Major crypto news involves Gala during the recent hours. Specifically, Blockchain Data Tracker (Whale Alert) reported two GALA transactions involving bankrupt cryptocurrency lender Genesis.
The first was 135,000,000 GALA worth $7,432,830 transferred from an unknown wallet to Genesis Trading. Then, a few minutes later, 135,000,000 GALA worth $7,446,465 were moved from the account marked as Genesis Trading to an unknown wallet.
Latest crypto news regarding Gala and Genesis.
Gala is a Blockchain-based game project in which resources can be purchased in the form of NFTs. At the heart of crypto Gala is an eponymous company, launched in 2019 by Eric Schiermeyer (the co-founder of Zynga and gaming legend), which aims to make the games industry more user-friendly.
The news of the two Gala transactions involving Genesis has been reported on Whale Alert’s official Twitter account:
🚨 135,000,000 #GALA (7,446,465 USD) transferred from Genesis Trading to unknown wallethttps://t.co/Wj5whyKk50
— Whale Alert (@whale_alert) February 8, 2023
At present, the reason for the transfer remains unknown. However, it can be speculated that it could be an OTC transaction or a reshuffling of funds. Also, at the time of writing, GALA was up 2.4% at $0.054.
Gala was a top gainer in January following a series of ecosystem news. As for Genesis trading, more news is on the way.
The latest updates from Digital Currency Group (DCG) involve selling the cryptocurrency trading and lending divisions of its subsidiary Genesis, which is restructuring out of bankruptcy, as indicated by a legal representative of Genesis when the company announced an agreement with creditors.
Last month, Genesis Trading filed for bankruptcy protection after suffering debilitating losses from the failures of FTX and hedge fund Three Arrows Capital.
Circle, which operates the stablecoin USD Coin, and Gemini, funded by the Winklevoss twins, are two of Genesis’ largest clients.
Focus on the price of crypto Gala (GALA)
Despite observed declines in the cryptocurrency market, GALA , the native token of blockchain gaming platform Gala Games, remains up 163% in January, according to CoinGecko data.
Indeed, as of early 2023, gaming and metaverse tokens have outperformed the broader cryptocurrency market in terms of gains. GALA attracted attention after its massive rise, which culminated in a high of $0.056 on 23 January.
Aside from the positive sentiment garnered from gaming tokens and the metaverse, the Gala team, which predicts that 2023 will be an extraordinary year for games, has also put some steps in place. On 12 January, Gala Games announced a platform-wide burn.
In a screenshot posted on his official Twitter, Jason Brink, president of blockchain at Gala Games, revealed that throughout the first quarter of 2023, when a “purchase” is made on the GALA platform, the GALA used will be burned, including used to purchase digital assets.
There will be an automatic burn in such a scenario. When the GALA tokens in question have been burned, the same amount will be added to the issue pool to be reissued via Founders Nodes in the normal distribution.
In addition, the current price of Gala is €0.04435654. The price has varied by -€0.00032618 in the last 24 hours on a trading volume of €291,953.079. Gala’s price is 108th, based on a market capitalization of €336,059,549.
Gala has a circulating quantity of 50,000,000,000 GALA. The highest price recorded by Gala is €0.74. The lowest price recorded GALA is €0.00.
Gala and David Bianchi: the “RZR” series
Although Gala remains dedicated to Web3 games and entertainment, according to recent news, Gala Films is working with actor and director David Bianchi on its upcoming “RZR” series.
The “RZR” film, which began filming in late January, will be produced and distributed by Gala Films. The premiere date is set for later this year. In November, Gala Films announced its collaboration with the “Four Down” production team on a financing and distribution deal for a feature-length documentary film directed by Emmy Award-winning director Steven Cantor.
Specifically, this is one of the first live-action series released exclusively on the blockchain through Gala Film, the latest extension of entertainment company Gala.
The eight-episode blockchain drama is a gritty sci-fi thriller that explores the chaos of a not-so-distant dystopian Los Angeles. A world steeped in neural implants, hacker culture and black market crime.
Gala’s RZR NFT presale is now minting with limited edition NFTs for early supporters, with 30% of the supply already sold. NFT owners will receive exclusive rewards, access and powerful movie experiences through four rarity levels, including Blades (0.076 ETH), The Genesis (0.249 ETH), Concept Vision Boards (1.153 ETH) and The Warehouse (5.768 ETH).
Experiences related to the RZR NFTs include everything from access to weekly virtual streams and behind-the-scenes footage during filming, an invitation to an RZR dinner table with the cast and crew, to the opportunity to join the production team early on and the chance to have a speaking role in the series.
The collectibles related to RZR NFTs include lifetime access to watch RZR on Gala Film, collectible behind-the-scenes NFT images, a physical RZR script used by the producers, RZR merchandise, and more.