GALA gains 117% in February as P2E crypto gaming goes mainstream
The play-to-earn (P2E) gaming sector of the cryptocurrency ecosystem has been one of many sectors most resilient to the volatility and value declines previously couple of months as players are leaping on the flexibility to earn revenue whereas enjoying tokenized videogames.
One mission that has seen its token value climb quickly within the first week of February is Gala (GALA), a protocol targeted on using blockchain know-how to offer gamers management of the video games they play and the in-game objects they purchase.
Information from Cointelegraph Markets Professional and TradingView exhibits that the value of GALA climbed 117% after hitting a low of $0.177 on Feb. 2 to hit a each day excessive of $0.384 on Feb. 7.
Three causes for the fast restoration in GALA value are the upcoming launch of a number of new widespread video games on the protocol, a collection of recent partnerships which have helped broaden the GALA ecosystem and the expansion of the GALA userbase, which continues to hit new file highs.
Launch of recent video games
The $30 billion P2E gaming sector is rising quickly, and protocols that want to maintain tempo and stay related must launch new video games and keep an energetic consumer base.
It’s on this gentle that GALA has been including help for brand spanking new initiatives within the ecosystem such because the upcoming launch of Spidertanks and Legends Reborn.
Glad Lunar New Yr!
Try this new tank that the GAMEDIA group is engaged on… coming quickly! #YearOfTheTiger #GalaGames #SpiderTanks #playtoearn #blockchaingames pic.twitter.com/2kqy1cn1TZ
— Gala Video games (@GoGalaGames) January 31, 2022
Except for the gameplay, the newer era of video games launching on Gala has tapped into a few of the rising traits within the P2E area like land and venue gross sales that present customers with a technique to earn passive revenue, serving to to develop a bigger pool of group members who’re invested within the protocol long run.
Partnerships with different protocols
A second issue serving to to bolster the momentum for GALA has been the addition of recent partnerships which might be serving to to broaden the attain of its ecosystem.
This features a just lately introduced collaboration with the 888innercircle group on Twitter, which has a group of greater than 205,000 members who’re followers of digital artwork and collectibles.
Gala has additionally just lately established a working relationship with Betwixt, a psychological health-focused gaming utility that was chosen to obtain $1 million in funding from the Gala Video games Conservatorship fund to assist incorporate self-care into the gaming group.
Associated: Altcoin Roundup: 3 rising P2E gaming traits to keep watch over in 2022
Rising userbase
On account of the enlargement of the Gala ecosystem and the addition of how to earn a yield via gameplay or different strategies equivalent to operating a Gala node, the group has seen a gradual enhance within the variety of customers over time, particularly for the reason that starting of December 2021.
In line with knowledge from Dune Analytics, the entire variety of GALA customers stood at 122,230 on Feb. 7, a determine that has tripled since Nov. 7, 2021, from 40,380 customers.
In the meantime, VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for GALA on Jan. 27, previous to the latest value rise.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.
As seen within the chart above, the VORTECS™ Rating for GALA spiked into the inexperienced zone on Jan. 27 and hit a excessive of 82, round 48 hours earlier than the value gained 114% over the subsequent seven days.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you must conduct your individual analysis when making a call.
