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Key takeaways
- Gala Games introduces a new price mechanism for its marketplace that uses a 3-day moving average instead of current market price
- The decision to change was driven by the Gala Games community, who will now receive “steady and fair” prices for in-game items
- Gala Games is also launching a governance proposal mechanism that allows the community to gain more influence over future project developments
From 1st August 2023, Gala Games will incorporate a new pricing mechanism into its gaming marketplace, with the aim of avoiding any significant price movements that could negatively impact the user experience.
Previously, the Gala Games marketplace offered in-game collectibles at the market price of GALAUSD or ETHUSD. This system has now been updated to a 3-day moving average for each market, which provides a fairer way to trade on-chain items without being impacted by external factors such as market manipulation or sudden volatility.
As per a recent blog post, many Gala Games users expressed that the original price system creates “unnecessary inconvenience,” which led the core team to alter the price mechanism.
A simple market price mechanism can be seen as unnecessary because the assets being traded in the Gala Games marketplace are primarily being used in blockchain games, as opposed to pure investment assets where the market price would accurately reflect fair value.
As stated by Gala Games, “We want you to shop with confidence, knowing that the pricing you encounter is steady and fair.”
Gala Games moving towards decentralized governance structure led by community voting
Gala Games’ willingness to adjust its price mechanism to a fairer 3-day moving average was sparked by requests from the community. This highlights Gala Games’ commitment to decentralized governance, which will soon be taken onto the blockchain via official governance proposals.
As per a recent blog post, Gala Games is introducing a new system where members can use GALA tokens to gain more influence over future project developments.
The move to introduce a community-led governance mechanism has been described as a “significant milestone” for Gala Games. To mark the occasion, the project is launching a test run where members of the community can vote on their favorite type of food: Pizza, Tacos, or Sandwiches.
This event will mark a shift towards more of a bottom-up business model that is often used in decentralized autonomous organizations (DAOs). There are varying degrees of decentralization for this kind of governance structure, ranging from fully community-driven, to having a core team that relies on democratic processes to validate important decisions.
To vote in Gala Games governance proposals, a key requirement is that users need to be running a Founders Node. The project has remarked on its commitment to “transparency, inclusivity, and decentralization” as it enters a new era of decentralized governance.
What is Gala Games?
Gala Games is a blockchain-based gaming platform that offers a selection of AAA-quality games. The project aims to move the gaming industry away from a model that requires players to constantly spend on microtransactions, introducing full custody for gaming assets via an integrated NFT marketplace. Gala Games allows players to own, trade, and monetize in-game collectibles while playing their favorite titles.
GALA price analysis
The current price of GALA is $0.0226, down 8% over the past 30 days. The CoinCodex price prediction algorithm expects GALA to rise by more than 10% over the next 30 days to reach a price of $0.0252 by August 31st.