The race to reach the top of the NFT sphere heats up as Gala Games would invest $5 billion to expand their NFT efforts. The $5 billion will be split between various segments of entertainment and cater to all needs of its users.
The funding will be split between games, music, movies, and also on theme park NFTs. In gaming, the funding will be spent mostly on the Metaverse play-2-earn segment as there’s rising demand for the technology.
Out of the $5 billion, a major portion of $2 billion is expected to go into the gaming segment. Around $1 billion will be allocated to music, and another $1 billion would go to movies. Also, Gala theme park NFTs will receive the remaining funding of around $1 billion, reported Blockworks.
GALA has positioned itself as a leading player in the Metaverse gaming sector and competes with Sandbox, Axie Infinity among others.
The play-2-earn space is highly competitive as many new players with plush funding are entering the market. Even smaller players in comparison such as Galaxy Heroes X among others are equally competitive and command a large fanfare.
Galaxy Heroes X attracts users with phenomenal prize money of $1 million. Users can claim the prize by defeating the top boss.
Gala Games and Others Have A Promising Future
Gala Games had recently raised funds for its ambitious gaming projects and received $100 million backed by venture capitalists. VC’s such as Peter Molyneux and Will Wright invested in the project and the games will be built on blockchain tech.
“The joint fund will invest in game developers and emerging projects building with blockchain technology. Including but not limited to play-to-earn, GameFi, metaverses, and other decentralized gaming solutions,” read Gala Games press release in December 2021.
The Metaverse and NFTs are here to stay and will generate billions in revenues each year. Rapper Snoop Dogg purchased an NFT house in the Metaverse and also opened sales to 122 plots on the Metaverse.
As soon as the auction was open on OpenSea, buyers were bidding just to be Snoops Dog’s neighbors on Metaverse. One investor spent $450,000 and won the bid to purchase land next to Snoop Dog’s NFT house.
At present, Nike, Adidas, Microsoft, and other multinational companies are racing to build their own Metaverse platforms.