Yesterday Binance listed the cryptocurrency GALA . The news quickly filtered throughout the community and consequently the price of GALA rose a whopping 150% in a matter of hours, from $0.02 to $0.05 smashing its’ previous all time high. There was a further upshot to just under $0.08 upon the launch of the coin on the world’s largest crypto exchange, Binance. At present, the coin is trading at around $0.012.
What is GALA
GALA games was set up by Eric Schiermeyer, who already boasts an impressive track record as he was the co-founder of Zynga, a multi billion dollar company. GALA is a new type of gaming platform that aims to be fully owned and operated by its’ players through the power of decentralised nodes. The gaming platform aims to achieve three main goals;
1. Games developed on the platform will always be free to play.
2. The platform aims to be decentralised and controlled in a democratic fashion by the node holders, who will be expected to vote on the direction of the platform, along with being the ones who are rewarded for the success of the gaming platform (more on this a little later).
3. Anything that a player earns, wins or finds in a GALA game will truly belong to that player. Imagine finding a super rare sword in a game of Zelda and then having the ability to actually sell it on an open marketplace? This is a revolutionary step in the gaming world where players can truly monetise their in game play for real $$$.
Currently, the platform has one live game, which is Townstar. However, there are officially 4 other games lined up in the pipeline with launch dates spanning from Q4 2021 through to Q2 2021. They are; Mirandus, Spider Tank, Fortified and Echoes of Empire. Furthermore, there are rumours that another 10 games could be announced in the coming months.
GALA nodes
The gigantic price increase of the GALA coin has caused an influx of new members to the community and consequently GALA nodes sales are rocketing.
For those who are unaware, allow me to explain what a GALA node is…..
What is a GALA node?
Anyone with a computer can purchase a node. Once purchased you download the GALA node software onto your computer. Put simply, the node will work collectively with other nodes and act as the backbone, life, soul and heart of the GALA gaming platform. Nodes will be responsible for hosting the GALA server, voting on the future direction of the platform and much more.
Furthermore the GALA nodes will be responsible for maintaining and forming the blockchain. For those who are familiar with cryptocurrency will understand the concept of blockchain technology. If you are a non crypto reader, then, put simply, a blockchain is a public database of transactions that are linked together by the use of blocks. Blocks are verified, approved, and created in a decentralised manner. Once a block has been formed and added to the chain, it is immutable and cannot be changed or removed.
Will the node slow down my machine?
I leave my node running throughout the day and can honestly say I do not even notice it. The caveat here is that once the GALA platform grows, computational power requirements may increase, but the financial compensation of owning a node should also increase (more on this a little later).
How much does a GALA node cost?
As of the time of publishing this blog (13th Sep 2021) a node can be purchased for $12,800. Approximately 29,800 nodes have been sold to date and there is an absolute finite supply of 50,000 available. For every 100 nodes sold, the price of a node will rise by $100. For example, nodes 29,901–30,000 will cost $12,900, whilst nodes 30,001 to 30,100 will cost $13,000 and so on and so on. The last node, or the 50,000th node, will be sold for $33,000. At some date in the future, it will be possible to sell your node on a secondary market, but for the time being nodes can only be purchased from GALA.
What are the current reward for node operators?
Node operators currently enjoy a daily reward of GALA tokens providing their node is online for 6 hours a day. The amount that is distributed to each node operator fluctuates depending on how many nodes are online, along with other factors, but on average, I have been receiving around 700 GALA per day. As more nodes are acquired, the daily distribution of GALA per node will obviously drop.
In addition, node operators can randomly be selected to receive in game items for Mirandus such as potion shops, armour and weapons etc — all of which will truly belong to the node holder with the ability to even sell them on opensea. These in game items are called NFT (non fungible tokens) and will be kept on the blockchain.
What are the future benefits for node operators?
Once the platform is in full swing (it is still in development) node operators;
1. Have the power to vote on how the platform will be run.
2. Receive NFTs for future games launched on the platform. To refresh your memory, NFTs stand for non fungible tokens, and are assets within a game (such as land, buildings, swords etc) that can be used in game or traded/sold on an open marketplace.
3. Will receive a share of the profits derived from the game. This is where I truly see the return on investment opportunity here. Any in game purchases, advertising income, or even commissions on the transfer of the “in game assets” are just a few income sources that a node operator could look forward to in the future. Do note, this is just my speculative view, but the general consensus within the community is that node holders will be the ones who will materially financially benefit from the platform.
What can I do with my GALA tokens?
You can do several things with your GALA tokens;
1. Sell your GALA at a participating exchange such as Binance As of the 13th September, 1 Gala is trading at around $0.06.
2. Hold your GALA in anticipation of the price appreciating. Do note, GALA is a cryptocurrency and its’ price is very volatile, so bear this in mind.
3. Use your GALA to purchase in game items such as land and buildings for the upcoming games to be launched on the GALA platform.
I should point out that GALA is the native cryptocurrency of the platform and will be the in BRIDGE currency for ALL games produced on the platform. In theory, the more popular these games become, the more in demand the GALA coin will become, thus driving its’ price up.
What kind of Return on Investment (ROI) can I expect?
As mentioned above, I am currently earning around 700 GALA/$84 per day for having my node active. At this rate, it would take 153 days to repay the node ($12,800 / $42). However, this equation is subject to two variables 1) the price of GALA against the $ and 2) the number of nodes online. Obviously the daily rewards will drop as more nodes are purchased, but the price of GALA could rise as the platform develops. As an estimate, I think it could take anywhere from 6 to 18 months before the node is repaid. However, in my opinion, the profits of owning a node will truly surface once the GALA platform is active and loaded with players.
What are your non financial reasons for purchasing a node?
Whilst my primary motive for purchasing a node is a financial one, I also like the idea of a gaming platform being owned, controlled, and operated by the players. The thought of being able to vote on the development of a game on a decentralised platform strongly appeals to me. What’s more, the idea of genuinely owning in game assets is another gravitational pull by the GALA platform.
I want to buy a node, can you help?
If you are interested in purchasing a node, I am providing my referral link here. If you do decide to acquire a node under my referral, I will happily give you 50% of the one time referral fee (at today’s rate this is worth around $210). Kindly message me on twitter (handle chris_crypto1) or comment below with evidence that you have acquired a node licence under my referral code, and I will send you your share of the referral fee. But please, please, please, make sure you fully understand what you are purchasing and understand that your capital is at risk. Whilst this is a rather unique opportunity, please do not think this will be a “get rich quick” scheme — it is not.
