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Blockchain gaming studio Gala Games confirmed Monday it will allocate $5 billion within the next year to expand its non-fungible token (NFT) offerings.
The Las Vegas-based startup will begin pouring capital into music, movies and theme park NFTs, a source told Blockworks on Monday. The figure was later confirmed by Gala Games’ President of Blockchain Jason Brink.
Out of the $5 billion allocated to Gala Game’s NFT expansion, $2 billion is expected to go to gaming. A further $1 billion will be allocated for the studio’s music ambitions as well as $1 billion for movies. Gala theme park NFTs will pick up the remaining $1 billion.
NFTs are unique crypto assets providing proof of authenticity and ownership. They are tradable on Marketplaces including OpenSea and LooksRare. The marketplace value for NFT hit a staggering $41 billion by the end of 2021.
When asked about the developments Brink said:
“Those were some of the numbers shared with the Gala Gold community and we certainly look forward to helping that unfold with the community in the future.”
Brink declined to comment further on the details or future plans, saying his studio needed to save “some stuff 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 its platform shortly before the album is released elsewhere.
When you have an awesome photo opportunity with @SnoopDogg but the newscast in the background just doesn't want to behave. pic.twitter.com/6lpjnaDweH
— Jason Brink aka BitBender (@BitBenderBrink) February 8, 2022
Snoop, who is no stranger to crypto, reportedly began collecting NFTs last year under the pseudonym Cozomo de’ Medici. The artist also posted a tweet in February 2021 featuring the head of a Shibu Inu superimposed on his body from the R&G Rhythm & Gangsta — The Masterpiece album.
“As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it’s as an NFT or otherwise,” said Brink.
Gala Games recently launched a $100 million blockchain gaming fund with crypto investment firm C2 Ventures focusing on investment in game developers and projects building atop the blockchain.
The platform’s token, GALA, currently carries a market capitalization of $2.52 billion, and a fully diluted valuation of $16.73 billion, trading at a price of $0.33 per token, according to CoinGecko, down about 60% from its all-time high set on Nov. 26, 2021.
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