How to buy and hold GALA with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for GALA (GALA) storage
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GALA is the native token of the Gala Games, a blockchain-based, play-to-earn gaming platform that enables users to earn its GALA token for achieving in-game milestones. Gala Games was created by Eric Schiermeyer (Co-Founder of Zynga) and Michael McCarthy in 2019 when it brought the GALA token to the Polyient DEX, a decentralized exchange.
Gala Games’ GALA token exists as both an Ethereum-based ERC-20 token and a BNB Chain-based BEP-20 token. It is used as a reward incentivization mechanism for Founder Node operators, as a means of platform governance through voting, for in-game player rewards, and as a unit of payment for purchasable NFTs within the Gala Store. It can also be used to buy a license required to run a node.
GALA is used for transactions and as a governance token within the Gala Games platform, providing more flexibility and efficiency to its users. It also offers a unique ecosystem, allowing developers to set their own rules, and deploy their channels and workloads.
GALA Token Use Cases
In-Game Assets: Those with GALA tokens may use them to purchase or sell their in-game assets. This includes items, characters, or properties within the games. These tokens can be used by them to buy things inside the game, get some of the unique abilities in the game, and go faster in the game.
Governance Voting: GALA token holders can participate in voting and vote on different aspects of the Gala Games platform to decide on specific matters.
Transaction Fees: To pay for transaction fees on Gala Chain, Gala Games’ own blockchain network, they make use of GALA tokens. Therefore, every time a transaction is made on Gala Chain, it is required to have GALA tokens.
Non-Fungible Tokens (NFTs) Trading: Within the Gala Games platform, as well as non-gaming exchanges, GALA tokens are used to generate and exchange NFTs. These NFTs could be virtual goods, digital art or collectibles.
Reward System: Users are rewarded with GALA tokens for reaching certain milestones within games. It makes players want to play more often and also helps them contribute towards developing the site’s economic side.
GALA is the native token of the Gala chain and has a total supply of 50,000,000,000 GALA. At the time of writing this article, there are currently 27,574,303,946 GALA tokens that are in circulation. The current market cap of GALA Token is $701,598,713 and its all-time high price was $0.82483700.
There is a total supply of approximately 50 billion GALA. Each day, a pre-specified amount of new GALA tokens is distributed – half to Founder’s Nodes and half to the Gala Games Conservatorship, which acts as the treasury for the Gala Games.
Gala Games burned nearly 21 billion of its GALA tokens. They did this to reduce concerns about a possible future token sell-off, which could lead to a price drop.
GALA coin has many challenges ahead of its journey, in early 2023, the token’s value dropped 72% from its peak value and is still struggling to maintain its value. Then there is also the issue of the legal dispute going on between GALA’s top executives making its future more uncertain.
In the world of crypto, its value is maintained through its reputation and exchange. GALA took a big hit on its reputation in 2023 as CoinBase (one of the leading centralized exchanges) decided not to support Gala V2 token upgrades on its platform.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
You can buy GALA tokens by using our Wigwam DeFi app or buy them on various cryptocurrency exchanges that support this token. Some of the popular exchanges include Binance, Kraken, and Uniswap.
The steps specifics might vary based on the wallet you are using
but the general steps will be as follows:
Open your crypto wallet, Navigate to “Manage Assets”, and then click on “Add Token” and then enter the GALA token details as follows
- Token Contract Address for GALA: 0x15d4c048f83bd7e37d49ea4c83a07267ec4203da
- Token Symbol: GALA
- Decimal Precision: With 6 Decimals
After entering the token details, click “Save” the details and add the token to your wallet.
GALA is one of the cryptocurrencies in existence and all cryptos come with market volatility risk because their value can change significantly and constantly. Regarding GALA, its value dropped by 72% from its peak in early 2023, and there is also a legal dispute between top executives of this project making GALA’s future even bleaker. Hence, you need to make it your business to find out more about GALA before you buy it.
Yes, you can stake GALA tokens. This means that staking allows you to lock your GALA tokens within the smart contract for some time so as to earn rewards while waiting for that period to end.