The gaming to earn (P2E) segment of the cryptocurrency ecosystem has been one of the most resistant to volatility and price drops in the past few months as gamers seize the opportunity to earn money by playing token video games.
One of the projects that saw a rapid rise in token prices in the first week of February was Gala (GALA), a protocol focused on using blockchain technology to give players control over the games they play and the in-game items they play. earned, earned.
Data from Cointelegraph Markets Pro and TradingView shows that GALA price is up 117% after hitting the $0.177 level on Feb 2 and reaching a daily high of $0.384 on Feb 7.
4-hour GALA/USDT chart. Source: Trading View
Three reasons for the GALA award’s rapid growth are the upcoming launch of several popular new games on the protocol, a number of new partnerships that have helped expand the GALA ecosystem, and the growth of the GALA user base, which continues to break new records. maximum.
Launching new games
The $30 billion P2E gaming segment is growing rapidly, and protocols that want to keep up and stay relevant need to launch new games and maintain an active user base.
In light of this, GALA has added support for new projects in the ecosystem, such as the upcoming launch of Spidertanks and Legends Reborn.
In addition to gaming, the new generation of games featured at the party benefited from some of the growing P2E trends, such as the sale of land and venues, which give users the opportunity to earn passive income and help increase the pool of community members invested in a long-term protocol.
Partnerships with other protocols
Another factor contributing to GALA’s momentum is the addition of new partnerships that help expand the ecosystem.
This includes a recently announced collaboration with the 888innercircle Twitter community of over 205,000 members who are both digital art and collectibles enthusiasts.
Gala also recently partnered with Betwixt, a gaming app focused on mental health that was selected to receive $1 million in funding from the Gala Games Conservation Fund to help integrate self-care into the gaming community.
Related: Altcoin Review: 3 New P2E Games Trends to Watch in 2022
Increase user base
As a result of expanding the Gala ecosystem and adding ways to earn money through games or other methods such as launching the Gala node, the community has seen a steady increase in the number of users over time, especially since the beginning of December 2021.
Total GALA users over time. Source: Dune Analytics.
According to Dune Analytics, the total number of GALA users as of February 7 is 122,230, which has tripled since November 7, 2021 from 40,380 users.
Meanwhile, VORTECS™ data from Cointelegraph Markets Pro began revealing a positive outlook for GALA on January 27, before the recent price rally.
The VORTECS Male Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.