attempted to reassure investors, the company tweeted that its system had not been hacked, breached, or exploited, claiming it had conducted a white hack attack to confirm the safety of its platform. The price collapsed to $0.02837 on November 3 before recovering somewhat to approximately $0.3485 on November 4.
The total supply of GALA was just over 35 billion then, with 6.98 billion in circulation. As a result, it has a market capitalization of around $243m, making it the 131st-largest crypto.
Galaverse, an immersive world experience for every game, was hosted by the platform in June 2022. With the Metaverse release of Bad MFs, Ice Cube, E-40, Snoop Dogg, and Too Short announced their new supergroup, Mount Westmore.
The GALA token heavily depends on the Ethereum network’s performance, making it quite volatile. Dan Ashmore, Invezz data analyst, told Capital.com that the token could face competition as tensions rise in the gaming/NFT.
Despite that, he also suggested that GALA could experience better times in the future.
How Did The Crypto Winter Affect Gala?
Gaming tokens are becoming increasingly popular in the cryptocurrency market. However, during the current crypto winter, many crypto enthusiasts wonder if investing in gaming tokens like GALA is a good investment decision.
Gala (GALA) is bearing the brunt of the cryptocurrency price plunge. A blockchain developer launched Gala games in 2018, along with Gala (GALA), its native cryptocurrency token. NFTs are obtained by participating in Gala games’ community-owned P2E ecosystem.
With more than 1.3 million monthly active users and 26,000 NFTs sold at the time of writing, Gala (GALA) is a treasure trove for old and new crypto enthusiasts alike. A Gala NFT can fetch over $3 million, making it one of the most valuable NFTs.
Gala (GALA) gives players full access and ownership to their in-game assets through true decentralization. In addition to its potential to enable holders to earn real rewards within its ecosystem, Gala (GALA) is considered a strong investment during the cryptocurrency price plunge. In fact, buying during the dip could result in good profits in the future.
However, it is important to understand that prices are not guaranteed to rise after a drop. Conduct your own research before investing.
How Did The Ethereum Merge Affect Gala?
In the long run, GALA investors may benefit from the Ethereum merger, even if the network doesn’t speed up prominently or transaction costs drop immediately.
It’s been said that the merger could be bullish for crypto investors in the long run, as it lays the foundation for future speed, fees, and ecosystem development upgrades.
Eventually, faster transactions and lower fees could lead to more users, which could affect ether’s value, Ethereum’s native cryptocurrency used by investors to transact on the platform.
According to Vladimir Gorbunov, CEO, and founder of MetaFi ecosystem Choise.com, if the number of investors increases, the supply of Ether decrease. A decrease in the supply of ether could also increase the value of individual coins, which is good news for investors.
Has Gala Received Any Controversy?
Gala Games’ native GALA token fell 20% on fears of a possible billion-dollar hack – or maybe a rug pull. According to a firm connected to the crypto play-to-earn platform, the platform has attacked itself to prevent bad actors from absconding with user funds.
GALA tokens worth over $1 billion were allegedly minting from a single blockchain address. According to crypto watchdog PeckShield, network, which provides routing infrastructure for decentralized finance and gaming tokens, including apparently GALA, is involved in the minting.
According to the firm, they noticed that GALA was no longer considered safe and coordinated the white hat attack to prevent pGALA from being exploited,” implying that the tokens were printed to assist pNetwork in draining a faulty PancakeSwap pool.
As well as the underlying bridge collateral, all GALA tokens on Ethereum are safe, pNetwork tweeted, explaining that there was some “misconfiguration” with the bridge.
Users can swap currencies without a middleman on decentralized exchange platforms like PancakeSwap. A new print of pGALA tokens was used to drain other currencies from the pGALA pools, pNetwork reported
pNetwork tweeted that the existing pancakeswap.finance pool is invalid for the time being. The old pool will be replaced with a new one that is properly configured and contains the same balance.
Those who held pGALA before the pool was drained will receive a new token in the coming days.
Despite the announcement, the crypto community remains concerned about rug pulls or project founders stealing everything. Even if the token’s price falling, a great deal of confused or skeptical users bought and sold it anyway.
Why has Gala dipped?
It has been reported that Gala Games (GALA) is trying to calm fears, uncertainties, and doubts after what has been described as a multi-billion-dollar fraud.
That is just procedure, the blockchain gamefi company assured its community on Twitter. Nevertheless, scars remain, and GALA is still down 18% over the past seven days.
With the launch of Spider Tanks, GALA was set for a successful month. Unfortunately, GALA’s price has fallen as a result of the malfunction.
A fraction over $0.40 was its high on November 3, when it opened at $0.38. The “FUD” caused the stock to plummet to $0.28, a fall of 42%.
