A Las Vegas-based NFT gaming studio, Gala Games, has declared that it will make a 5 billion dollars worth of investment to support its NFT growth. This investment is said to bring about an expansion in what they offer to cater to their client’s needs in the NFT space in the coming year.
The president of a blockchain for Gala Games, Jason Brink confirmed the amount of money the company is willing to invest and how it will be utilized. He affirmed that the company will use 2 billion dollars to boost its gaming sector, while another 1 billion dollars will be set aside for the studio’s music ambition. Another 1 billion dollars each will also be used for movie development and the promotion of the gala theme park NFTs.
Jason also mentioned how they are looking forward to seeing their plans play out with the community in the future. Apart from this, he refused to divulge further information about the investment and their futuristic plans. He mentioned that the studio has to save the remaining exciting news for the gala gold community.
Since Gala Games was launched in 2019, it has evolved remarkably and since then, over 26,000 NFTs have been sold. The most expensive piece sold by Gala Games is valued at around 3 million dollars. And according to the coinGape market, the Gala price doubled in the last two to three days. Gala broke some notable resistance and in the last 7 days, there have been over 65% profit. Presently, Gala ranks 51st on the CoinMarketCap list of the most valuable cryptocurrency in terms of market capitalization.
In the metaverse gaming sector, Gala Games is one of the leading players. It now competes with other gaming platforms such as Axie infinity, Sandbox, and several others. With the investment Gala Games is looking to make for its expansion, they have so far received 100 million dollars through fundraising as well as support from venture capitalists. The venture capitalists that invested include Peter Molyneux and Will Wright.
The funds raised will be invested in developing projects, which will include, Games, play-to-earn games, metaverses, and several others. The firm will also invest some of the funds’ in-game developers who are building on blockchain technology.
Gala Games making this huge investment into its expansion seems to be the right call as new players with huge funding are now venturing into the play-to-earn market space. As a result, the P2E gaming space, now more than ever, has become so competitive. Right now, competition in the P2E gaming space isn’t limited to the big players, as smaller players are also putting up a good fight. For example, Galaxy Heroes X is presently commanding great fanfare.
