Gala (GALA), a platform focused on employing blockchain technology to offer players control over the games they play and the in-game stuff they collect; has seen its token price incredibly surges in the first week of February.
What Makes Play-to-Earn Like GALA Surge in 2022?
Blockchain technology is why the cryptocurrency ecosystem’s play-to-earn (P2E) gaming industry is transforming the economic framework of traditional online games. In recent months, players have taken advantage of the potential to earn money while playing tokenized video games.
According to the data, the price of GALA surged by 117 per cent, from a low of $0.177 on February 2 to a daily high of $0.384 on February 7.
The upcoming launch of multiple new popular games on the protocol, a series of new collaborations that have helped extend the GALA ecosystem; and the continued expansion of the GALA userbase is because of majorly three reasons that led to rise of GALA pricing.
The Launch of New Games
The $30 billion P2E gaming business is expanding so quickly; and protocols that want to keep up must create new games and maintain an engaged user base.
In this context, GALA has been supporting new projects in the ecosystem; such as the upcoming Spidertanks and Legends Reborn launches.
Aside from gameplay, the newer generation of Gala games has tapped into some of the growing trends in the P2E space, such as land and venue sales, which provide users with a way to earn passive income; help them grow a larger pool of community members who are long-term investors in the protocol.
Collaborations With Other Protocols
A second aspect contributing to GALA’s momentum is the introduction of new collaborations that are helping to increase the reach of its ecosystem. This includes a newly announced collaboration with the 888innercircle Twitter group; which has over 205,000 admirers of digital art and collectibles.
Gala has also recently formed a partnership with Betwixt. This mental health-focused gaming application was chosen to receive $1 million in financing from the Gala Games Conservatorship fund to help in the development of self-care into the gaming community.
The Expansion of GALA Ecosystem
The community witnessed continuous growth in the number of users over time due to the expansion of the Gala ecosystem and the inclusion of ways to make a yield through games or other methods such as running a Gala node; particularly since the beginning of December 2021.
According to Dune Analytics statistics, the total number of GALA users were 122,230 on Feb. 7; a figure quadrupled since Nov. 7, 2021, when it stood at 40,380 people.
Meanwhile, Cointelegraph Markets Pro’s VORTECSTM data began to discover a bullish predictions for GALA on Jan. 27, before the latest price increase.
GALA entered the green zone on Jan. 27 and reached a high of 82 within 48 hours before rising 114 percent over the next seven days.
Play-to-earn games are rising the economic paradigm of traditional online games due to blockchain technology. They combine the thrill of immersive video games with the opportunity to win prizes in exchange for your time and attention. Play-to-earn crypto games can benefit users; but most need initial investment and a learning curve. The game and your skills will determine your profits.