Thread by @CryptoGamavers

1/n Is @GoGalaGames $Gala a scam?

Let's take deep dive into gala games project & its tokenomics.

-Overview
-Partners & Investors
-Tokenomics
-Token Burn
-Shady stuffs
-My Opinion

2/ Gala Games is an ecosystem consisting of multiple blockchain games that aims to bring blockchain gaming to the mainstream.

Also in late 2022, Gala Games launched its own layer-1 blockchain "GYRI".

#BlockchainGaming

3/ It's a US based project founded in 2019 by Eric Schiermeyer, Co-founder of Zynga.

As of early 2023 Including the teams at Gala Music and Gala Film, there are approximately 400 people working in gala.

(Source: @CoinMarketCap)

4/ Gala Games is funded by Klover Capital , Puget Sound Venture Club & Krenex Capital

Gala Games has raised a total of $200M across 2 funds, their latest being Blockchain Gaming Fund. This fund was announced on Dec 13, 2021 and raised a total of $100M.

5/ On June 6 2022 Gala Games confirmed a partnership with @EpicGames to launch its first blockchain game on Epic Game Store.

Also @GoGalaGames announced partnership with Mark Wahlberg and @TheRock which was quickly deleted.

https://twitter.com/GoGalaGames/status/1533783142364073986?t=46JSKyLN_6zpww7ZuTfVQg&s=19

6/ $Gala Token

According to @coingecko $Gala
token was launched on Sep 16
2020 at price of $0.0015.

ATL - $0.0013

ATH - $0.82
CURRENT - $0.040
84% down to its ATH
300X up to its ATL

#blockchaingaming

7/ The total supply of GALA is approximately 50 Billion.

Each year, on the 21st of July, the distribution of $GALA will be halved.

For example, beginning on July 21st of 2023, the daily distribution of GALA will be 4,280,821 instead of 8,561,643

#Gala #Tokenomics #Galanodes

8/ In between:

July 21st 2021 to July 20th 2022 17,123,286 $GALA distributed daily

July 21st 2022-July 20th 2023: 8,561,643 $GALA will be distributed daily

Half of this GALA is distributed to Founder’s Node Operators, and half is distributed to the Gala Games Conservatorship

9/ Last month Gala announced that it plans to burn all $GALA tokens used for purchases on the Gala platform through the introduction of a Pay-by-Burn system.

It means 500M $GALA token supply will be burn every quarter which equates to $2b worth of their tokens in 2023 only.

10/ Is this make $Gala deflationary?

No. Because the supply of newly minted tokens is 20X greater than the supply of burn tokens, token burn has very little effect on price.

#Gala #Blockchaingames #Metaverse

11/ On Jan 10 2023 Gala Games announced they acquired Ember Entertainment a mobile gaming studio with over 20 Million users at undisclosed price.

https://twitter.com/GoGalaGames/status/1612610162304376832?t=4YutIQTdwkvjH9urpYgxyw&s=19

#Galaacquisition

12/ Ember Ent. is an independent mobile game developer based on Seattle, WA. They have multiple games, including their most popular, Empire Z, on iOS, Android, and the Mac App Store.

It raised a total of $1.3M in funding over 1 round in Jan 9, 2013.

Jan 2023 Revenue: $100K

13/ @GoGalaGames Shady things

Ember Entertainment's annual revenue is around $8 million, with 6.5 million active users, but Gala claimed it had over $100 million in revenue and over 20 million users.

After this announcement, the price of Gala increased by +250% in a week.

14/ Gala Games announced a partnership with @TheRock and Mark Wahlberg in a tweet.

Following this tweet, the price of the $Gala token increased by over 70% before plummeting shortly after Gala Games deleted the tweet without any explanation.

15/ In reference to the recent $Gala hack, several users have blamed the Gala Games team, although neither a refund nor a compensation fund have been established for the hack victims.

#GalaHack

16/ In my opinion, @GoGalaGames is the industry leader in Blockchain gaming. They are still expanding and forming new partnerships. However, I don't like some of their practices, such as price manipulation and over hyped marketing.

17/ I don't like their tokenomics as well, but I believe blockchain gaming is the future, and @GoGalaGames is a safe bet in terms of long-term investment in the current crypto market.

If you found this thread helpful, give me a follow.

Also, like and retweet 1st tweet below if you can.

https://twitter.com/CryptoGamavers/status/1629891392242868224?t=VOgmxajmmLZz9fwW9VXw_A&s=19