GALA Coin rises 20% amid news of a $ 5 billion expansion of NFT

GALA Coin Rises 20% Amid News of $ 5 Billion NFT Expansion - 0e26ad8ee8224a3e841158d5122df74cThe Gala Games platform's GALA token rose more than 20% on the last day, overshadowing the gains of other major metaverse tokens as well as Meta's shares. If you want to take advantage of these increases and make good profits, you can trade this and many other cryptocurrencies, on platforms such as Bitcoin Pro.

This price spike came in tandem with Gala Games' announcement of plans to distribute $ 5 billion within the next year to bolster its non-fungible token (NFT) offering by purchasing intellectual property rights and building a theme park.

GALA in the limelight

Gala Games (GALA) is a blockchain-based, play-to-earn (P2E) gaming ecosystem that allows players to earn their GALA tokens for game achievements. It also offers NFT creation and trading on exchanges or in the game itself.

Over the past year, the token has seen a price jump of more than 50.829% climbing to its all-time high price of $ 0,841, as the coin outperformed other eminent metaverse projects including Axie Infinity, The Sandbox, and Decentraland. 

Gala reportedly plans to spend $ 2 billion on games, $ 1 billion on movies, $ 1 billion on music, and the remaining $ 1 billion to build a theme park in an effort to expand its business. presence NFT and Metaverse. 

That said, the project has recently been in the spotlight after rapper Snoop Dogg signed a promotional deal with Gala to create loot boxes to promote his new album, 'BODR (Bacc on Death Row)'.

Notably, there will be 1.470 NFTs minted for each song, and NFTs do not confer any kind of intellectual property right.

Additionally, Gala has also announced another Galaverse festival set for June in Copenhagen. The blockchain-based gaming platform held its previous Galaverse event, in December in Las Vegas.

The event generated considerable social attention as it was regarded as one of the first major concerts to occur post-COVID-19.

Tokens linked to the Metaverse skyrocket

While GALA's recent gains have been commendable, the token is still trading nearly 50% off its top. The same could be seen as an attractive entry point for participants to invest in the metaverse token. 

Last year, in November, GALA recorded over 95% earnings in just a fortnight by making a new ATH on November 26th. For now, other major metaverse tokens such as MANA, ENJ, and SAND have also noted decent gains, likely in the wake of BTC's recent gains.

According to data from Coin Market Cap, MANA rose close to 10% in one day, while SAND posted gains of 7%. On the other hand, Enjin Coin has seen nearly 8% gains as the total capital of the cryptocurrency market appears to be heading towards the $ 2 trillion mark once again.