The play-to-earn (P2E) gaming sector of the cryptocurrency ecosystem has been one of the sectors most resilient to the volatility and price declines in the past couple of months as gamers are jumping on the ability to earn income while playing tokenized videogames.
One project that has seen its token price climb rapidly in the first week of February is Gala (GALA), a protocol focused on utilizing blockchain technology to give players control of the games they play and the in-game items they acquire.
Data from Cointelegraph Markets Pro and TradingView shows that the price of GALA climbed 117% after hitting a low of $0.177 on Feb. 2 to hit a daily high of $0.384 on Feb. 7.
GALA/USDT 4-hour chart. Source: TradingView
Three reasons for the rapid recovery in GALA price are the upcoming launch of several new popular games on the protocol, a series of new partnerships that have helped expand the GALA ecosystem and the growth of the GALA userbase, which continues to hit new record highs.
Launch of new games
The $30 billion P2E gaming sector is growing rapidly, and protocols that wish to keep pace and remain relevant need to launch new games and maintain an active user base.
It is in this light that GALA has been adding support for new projects in the ecosystem such as the upcoming launch of Spidertanks and Legends Reborn.
Happy Lunar New Year!
Check out this new tank that the GAMEDIA team is working on… coming soon! #YearOfTheTiger #GalaGames #SpiderTanks #playtoearn #blockchaingames pic.twitter.com/2kqy1cn1TZ
— Gala Games (@GoGalaGames) January 31, 2022
Aside from the gameplay, the newer generation of games launching on Gala has tapped into some of the growing trends in the P2E space like land and venue sales that provide users with a way to earn passive income, helping to grow a larger pool of community members who are invested in the protocol long term.
Partnerships with other protocols
A second factor helping to bolster the momentum for GALA has been the addition of new partnerships that are helping to expand the reach of its ecosystem.
This includes a recently announced collaboration with the 888innercircle…