GALA token surges 187% after announcing movie collaboration with The Rock
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(Kitco News) - Crypto traders have welcomed the sight of green on the charts over the past couple of days as token prices have begun trending higher after months of sideways trading in the wake of the collapse of FTX.
One token that is outperforming the field is GALA, the native token of the Gala Games ecosystem, a blockchain gaming platform created by Eric Schiermeyer, co-founder of the game development company Zynga.
Data from TradingView shows that since hitting a low of $0.0177 on Friday, GALA price has skyrocketed 186.75% to hit a daily high of $0.051 on Monday amid a 385% increase in its 24-hour trading volume to $1.52 billion. At the time of writing, GALA is trading at 0.043, an increase of 149% on the weekly chart.
GALA/USDT 1-day chart. Source: TradingView
A scroll through the platform's Twitter page shows that the source of the momentum tracks back to an announcement that the protocol has teamed up with American actors Dwayne “The Rock” Johnson and Mark Wahlberg to make a couple of movies.
Just a little bit of information regarding our ongoing work with @TheRock and @markwahlberg.$GALA is the gas token in @GoGalaFilms and @GoGalaMusic as well! pic.twitter.com/u9fdXoNte1— Gala Games (@GoGalaGames) January 9, 2023
The new films are being created under the platform’s movie arm, GoGalaFilms, which also includes a music division called GoGalaMusic. GALA also received a boost after it was revealed that it would serve as the gas token for both GoGalaFilms and GoGalaMusic.
“All of this is to say that Gala Film is going to use $GALA as its own gas token because Gala Film will be on our blockchain!” an announcement from Gala read. “The millions of fans interested in The Rock or Mark Wahlberg or Ghosts of Ruin or David Bianchi’s Rzr… all will be collecting digital items. These items will be needing gas and that gas is $GALA.”
Gala also plans to expand its gaming division to include mobile gaming, which Gala Games president Jason Brink said will open the GALA ecosystem to hundreds of millions of new users.
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Blockchain gaming popularity surges
This development from GALA comes as blockchain gaming continues to see increased adoption even as other sectors of the market remain flat.
According to the 2022 Dapp Industry Report from DappRadar, a top aggregator for decentralized applications (dApp), blockchain games accounted for 49% of all dApp activity in 2022 and saw an average of 1.15 million daily unique active wallets (dUAW) and 7.4 billion transactions.
To get a better sense of the growth achieved by the sector in 2022, data provided by DappRadar shows that the number of dUAWs grew by 85% to 1,152,255 in 2022 as compared to 622,620 in 2021.
Industry UAW by category. Source: DappRadar
“Overall, the future of blockchain gaming looks bright, with the market maturing and a shift towards more engaging and fun content,” DappRadar wrote. “While there are still plenty of challenges to overcome, such as scalability and economic design, the industry is well-positioned for future growth and mass adoption.”