Gala Games continues to push into NFT gaming and blockchain-enabled experiences as they revealed that they are allocating a whopping USD $5 billion from their budget to further their NFT plans.
The Las Vegas-based company seems to have a massive war chest following the remarkable performance of their crypto token, the GALA coin. The token has taken the crypto world by storm, and has a market cap of $2.5 billion based on the current circulating supply. The fully-diluted value of the coin is closer to $17 billion.
While down from the all-time high of $0.82, the token’s current value at around $0.34 is over twenty times what it was a year ago.
As far as the budget split goes, Gala Games President of Blockchain, Jason Brinks says that they are reserving USD $2 billion for gaming. The rest of the budget will be split between music, movies and even a planned theme park.
Currently Gala Games is home to 9 NFT game projects developed by partner studios as well as by their own inhouse development team. Some of these games like Spider Tanks and Town Star are now in their beta, while the rest are still in development.
Gala Games also hosts the marketplace for these NFT games, making a ‘central ecosystem’ and hub for their titles which could also be applied for their future projects. As they plan to venture into other forms of media, Gala Games’ marketplace could also soon list movies, artwork and even virtual tickets for the Galaverse.
Aside from gaming, Gala Games has also already ventured into music production through a partnership with popular hip-hop artist Snoop Dogg and record label Death Row Records. It has been rumored that Snoop Dogg’s next album could be released first as an NFT via Gala with a more general release to happen later on. Snoop Dogg is not new to the concept of NFTs and the metaverse, as he too has been collecting NFT art since last year.
With this move and the extraordinary budget at their disposal, Gala Games is bound to become a major player in the NFT sector, perhaps even taking on the other blockchain giants such as OpenSea, Foundation and SuperRare.