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GALA jumps 20%, leads Metaverse index gains
Sam Reynolds - Coindesk
2022-02-15 10:55
GALA, the eponymous token for Gala Games, surged 20% in the last 24 hours, outpacing other Metaverse majors as well as Meta’s stock.
  • The move came after Gala Games said that it plans to deploy $5 billion within the next year to bolster its NFT offerings by buying IP rights and build a theme park.
  • Reports say that Gala will spend $2 billion on gaming, $1 billion on movies, $1 billion on music, and the remaining $1 billion to construct a theme park.
  • Recently, rapper Snoop Dogg also signed a promotional deal with Gala to create loot boxes to promote his new album, B.O.D.R. (Bacc on Death Row). Each loot boxes contained early access to one of the 17 tracks from B.O.D.R. and there will be 1,470 NFTs minted for each song. The NFTs do not confer any sort of IP rights.
  • On Tuesday, Gala also announced another Galaverse festival set for June in Copenhagen. The previous Galaverse event, held in December in Las Vegas, was one of the first major concerts to occur post-Covid.
  • Other metaverse majors such as MANA and SAND also posted gains. Decentraland’s MANA token was up 11% on day, per CoinGecko, while SAND posted gains of 7%. The crypto-heavy Super Bowl ad lineup as cited as a reason for the gains, according to chatter on Discord channels.
  • During the Super Bowl, which brought in higher-than-average TV audiences compared to prior years, Miller Lite ran a metaverse-themed ad and ran a metaverse bar.
  • Meta also showcased a commercial during the game to advertise its Meta Quest 2 headset. However, reactions from the broader public were mixed. Meta Platform’s stock was down 1%, as the company struggles to meet shareholder expectations post-transition.
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