Gala Games Community recently revealed that it had reduced $21 billion in tokens after completing its V2 token airdrop. According to Dune analytics, since January 14, the community has burned 60,506,945 tokens.
The tokens burned are the reserve tokens of the community, and it decided to burn these to avoid a dump and exit scenario. The team plans to burn around $2 billion of its token by the end of 2023.
The total amount of tokens burned to date is worth $637 million. The ultimate goal of the company is to enhance the stability of token prices after burning unwanted tokens.
Jason Brink, the President of Blockchain at Gala Games, believes their need for GALA tokens can be met without a surplus reserve. He thinks that this approach will increase rewards for Founders Node operators.
$Gala Token Price Analysis
At press time, the native token of Gala Games was trading at $$0.0322 with a 24-hour trading volume of $231,635,224. According to CoinMarketCap, the token is ranked 19th in the crypto market regarding trading volume.
In the last one month, Gala token price fell by over 27% with the lowest traded value of $0.02762. The 52-weeks trading range of the Gala token is $0.0155 and $0.0925.
The total market capitalization of the Gala token is $226,664,074, with a fully diluted market cap of $1,130,750,229. Currently, there are 35,240,112,493 Gala tokens in circulation.
Funding and Acquisition of Gala Community
Data from Crunchbase states that the Gala community raised $5 million in funding from Venture and Series-A rounds. Puget Sound Venture Club is among the leading investors of this gaming company.
Earlier in January 2023, Gala acquired Ember Entertainment for an undisclosed amount. Ember is a United States-based game-developing company that raised $1.3 million in a Venture round.
On March 31, 2023, Gala and Huobi Global announced that they agreed to work together in a strategic partnership for ecosystem and project development. Huobi is among the leading crypto exchanges operating its business in more than 150 nations globally.
Global Blockchain Gaming Industry Overview
According to a new study by blockchain gaming analysts, the gaming industry is predicted to reach USD 1,020.02 billion by the end of 2032. The industry is growing amid the increasing popularity of crypto and blockchain technology.
The research report also mentioned some leading blockchain gaming companies, including OpenSea, The Sandbox, Axie Infinity, Animoca Brand, and Decentraland.
Notably, the Web2 gaming industry is struggling to adopt blockchain technology because of its advanced security features. In the first quarter of 2023, the gaming industry has mirrored some positive movements compared to the third quarter of 2022.
