Key Points:
Gala Games will launch the Pay by Burn program in the first quarter of 2023.
Users can still make purchases via ETH or credit cards, but all GALA used to purchase digital assets will be forfeited.
In his recent announcement on his personal Twitter account, he launched a plan to attempt to raise prices for GALA. Gala Games will launch the “Pay-by-Burn” program in Q1 of 2023.
When a “buy” is made on the Gala platform during the program, the GALA tokens used will be burned. Gala Games states that users can still purchase via ETH or credit card, but 100% of GALA used to buy digital assets will be forfeited.
A quick update on pay-by-burn of all $GALA on the platform from our President of Blockchain, @BitBenderBrink! Winter is for building, and we have been busy! pic.twitter.com/UDbsznAt68
— Gala Games (@GoGalaGames) January 12, 2023
The change will take a few more days to implement fully, and any purchases made within the Gala platform will automatically be canceled by the end of next week.
After the GALA token is destroyed, the same amount of tokens will be added to the issuance pool to be redistributed through the Founders Node in the normal distribution. This is an attempt to bring transparency and utility to the ecosystem.
As updated in the previous article, the above plan was once “hidden” by the project, so yesterday, the GALA token suddenly stirred up the market with a “crazy” increase to more than 300% from a low after a long time bottoming from a low of 0.014 – 0.015 USD to 0.05 USD in just a few days.
24h GALA price chart. Source: Coincu.com
This quickly made investors attractive again, with the expectation of a better future coming to the project after GALA somewhat disappointed the community because it was “attacked” by pNetwork. The $5 billion NFT ecosystem development fund announced in early 2022 has so far lost contact.
Besides, this skyrocketing momentum also comes from “rumors” that the project is developing two movies with famous Hollywood actors, Dwayne Johnson and Mark Wahlberg.
However, this notice was removed after a few hours without any explanation. Some users have even reported being blocked from Discord for asking about the issue. Because of the above false information, the price of the GALA immediately reacted violently.
GALA token has bounced back partly on the back of Bitcoin’s rally and is trading around $0.04, but still down 1.21% in 24h.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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