Gala Games recently announced a partnership with Hong Kong-based game software and Venture Capital company, Animoca Brands, to enhance the token experience for users. This collaboration aims to develop the altcoin and improve the overall user experience on the Web3 and blockchain gaming platform.
The partnership involves Animoca Brands receiving GALA tokens from Gala Games’ treasury to provide liquidity provisioning services to the Web3 gaming platform. The goal is to facilitate orderly trading of the token and improve its functionality for users. Additionally, Animoca Brands operates nine Gala Founder’s Nodes and plans to serve as a GalaChain Validator, further strengthening the collaboration between the two companies.
The news of the partnership was well-received by many users and crypto investors, with some considering it bullish for the token. The announcement also sparked interest in the gaming and NFT community, with many expressing excitement about the collaboration between the two companies.
However, despite the positive reaction to the news, GALA’s price experienced a 6.7% decline following the announcement. The token fell from the $0.0275 range to $0.0255, representing a 7.2% drop. GALA’s price has been on a downtrend since its March high of $0.081, with the recent exploit in May resulting in a significant price decline.
Following a security breach that led to the unauthorized sale of 600 million GALA tokens worth $21 million, the token’s price fell from $0.046 to $0.037. Since then, GALA has continued to experience a downtrend, registering a 43.5% decrease in the past month. However, some market watchers suggest that the token may bounce off the lower trendline and break out of the $0.035 resistance zone in the future.
Overall, the partnership between Gala Games and Animoca Brands aims to enhance the user experience and functionality of the GALA token on the Web3 and blockchain gaming platform. While the token has experienced a price decline following the news, the long-term impact of the collaboration remains to be seen in the crypto market. Investors are advised to conduct their own research before making any investment decisions and to be aware of the risks associated with cryptocurrency investments.