Gala Games plans to expand into NFTs with a $5B fund
Gala Games, a blockchain gaming platform that uses the play-to-earn model, has decided to expand into NFTs as per a recent report. With the start of a new year, the platform aims to develop its gaming model and ramp up NFT integration. The report from Blockworks said that the gaming firm would invest $5 billion into the new venture.
Gala Games' NFT expansion
NFT has been one of the most popular topics for 2021, and it seems that the popularity of these blockchain-based assets has made its way to gaming companies as well. The report confirmed that the Las Vegas-based startup would invest in music, movies, and theme park NFTs. The funding was covered by Gala Games' President of Blockchain, Jason Brink, who added:"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."The allocation of the funds will be in the following manner: $2 billion into gaming, $1 billion into music, and the remaining $1 billion will be invested in the Gala theme park NFTs. Moreover, the source told Blockwork that soon, rapper Snoop Dogg will be releasing an NFT album on the platform before it goes elsewhere. Snoop Dogg is also now an alien to this digital world and has been actively investing in cryptocurrencies and supporting NFT artists and collections.
NFT popularity
The popularity of NFTs is a well-known topic. Recently, Eminem had also entered the NFT industry with his own NFT collection. Moreover, he also bought a Bored Ape NFT called the 'EminApe,' which was worth $462K. Moreover, the music industry has been actively investing in NFTs and NFT-based startups. Recently, Abel Tesfaye became a part of Autograph, a blockchain-based startup.Gala Games has seen an increasing demand in 2021 and wants to dominate the market in 2022 as well. The price of 1 GALA at the time of writing is 0.334610 USD.
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