• Gala Games, a metaverse-focused crypto project, will be airdropping version 2 tokens to holders of their current gala (GALA) version 1 tokens on May 15.
• The upgrade is designed to make Gala more secure and introduce burn mechanisms, which may increase token value in the future.
• The market capitalization of Gala Games currently stands at $360 million.
Gala Games Airdrops Version 2 Tokens
Gala Games, a metaverse-focused crypto project, will be airdropping version 2 tokens to holders of their current gala (GALA) version 1 tokens on May 15th. The upgrade is designed to make Gala more secure and introduce burn mechanisms, which may increase token value in the future. Currently the market capitalization of Gala Games stands at $360 million.
Upgrading Smart Contracts
The v2 token issuance is part of a broader upgrade to the Gala smart contracts on the Ethereum blockchain. This upgrade is intended to further secure the network and introduce new features such as burns. Burns are when tokens are permanently deleted from circulation supply by sending them to an address not controlled by anyone. These types of burns can lead to price increases as demand increases and supply reduces.
Exploring Web3 Gaming
Gala Games provides users with different types of games built on their platform that leverage NFTs for digital ownership and monetization purposes. On April 18th, Animoca Brands held an online event discussing larger implications for Web3 gaming and digital ownership featuring Yat Siu as the featured speaker – Co-Founder and Executive Chairman of Animoca Brands.
About Gala Games
Gala Games is one of the largest gaming-focused crypto projects currently available with a market capitalization of $360 million USD at time of writing this article (April 18th 2021). Founded in 2018, they have been able multiply their user base exponentially over these past few years due to their innovative products such as Town Star, CryptoWars and Battle Pets among other games built on top of their platform powered by GALA utility tokens that are used for purchasing items within these games or trading them on exchanges like Uniswap or PancakeSwap among others .