Popular blockchain gaming firm, Gala Games, has announced that $5.5B of its budget for the new year would be for the expansion into the NFT sector. A confidential source revealed that the funds would be aimed at NFT-related music, movies, and theme parks.
More Details From Gala Games About Its New Platform
NFTs are digital artworks with a specified stamp of genuineness by their owners. They can be sold or bought at OpenSea, Rarible, and other top NFT platforms. As of December 2021, the NFT sector was valued at $41b, according to CoinMarketCap data.
Gala Games’ head of blockchain, James Brink, revealed plans and developments in improving the platform. But those plans will first be shared with the gala gold community before it is unveiled to the public.
Popular Rapper To Release An NFT Album On Gala’s NFT Platform
However, a source close to the team revealed that popular rapper Snoop Dogg is set to release an album on gala’s NFT platform, after which the album may be released elsewhere. The source couldn’t be faulted as brink tweeted a picture between him and the famous rapper after a recent meeting at brink’s office.
Brink would later tweet thus, “snoop’s next album is super cool; make sure you get yourself a copy even if it isn’t released as an NFT.” Using the fictitious name (Cozomo De Medici), Snoop has been collecting NFTs for more than 12 months. Following the release of his R&G album early last year, Snoop tweeted an image where his head was replaced with a Shiba Inu.
Gala and C2 ventures (a crypto asset management firm) recently completed a $110m fundraise for blockchain gaming development. Gala Games native token is currently valued at $2.53b and exchanges hands at $0.34 based on Coingecko data. However, it is still 65% off its peak price set in November 2021.
The Rising Popularity Of The NFT/GameFi Sectors In The Crypto Industry
As of the bullish crypto run of 2017, blockchain-built games weren’t that popular. The massive spike in interest in the NFT space started two years. Since then, lots of NFT-related projects have since been launched. A January 2022 Dappradar data revealed that there are now more than 400 GameFi projects in the market.
A stats confirming the sharp rise in the demand for NFTs and GameFi projects. A recent report from the OpenSea marketplace team also revealed that January 2022 was a record-breaking month in terms of earnings for creators of digital collectibles. Hence, it is no wonder that related platforms are becoming increasingly interested in the NFT industry.
One 0f such persons is Justin Kan (founder of streaming platform twitch), who recently tweeted that he is joining the NFT bandwagon. He said, “gaming NFTs are way bigger than twitch.” NFTs continue to find use cases beyond just digital arts; they have been deployed in real estate, gaming, and metaverse because their authenticity can be proven.
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