New Collaboration: Gala Games and Animoca Brands Aim to Boost Blockchain Gaming

ChainPlay

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3 days ago

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A new collaboration with Animoca Brands has been launched by Gala Games, a well-known brand in Web3 and blockchain gaming. Improving platform user experience and growing GALA, the native coin are the objectives. Based in Hong Kong, Animoca Brands is a venture capital and gaming software company. Enhancing the token's user experience is the goal of this partnership.

The announcement revealed that Animoca Brands will receive GALA tokens from Gala Games' treasury. These tokens will be used to provide liquidity provisioning services for the Web3 gaming platform, facilitating smooth token trading. Animoca Brands operates nine Gala Founder's Nodes and will serve as a GalaChain Validator.

Many users and crypto investors have reacted positively to the news. Some believe this partnership is bullish for the token, while others think the company is finally making significant moves. The announcement has also sparked interest in the gaming and NFT community. LordBenalez, COO of the NFT project Mittaria, expressed excitement about the collaboration.

GALA Token Price Drop

Despite positive reception, GALA token saw a price drop. It fell from $0.0275 to $0.0255, a 7.2% decline in 24 hours. Over the long term, GALA's price has been in a downtrend. Since its high of $0.081 in March, it has stayed between $0.04 and $0.05.

In late May, Gala Games faced a security breach. This breach affected the token's price. An exploit resulted in the minting of 5 billion tokens worth $219 million. Additionally, 600 million GALA tokens, worth around $21 million, were sold without authorization. After the breach, 4.4 billion tokens were burned. This caused the price to drop from $0.046 to $0.037, a 20% decline. The token has continued to trend down, with a 43.5% decrease over the past month.

Future Prospects for GALA

Some market analysts believe the token might be preparing for a rebound. They suggest GALA could bounce off its lower trendline and break out of the $0.035 resistance zone. If successful, the token might soar to a target price of $0.1.