Just-In: Gala Games (GALA) To Invest $5B For NFT Expansion Efforts

In a big bid to expand the NFT ecosystem, Blockchain gaming studio Gala Games (GALA) on Monday confirmed that it will invest $5 Billion within the next year. As per reports, the gaming studio will begin investing capital in movies, music, and theme park NFTs. However, Gala Games’ President of Blockchain Jason Brink confirmed the numbers later.

Gala Games to invest $5 Billion

It is expected that out of $5 billion, $2 billion will go into gaming, $1 billion will be allocated for the studio’s music ambitions as well as $1 billion will go for movies. Meanwhile, Gala theme park NFTs will bag the remaining $1 billion.

This big move comes after marketplace value for NFT hit a staggering $41 billion by the end of 2021. Asking about the recent developments, Jason Brink in a statement said that

“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.”

However, he denied commenting further on details and future plans and said that his studio needed to save “some stuff for the Gala Gold community.” As per reports, it is expected that Snoop Dogg may release an “NFT album” on their platforms just shortly before it can be streamed elsewhere.

GALA Price up by 65% in last 7 days

Gala Games has grown immensely since its launch in 2019. It has sold over 26,000 NFTs with the most expensive piece valued at $3 million. As reported by CoinGape Markets, the GALA price has almost doubled in last 3-4 days and has broken some significant resistances.

GALA has gained more than 65% in the last 7 days. Meanwhile, GALA is trading at $0.34 down by 7.5% in the last 24 hours. It managed to break into the top 50 coins with a market cap of  $2,373,869,279.