Some of the gaming token’s losses have been recouped. Over the past week, it has fallen 18% to $0.34 but was still trading at around $0.34.
What Is The Current Price of GALA?
Gala’s current price is USD 0.02623, with a 24-hour trading volume of USD 58,188,836. The price of GALA in USD is updated in real-time. In the last 24 hours, Gala is down 5.04%. CoinMarketCap currently ranks #131 with a market cap of USD 171,688,250. There is a circulating supply of 6,977,205,436 GALA coins, and there is no maximum supply.
Gala Latest News
GALA Token Exploit Resulted From Public Leak Of Private Key On Github
Seventy days before the leak, the compromised smart contract’s ownership changed.
SlowMist posted on November 7 that the last week’s token exploit affecting GameFi project, a public leak of security keys on GitHub, caused Gala Games. Gala Games’ smart contract pGALA had three privileged roles, as told by SlowMist, using pNetwork, the cross-chain interoperability bridge.
During initialization, pNetwork controlled both DEFAULT_ADMIN_ROLE and MINTER_ROLE roles. Meanwhile, the proxy admin contract was an externally owned address that upgraded the pGALA contract. According to a screenshot posted by the firm, the plaintext private key for the proxy admin owner address was exposed on GitHub. As a result, the pGALA contract could be manipulated at any time by a user with access to the private key. An attack was made possible by replacing the proxy admin contract owner on August 28.
Over $2 billion in GALA tokens were minted by a single wallet address on November 3 through the Gala Games token bridge
The GALA team created GALA tokens and dumped them on the decentralized exchange PancakeSwap. In total, 12,977 BNB worth $4.5 million were drained from the liquidity pool.
pNetwork allegedly orchestrated the aforementioned activities to gain profit, according to cryptocurrency exchange Huobi. Furthermore, the latter stated in its post-mortem analysis that “No funds were lost on the GALA cross-chain bridge.”. “There is no risk to GALA tokens on Ethereum.”
Will Gala Recover in 2022?
From an analytical perspective, Gala Games has been experiencing a macro downtrend since November 2021. So in 2022, what’s next for Gala and play-to-earn gaming?
In late 2021, Gala Games’ native token, GALA, rose from $0.001 to $0.84, an all-time high, on November 26. After December 2021 and January 2022, the price fell to a low of $0.157 on January 22, 2022.
New immersive game development is at the forefront of Gala Games’ development priorities. Additionally, new partnerships will be formed along the way.
What Could Affect The Price of GALA Over The Next Year?
In 2023 and beyond, what are crypto experts expecting for the price of Gala? Predictions for Gala’s price in 2022 are not very conclusive. Although the asset might hold on to much of its value in 2022, it might not increase much. As a result, investors may wonder how much Gala will be in 2023 and beyond. Let’s see what forecasters have estimated for Gala in the long run.
The first long-term Gala forecast comes from Price Prediction, which expects the price of GALA to reach $0.91 by 2030. According to their prediction, Gala’s price could reach $1 by 2023 and continue to rise.
Having surpassed $1 in 2023 and risen to $1.33 by 2025, Price Prediction believes Gala will cross $2 in 2025, $4 in 2027, and then jump to $14.63 by 2030 – a nearly 22-fold increase from its current $0.6675 price.
Next, we’ll look at DigitalCoin’s Gala price forecast in 2028. Gala’s prospects are also bullish, but DigitalCoin’s price prediction is much tamer, closer to GALA’s current price.
Why Might Some Investors Consider Investing in Gala Right Now?
Gala Games has taken advantage of some important trends in the play-to-earn market. The platform aims to redefine blockchain gaming, give players control, and be fun.
Besides owning rewards and items earned by Gala players, the platform is also community-driven. There is a direct relationship between players and the development of games. The company’s founders are well-known figures in the gaming and crypto sectors, and some interesting partnerships have been formed already.
When jumping aboard the latest trend or popular crypto, it is always prudent to exercise caution, especially when a coin has already gained over 34,200% in value. Ideally, you would like to know how much further it can grow and how much the price has been driven up by speculation.
It is possible that blockchain gaming will continue to grow in the years to come, but we do not know how it will develop. Since it is such a new sector, it is difficult to predict its size, shape, and what games will be successful. Moreover, there are several crypto games available. Over 30 cryptos were included in the top 500 by market cap, with many smaller games jostling for the position further down the list.
Research is essential before investing and never invest money you cannot afford to lose. Consider whether the price can continue to rise. Consider investing your money in a game that you’ve played and are familiar with the competition. It is important not to buy GALA out of fear of missing out or in hopes of gaining more short-term gains.
Why Might Some Investors Avoid Gala Right Now?
