Gala Games Airdrops New Version of Token in May | coindesk JAPAN | Coindesk Japan

Metaverse-focused gaming platform Gala Games announced on its blog that a new version of its native token will airdrop to users on May 15.

Tokens of version 2 (v2) will be dropped one-for-one to holders of the current GALA, which is version 1 (v1). The developer said in a blog post that the v1 token is not expected to retain value after the v2 token issuance.

The v2 token is part of a broader upgrade to Gara’s smart contract on Ethereum, the developer said. This upgrade is designed to increase security and may also increase the value of tokens in the future by introducing an incineration mechanism.

Burning refers to the permanent removal of a token from circulation by sending it to an address that no one controls. This is seen as giving the token a bullish impetus as it could lead to price increases as demand increases and supply decreases.

GalaGames is one of the largest gaming-focused cryptocurrency projects, with a market capitalization of $360 million. Users will be able to play different types of games built on the platform, and the native token GALA will be used as the primary medium of exchange between users within the ecosystem.

In-game items are represented as NFTs on the Ethereum blockchain, and users can trade them on marketplaces such as OpenSea.

CoinGecko data shows GALA has risen by 10% since the announcement.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Simulation game “Town Star” developed by Gala Games (Shutterstock)
｜Original: Gala Games to Airdrop Version 2 Tokens in May