Gala Games will invest $5 billion in NFT’s expansion efforts

  • Gala Games confirmed on Monday that it will allocate $5 billion to pursue its NFT ambitions over the coming year, split between games, music, movies and NFT theme parks.
  • The Gala Games token, GALA, has a fully diluted valuation of $16.73 billion with around 15% of its supply currently in circulation

Blockchain game studio Gala Games confirmed on Monday that it will allocate $5 billion over the next year to expand its non-fungible token (NFT) offerings.

The Las Vegas-based startup will begin pumping capital into theme park music, movies and NFTs, a source told Blockworks on Monday. The figure was later confirmed by Blockchain’s Gala Games President Jason Brink.

Of the $5 billion allocated for Gala Game’s NFT expansion, $2 billion is expected to be spent on games. An additional billion dollars will be allocated to the studio’s musical ambitions as well as a billion dollars for films. The Gala theme park NFTs will pick up the remaining $1 billion.

NFTs are unique crypto assets that provide proof of authenticity and ownership. They are tradable on marketplaces, including OpenSea and LooksRare. The market value of NFT reached a staggering $41 billion by the end of 2021.

Asked about the developments, Brink said:

“These are some of the numbers shared with the Gala Gold community and we certainly look forward to helping this unfold with the community in the future.”

Brink declined to comment further on details or future plans, saying his studio needed to save “a few things for the Gala Gold community.”

As part of the effort, Blockwork’s anonymous source also said rapper Snoop Dogg may release an “NFT album” on his platform shortly before the album is released elsewhere.

Snoop, who is no stranger to crypto, reportedly started collecting NFTs last year under the pseudonym Cozomo de’ Medici. The artist has also published a Tweeter in February 2021 with the head of a Shibu Inu superimposed on its body from the R&G Rhythm & Gangsta – The Masterpiece album.

“As for Snoop, keep watching and be sure to grab his album when it comes out, whether as NFT or otherwise,” Brink said.

Gala Games recently launched a $100 million program blockchain game fund with crypto investment firm C2 Ventures focusing on investing in game developers and projects built on top of the blockchain.

The platform’s token, GALA, currently carries a market cap of $2.52 billion and a fully diluted valuation of $16.73 billion, trading at a price of $0.33 per token, according to CoinGeckodown about 60% from its all-time high set on November 26, 2021.


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  • Sebastien Sinclair

    blockages

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as some developments affecting the industry including regulation, business, and mergers and acquisitions. It currently does not hold any cryptocurrency.

  • Morgan Chittum

    Morgan Chittum is a New York-based journalist covering NFTs, Metaverse, Game-to-Win, and other emerging Web3 technologies for Blockworks. Previously, she was a street reporter, covering crime at the New York Daily News, and a press and journalism officer at the Poynter Institute.

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