What is GALA and Gala Games?
As a prominent smart contract-enabled blockchain, Gala Games intends to revolutionize the gaming industry by utilizing cutting-edge blockchain technologies. The Gala Games Node network is the biggest in the blockchain sector and offers gamers a totally decentralized gaming economy. So, what is GALA Games and its token GALA? This article, Tokenize Xchange – Digital Currency Trading Platform will introduce you to GALA – the utility token of Gala Games and its potential.
Introduction to GALA game
Before jumping into the feature and potential of GALA, let’s have a look at Gala Games.
Gala Games is a blockchain-powered game combining NFT created with the goal of building a blockchain game ecosystem, allowing players to own, trade, and buy game items. Launched in 2020, the platform is one of the earliest movers in the play-to-earn arena, by rewarding players in the form of GALA tokens for playing multiple of their games.
Gala Games was developed by a team of 200 remote employees with over 1.3 million monthly active users worldwide. The CEO of Gala Games, Eric Schiermeyer, is also one of the co-founders of Zynga – a very popular social game developer.
In February 2022, the game studio released Gala Music, a personal NFT music website. Its goal is to assist upcoming musicians and empower artists. In addition to making money from NFT sales, musicians can mint and distribute their songs. One of the most recent artists to announce NFT drops on the website was Snoop Dogg.
What is GALA token?
GALA is the utility token of Gala Games, which aims to give players control over their in-game assets using blockchain technology.
The GALA token can be used in any of the GALA Games. GALA can be used to purchase in-game items, participate in the management of games, and earn money by running a node to secure the Gala network and validate transactions.
The gala (GALA) token runs on Ethereum and the Binance Smart Chain. As well as peer-to-peer transactions, it is rewarded to the nodes that power the Gala ecosystem. Gala Games has built a blockchain network powered by GALA coins in order to accomplish its stated purpose. The system is based on the Ethereum (ETH) blockchain network, and users have a complete choice over how to spend GALA tokens, which are transferable between users.
The GALA cryptocurrency was launched in September 2020 at $0.001, and for the first three months struggled to get past its launch price. On 17 September 2021, GALA coin managed to break past the $0.1 barrier. Since then, GALA price kept going up and reached its all-time high of $0.83 on 26 November 2021.
The token has been especially bullish over recent weeks. It has been currently up 300% in a recent seven-day period and is sitting at $0.04 at the time of writing.
How to buy GALA?
There are three ways to own GALA tokens:
- Operate NODE to support GALA network, earn GALA tokens as your rewards for network validation
- Join GALA gaming ecosystem to earn GALA tokens
- Buy GALA on Blockchain Trading Platform like Tokenize Xchange
Below are 5 steps to easily buy GALA on Tokenize Xchange.
Step 1: Select Trade on your dashboard.
Step 2: Choose the market on the right of the dashboard
For example, click on SGD Markets tab, and under the tab you will see GALA/SGD
Step 3: Choose the type of Buying
3.1. Limit Buy:
A limit order will be filled at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or cancelled.
Your Balance: SGD balance left in your account.
Price per GALA: Key in the price to buy for 1 GALA in SGD.
Amount GALA: Key in the amount of GALA to buy.
Time In Force:
- Good Till Cancelled (GTC): Your order will stay on the order book until they have been completely filled or until you manually cancel them.
3.2 Market Buy
A market order is an order that will be executed immediately and in full by buying or selling from the bids and asks in the order book.
Your Balance: SGD balance left in your account.
Market: Your order will be filled immediately at the best market price at the time of your order.
Amount: Key in the amount of GALA to buy.
Sell: Once Amount is filled correctly, you may click on “Buy GALA” to confirm your Total Bid.
>>> Read more: Market, Limit, and Stop Order: What is the difference?
Step 4: Confirm your order.
You will see a confirmation window. Check all details carefully. Please see the trading commission fee here. Click “Confirm” to proceed or “Cancel” to cancel the transaction.
For example: If you would like to buy 100 GALA, you can select Market order, enter your quantity as 0.1 and confirm your order. You will then buy 100 GALA from the market.
After confirming the order, you will see a green notification at the top of the page indicating that your order has been successfully placed.
Step 5: Finish the order
Your order will be matched automatically. You may view your order by selecting “Orders” and “Finished Orders”.
Under “Finished Orders”, you are able to view your completed orders.
How to cancel buy order
Click on “Pending Orders” to view all of your pending orders.
Each order will show detailed information such as, Date, Market, Side, Order Type, Price, Total Units, Amount and Filled.
For orders that are still pending, you can click on “Cancel” to cancel your order.
Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.