The Play-for-Profit (P2E) cryptocurrency ecosystem segment has been one of the most resilient to volatility and price declines in the last two months as players take advantage of the opportunity to generate revenue by playing video games with tokens.
One project whose symbolic value skyrocketed in the first week of February was the Gala (GALA), a protocol focused on using blockchain technology to give players control over the games they play and the items they buy in the game.
Data from Cointelegraph Markets Pro and TradingView show that the price of GALA is up 117% after reaching a minimum of $ 0.177 on February 2 and reaching a daily high of $ 0.384 on February 7.
GALA / USDT 4 hour chart. Source: Trading View
Three reasons for the rapid rise in GALA’s price are the upcoming launch of several new popular 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 reach new heights.
Launches new games
The $ 30 billion P2E gaming segment is growing rapidly, and protocols that want to keep up and be 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.
Regardless of the gameplay, the new generation of games launched at the Gala has benefited from some of the growing trends in the P2E area, such as the sale of land and arenas, which gives users a way to generate passive income by helping to increase large group members who have invested in the protocol in the long run. for a long time.
Partnership with other protocols
The other factor that helped kickstart GALA 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 enthusiasts of digital art and collectibles.
Gala has also recently established a partnership with Betwixt, a mental health-focused gaming app that was selected to receive $ 1 million in funding from the Gala Games Conservatorship to integrate self-care into the gaming community.
Related: Altcoin review: 3 new P2E game trends to watch out for in 2022
Increasing user base
As a result of the expansion of the Gala ecosystem and the addition of ways to generate revenue through gaming or other methods such as playing in 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 on February 7 was 122,230, and as of November 7, 2021, this number has tripled from 40,380 users.
Meanwhile, VORTECS ™ data from Cointelegraph Markets Pro began to reveal positive prospects for GALA on January 27, ahead of the recent price increase.
Exclusive to Cointelegraph, the VORTECS er score is an algorithmic comparison of historical and current market conditions based on a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.