Gala Games to Plow $5B Into NFT Expansion Efforts
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.
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