Gala Games is looking to expand its presence in the NFT sector and will invest billions of dollars to do so in the coming year.
Gala Games, a blockchain gaming studio, announced Monday that it will invest $5 billion over the next year to expand its non-fungible token (NFT) offerings.
A source told Blockworks on Monday that the Las Vegas-based startup will begin investing in music, movie, and theme park NFTs. Gala Games’ President of Blockchain, Jason Brink, later confirmed the figure.
$2 billion of the $5 billion allocated to Gala Game’s NFT expansion is expected to go to gaming. A further $1 billion will be set aside for the studio’s music ambitions, as well as $1 billion for film production. The remaining $1 billion will be picked up by Gala theme park NFTs.
NFTs are one-of-a-kind crypto assets that provide proof of authenticity and ownership. They can be traded on marketplaces such as OpenSea and LooksRare. By the end of 2021, the market value of NFT had risen to a whopping $41 billion.
When questioned about the developments, Brink stated:
“Those are some of the numbers that have been shared with the Gala Gold community, and we certainly look forward to assisting the community in the future.”
Brink declined to comment on the specifics or future plans, stating that his studio needed to save “some stuff for the Gala Gold community.”
Blockwork’s anonymous source also stated that rapper Snoop Dogg may release a “NFT album” on its platform shortly before the album is released elsewhere as part of the effort.
Snoop, who is no stranger to cryptocurrency, reportedly began collecting NFTs under the alias Cozomo de’ Medici last year. In February 2021, the artist posted a tweet with the head of a Shibu Inu superimposed on his body from the R&G Rhythm & Gangsta — The Masterpiece album.
“As for Snoop, keep an eye on him and make sure to get his album when it comes out, whether as an NFT or otherwise,” Brink said.
Gala Games and crypto investment firm C2 Ventures recently launched a $100 million blockchain gaming fund focused on investing in game developers and projects built on the blockchain.
According to CoinGecko, the platform’s token, GALA, currently has a market capitalization of $2.52 billion and a fully diluted valuation of $16.73 billion, trading at a price of $0.33 per token, down about 60% from its all-time high set on Nov. 26, 2021.