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- Gala Games now allows Founder’s Node licenses to be tokenized and transferred between users on GalaChain.
- Users can redeem, transfer, and reactivate tokenized Founder’s Nodes on GalaChain with associated fees payable in GALA.
Founder’s Nodes can now be tokenized on GalaChain, which lets users move them between accounts, according to Gala Games. For Gala Games, this update represents a significant change since before Founder’s Node licenses could not be transferred and were connected directly to the user’s account.
The Gala Games ecosystem has always depended critically on Founder’s Nodes. They let users run nodes and get paid in GALA for doing so. These licenses were account-bound, and once a user obtained a node, it could not be sold or moved to another account until recently.
Gala Games operators voted on a proposal in April 2023 that sought to provide more flexibility to node ownership by means of tokenization, therefore enabling future transfers.
Gala Founder’s Node operators can now tokenize their nodes, making them transfer-ready for the first time in the history of #GalaChain!https://t.co/TbUsOES5qL pic.twitter.com/m4QDxz4NyG
— Gala Games (@GoGalaGames) October 16, 2024
Making Founder’s Nodes Transfer-Ready on GalaChain: Process and Fees
As announced by the official Gala Games, node licenses will henceforth be distributed on GalaChain as allowed. Once a Founder’s Node is redeemed as a GalaChain token, it may be moved between accounts one user owns.
Gala Games is currently turning all Founder’s Node licenses into GalaChain tokens, a process anticipated to be finished in the next few days at the time of writing.
Originally tokenized on GalaChain as an NFT, Founder’s Nodes can become “transfer-ready” for a cost. The node will thus momentarily lose its capacity to engage in the daily distribution of GALA rewards during the transfer procedure.
Users must pay a price commensurate with 60 days’ worth of distribution rewards based on the average GALA rewards from the previous week to make a node transfer-ready. Furthermore, needed are a $10 cost to reactivate the node once it has been moved and a $25 fee to redeem the node as an NFT.
Gala Games clarifies that all fees are paid solely in GALA and burn from the circulating supply, therefore contributing to the deflationary dynamics of the token.
Gala Games keeps growing its ecosystem with fresh innovations outside node tokenization. As we previously reported, the startup has teamed with Coinflow to provide Google Pay and Apple Pay as more payment choices inside the Gala ecosystem.
These payment options are first accessible for purchases at the Gala Games store, but plans call for extending them to other locations, including Gala Music and Gala Film.
Meanwhile, its native token, GALA, is swapped hands about $0.02196 at the time of writing. This reflects a 9.33% rise over the last seven days, therefore raising its market cap to more than $770 million.