In a series of tweets on November 4, 2022, the pNetwork explained the reasons for the GALA price drop. The account holder provided a detailed explanation of the causes, effects, and aftermath of this crisis. Additionally, it provided the necessary solutions.
GALA token affiliated account, pNetwork, said it attacked itself to prevent outside attacks. However, as predicted by Crypto Watchdog PeckShield, the GALA games may have been hacked, and $1 billion worth of GALA tokens are at risk.
As a result, investors were afraid to keep investing in GALA. For investors to avoid GALA, security remains one of the most important factors.
What Are The Best Alternatives To Gala Right Now?
Besides GALA, several other exciting crypto investments are worth considering in 2023. The following are some of them.
Businesses and individuals can exchange carbon credits easily and securely with IMPT. The organization strives for positive change for everyone.
On IMPT.io, users can explore hundreds of global environmental projects to reduce carbon emissions. The company also donates a portion of its profits to environmental charities.
When users use IMPT tokens sustainably or offset carbon credits, they are rewarded. NFTs can be exchanged or burned for carbon credits, which are fully mintable. In addition, users will receive a real-world value art NFT for burning carbon credits.
Your money is at risk
You might want to consider Dash2Trade if you're looking for a new
crypto project to invest in. The project was only launched on October 19, but it is already making waves.
Using Dash2Trade's social trading and analytics capabilities, users can make informed decisions about the crypto market. Its features include automated trading tools, AI-driven signals, market news, social trading, listing alerts, and on-chain analytics.
Dash2Trade's native token is currently on pre-sale. D2T's supply on the Ethereum blockchain is capped at 1 billion. However, due to the token's deflationary nature, it could generate excellent returns over time.
With Dash2Trade tokens, subscriptions, competitions, and advanced platform features will be available. In addition, the utility token is tax-free.
During the presale, 750 million tokens will be available. The remaining ones will be listed on exchanges. Six million dollars have already been raised in the presale, which ends in 2023.
The Dash2Trade presale is a great investment time, so make sure you take advantage of it.
Your money is at risk
With Calvaria's native token, $RIA, stakes, governance, and NFT purchases are all conducted. Therefore, in terms of growth potential, Calvaria is a good investment.
Consequently, the $RIA presale is moving forward rapidly. As a result, the play-to-earn game will be cheaper next year if you invest now.
Calvaria is available through $RIA. The $RIA must be used to purchase a deck of cards before new users can access all the game features. Through the game interface or on third-party exchanges, tokens can be purchased.
The in-game store allows players to purchase new game resources. In the game, you can buy decks, cards, upgrades, energy replenishment packs, etc. All resources except for a few rare exceptions are BEP-721 NFT tokens. Using the $RIA token in the store will increase its value significantly. Users can stabilize the game's economy by purchasing $RIA tokens.
The $RIA stake platform rewards users daily with passive income rewards. Furthermore, participants with $R1A in their stake accounts will be able to vote on project governance issues.
Cryptoassets are highly volatile unregulated investment products.
The Tamadoge token is a brand-new cryptocurrency incorporating metaverse and other well-known features. With the TAMA token, you can create, breed, and engage in combat with your Tamadoge pets in the Tamaverse. The platform on which Tamadoge runs is Ethereum.
Despite being part of the Doge ecosystem, Tamadoge has more inventive features than Dogecoin. Shiba Inu is even more inventive than this dog. Tamadoge is more than a meme coin due to its NFT store, P2E capabilities, and token utilization. In addition, it is designed with great security measures because Tamadoge's tokens go through KYC and auditing.
By gaining Dogepoints, you can climb the Dogepoint leaderboard. The user with the most Dogepoints at the end of each month wins a monthly Dogepool prize. This reward system can also benefit users.
Your money is at risk
Play-to-earn (P2E) battle games can be found on this gaming platform called Battle Infinity. In IBAT Battle Arena, all games are integrated into a Metaverse. Battle Infinity offers gamers a virtual world where they can connect, perform, watch, and explore. One of the most popular games on the market, it has been designed with a strong focus on user experience.
Binance's smart chain runs IBAT tokens with a total supply of 10 billion. The market capitalization of IBAT is just $10.5 million, which indicates high growth potential for the coin.
Your money is at risk
Gala Price Prediction 2023- Conclusion
The project behind Gala attracted many crypto investors. However, due to market volatility, cryptocurrency hasn't reached its all-time high. In 2031, we expect Gala to reach a maximum price of $1.10. For the same year, the Gala price is expected to average $0.91 and reach a low of $0.88. The coin is expected to do well in the future, and we believe 2031 will be its year. Although we are bullish on this cryptocurrency, we recommend you research before investing.