TL;DR
- GALA Token Gets a Helping Hand: Hong Kong investment firm Animoca Brands is stepping in to support Gala Games’ GALA token. This includes providing liquidity to smooth out trading and potentially becoming a validator on GalaChain, the game’s dedicated blockchain.
- Decentralized Gaming Gets a Powerhouse Ally: The partnership between Animoca Brands, a major player in the play-to-earn and metaverse space, and Gala Games, a champion for decentralized gaming, is a significant development.
- GALA Price Needs Time to Shine: While the partnership holds promise, the GALA token’s price remains under pressure. Despite a recent decline, there could be opportunities for investors seeking entry points.
Hong Kong-based venture capital firm Animoca Brands has announced a strategic partnership with Web3 and blockchain gaming company Gala Games. The collaboration aims to enhance the user experience with the GALA token, a key asset within the Gala Games ecosystem.
Gala Games and @animocabrands collaborate to enhance the $GALA token experience for users 🤝
Animoca Brands will receive $GALA tokens from Gala’s Treasury in order to provide liquidity provisioning services to Gala Games, with the goal of facilitating orderly trading of the…
— Animoca Brands (@animocabrands) July 3, 2024
Liquidity Provisioning and GalaChain Validation
Animoca Brands is poised to acquire GALA tokens from Gala’s Treasury following an announcement on social media platform X. This move is aimed at offering liquidity provisioning services for the GALA token to ensure smooth trading. Moreover, Animoca Brands is planning to serve as a validator on GalaChain, the native blockchain of the gaming ecosystem.
The unexpected partnership has piqued the interest of the gaming community on X. LordBenalez, CEO of crypto game Mittaria, expressed excitement and sought further details about the collaboration.
Gala Games’ Rise and Decentralization Goals
Gala Games gained popularity during the 2021 crypto bull run. The platform aims to decentralize the multi-billion-dollar gaming industry, empowering players with full control over the ecosystem.
Animoca Brands’ Investment Strategy
Animoca Brands is renowned for its substantial investments in crypto assets and gaming companies. Recently, the company has signed a Memorandum of Understanding (MoU) with Futureverse, an AI and metaverse company. The partnership is aimed at utilizing Animoca Brands’ extensive ecosystem of blockchain-based products to enhance Futureverse’s metaverse technology stack.
Animoca Brands has made investments in CARV, the leading modular data layer for gaming and AI, as well as Cross The Ages (CTA), a multimedia gaming company.
GALA Token Performance
Despite the recent announcement of a partnership, the GALA token has encountered difficulties. Over the last day, it experienced a decline of 5.18%, with a trading price of $0.0261. This marks a significant decrease of 90% from its peak value of $0.8367, which was reached on November 26, 2021. The current trading volume of the token is at $76 million, showing a slight decrease of around 1%.
The GALA token is currently ranked 81st in the market based on its market capitalization. Since reaching a high of $0.08677 on March 10, it has experienced a significant decline. With a Relative Strength Index (RSI) reading of 32, it appears that bears may still have control. Despite this, there are potential entry points for investors to consider.
In conclusion, the collaboration between Animoca Brands and Gala Games is focused on transforming the GALA token, however, the recent price fluctuations highlight the unpredictable nature of the cryptocurrency market.
