Gala Games is seeking to ramp up its presence in the NFT sector and will allocate billions of dollars to further its efforts in the coming year.
Blockchain gaming studio Gala Games confirmed Monday it will allocate $5 billion within the next year to expand its NFT offerings.
The startup will begin pouring capital into music, movies and theme park NFTs (non-fungible tokens), a source told Blockworks on Monday. The figure was later confirmed by Gala Games’ President of Blockchain Jason Brink.
Out of the $5 billion allocated to Gala Games’ NFT expansion, $2 billion is expected to go to gaming. A further $1 billion will be allocated for the studio’s music ambitions, as well as $1 billion for movies. Gala theme park NFTs will pick up the remaining $1 billion.
NFTs are unique crypto assets providing proof of authenticity and ownership. They are tradable on marketplaces including OpenSea and LooksRare. The marketplace value for NFTs hit a staggering $41 billion by the end of 2021.
A anonymous source also said rapper Snoop Dogg may release an “NFT album” on the Gala NFT platform shortly before the album is released elsewhere as part of the effort. We see a big bright future for Gala Games and its NFT blockchain empire.