NFTs are unique 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 NFTs reached a staggering $41 Billion.
Gala Games Confirmed Allocate $5 Billion For NFT Expansion
According to a report on February 8, Blockchain games studio Gala Games confirmed that it will allocate $5 billion over the next year to expand its non-fungible token (NFT) offering.
A source reported on Tuesday that the Las Vegas-based startup will start pouring money into NFTs for music, movies and theme parks. This figure was later confirmed by Gala Games blockchain president Jason Brink.
Of the $5 billion earmarked for Gala Game’s NFT expansion, $2 billion is expected to go to games. Another billion dollars will go to the studio’s musical ambitions and another billion dollars to films. Gala theme park NFT receives the remaining $1 billion.
Brinker stated that these are some of the numbers being shared with the Gala Gold community and they certainly look forward to helping the community grow these numbers in the future when asked about the development.
Brink declined to comment further on details or future plans, saying his studio needs to salvage some things for the Gala Gold community.
Snoop Dogg May Release An NFT Album on the Platform
As part of the effort, the sources also stated that rapper Snoop Dogg may release an “NFT album” on the platform shortly before the album is released elsewhere.
Snoop is reportedly no stranger to cryptocurrencies, having started collecting NFTs under the alias Cozomo de’ Medici last year. The artist also released a tweet in February 2021 overlaying the head of Shibu Inu from the album R&G Rhythm & Gangsta – The Masterpiece.
“As for Snoop, stay tuned and get it when his album comes out, either as an NFT or otherwise,” Brinker said.
Gala Games recently launched a $100 million blockchain gaming fund in partnership with crypto investment firm C2 Ventures, focused on investing in game developers and blockchain-based projects.
The platform’s token, GALA, currently has a market cap of $2.52 billion and a fully diluted valuation of $16.73 billion, according to CoinGecko, and is trading at $0.33 per token, down of about 60% from its all-time high of February 26, 2021.