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Despite the declines seen across the cryptocurrency market in the last 24 hours, GALA, the native token of blockchain gaming platform Gala Games, remains up 163% in the last 30 days, according to CoinGecko data. In the last 24 hours, GALA was down 7% at $0.047.
At the start of 2023, gaming and metaverse tokens outperformed the broader crypto market in terms of gains. GALA gained attention following its massive rise, which culminated in highs of $0.056 on Jan. 23.
Aside from the positive sentiment garnered by gaming and metaverse tokens, the Gala team, which predicts 2023 will be an amazing year for gaming, has also put some steps in place.
On Jan. 12, Gala Games announced a platform-wide burn. In a screenshot posted on its official Twitter handle, Jason Brink, president of the blockchain at Gala Games, disclosed that for all of Q1, 2023, when a "purchase" is made on the GALA platform, the GALA used will be burned, including that used to purchase digital assets.
There will be an automatic burn in such a scenario. When the GALA tokens in question have been burned, the same quantity will be added to the emission pool to be reemitted via Founders Nodes in the normal distribution.
Gala Films-backed "RZR" takes off
Gala remains dedicated to Web3 games and entertainment. In a positive development, Gala Films is working with actor and director David Bianchi on his upcoming "RZR" series.
Building #film3 one step at a time at the #RZR table read 🎬@exertion3film #GalaFilm pic.twitter.com/ElE5ZMx4Fs
— Gala Film (@GoGalaFilms) January 24, 2023
The movie "RZR," whose filming will start later this month, will be produced and distributed by Gala Films. The premiere date is set for later this year.
In November, Gala Films announced its partnership with the production team of "Four Down" on a financing and distribution deal for a feature-length documentary helmed by Emmy Award-winning filmmaker Steven Cantor.