SNEAK PEEK
- Gala Games partners with Animoca Brands to enhance GALA token trading.
- Animoca will provide liquidity and become a GalaChain validator.
- Despite the partnership, the GALA token price drops significantly.
In a significant move for the blockchain gaming sector, Gala Games has announced a strategic partnership with Animoca Brands, a leading venture capital and gaming firm based in Hong Kong. The collaboration aims to enhance the development and trading experience of the GALA token, a key asset in the Gala Games ecosystem.
According to an announcement on the social media platform X, Animoca Brands will receive GALA tokens from Gala’s Treasury. These tokens will be used to provide liquidity provisioning services, facilitating orderly trading of the GALA token. This partnership also includes plans for Animoca to become a validator for GalaChain, Gala Games’ native blockchain.
“Animoca Brands is already operating 9 of Gala Founder’s Nodes and plans to serve as a GalaChain Validator in the future,” stated the announcement. This move is expected to bolster the stability and liquidity of the GALA token, ensuring a more reliable trading environment for its users.
The gaming community on X has shown a keen interest in this unexpected partnership. LordBenalez, CEO of the crypto game Mittaria, expressed his excitement and called for more details about the collaboration. Gala Games gained popularity during the 2021 crypto market bull run and aims to decentralize the gaming industry, giving players more control over the ecosystem.
Animoca Brands is known for its extensive investments in the crypto and gaming sectors. Recently, the firm signed a Memorandum of Understanding with Futureverse, an AI and metaverse company, to enhance the reach and capabilities of Futureverse’s technology stack. Additionally, Animoca has invested in CARV, a modular data layer for gaming and AI, and Cross The Ages (CTA), a multimedia gaming entity.
Despite this positive news, the GALA token has faced a significant price drop, decreasing by 5.18% in the past 24 hours to $0.0261. The token is down more than 90% from its all-time high of $0.8367 in November 2021. Trading volume stands at $72 million, with a market capitalization of $837 million, ranking it 81st in the market.
The Relative Strength Index (RSI) for GALA is currently at 32, indicating a bearish trend but also potential buying opportunities for investors looking to enter the market at a lower price point.
