Gala Games intends to increase its presence in the NFTs sector by investing billions of dollars in the following year.
Gala Games is a fast-rising blockchain game company. It announced Monday that it will invest $5 billion over the next year to extend its non-fungible token (NFT) offerings.
A source informed Blockworks on Monday that the Las Vegas-based business will begin investing in music, movies, and theme park NFTs. Gala Games’ President of Blockchain, Jason Brink, later confirmed the figure.
Gaming is expected to get $2 billion of the $5 billion set aside for Gala Game’s NFT expansion. One billion dollars will be set aside for the studio’s music goals, while another billion dollars will be set aside for film development. Gala theme park NFTs will have the $1 billion left.
NFTs are one-of-a-kind crypto assets that provide proof of ownership and authenticity. OpenSea and LooksRare are two marketplaces where they can be traded. By the end of 2021, the market value of NFT had risen to $41 billion.
When asked about the developments, Brink responded, “Those were part of the facts supplied with the Gala Gold community.” “We are very excited to watch how that develops with the community in the future.”
Brink declined to elaborate on the contents or future plans, citing the need to save “certain items for the Gala Gold community” at his studio.
As part of the campaign, Blockwork’s anonymous source claimed that rapper Snoop Dogg may release an “NFT album” on its platform before it is released elsewhere.
Snoop, who is no stranger to cryptocurrency, is claimed to have begun collecting NFTs last year under the nickname Cozomo de’ Medici. In February 2021, the musician also tweeted a photo from the R&G Rhythm & Gangsta — The Masterpiece album featuring a Shibu Inu head superimposed on his torso.
“As for Snoop, keep an eye on him and pick up his record when it comes out, whether it’s as an NFT or not,” Brink added.
Gala Games and crypto investment firm C2 Ventures recently announced the formation of a $100 million blockchain gaming fund focused on game developers and businesses built on the blockchain.
According to CoinGecko, the platform’s token, GALA, has a market value of $2.52 billion and a fully diluted valuation of $16.73 billion, trading at $0.33 per token, down roughly 60% from its all-time high set on Nov. 26, 2021.
