Gala Games, a blockchain game company, announced Monday that it will invest $5 billion over the next year to extend its non-fungible token (NFT) offerings.
A source informed Blockworks on Monday that the Las Vegas-based business will begin investing in music, movies, and theme park NFTs. Gala Games’ President of Blockchain, Jason Brink, later confirmed the figure.
Gaming is likely to receive $2 billion of the $5 billion allocated to Gala Game’s NFT growth. A total of $1 billion will be set aside for the studio’s music goals, as well as $1 billion for film production. The remaining $1 billion will be picked up by Gala theme park NFTs.
NFTs are one-of-a-kind crypto assets that provide proof of ownership and authenticity. OpenSea and LooksRare are two marketplaces where they can be traded. By the end of 2021, the market value of NFT had risen to $41 billion.
When asked about the developments Brink said:
“Those were some of the numbers shared with the Gala Gold community and we certainly look forward to helping that unfold with the community in the future.”
Brink declined to elaborate on the contents or future plans, citing the need to save “certain items for the Gala Gold community” at his studio.
As part of the campaign, Blockwork’s anonymous source claimed that rapper Snoop Dogg may release a “NFT album” on its platform before it is released elsewhere.
Snoop, who is no new to crypto, is said to have started collecting NFTs under the alias Cozomo de’ Medici last year. In February 2021, the musician also tweeted a picture of a Shibu Inu head superimposed on his body from the R&G Rhythm & Gangsta — The Masterpiece album.
“As for Snoop, keep watching and make sure to pick up his album when it comes out, whether it’s as an NFT or otherwise,” said Brink.
Gala Games and crypto investment firm C2 Ventures recently announced the formation of a $100 million blockchain gaming fund focused on game developers and businesses built on the blockchain.
According to CoinGecko, the platform’s token, GALA, has a market value of $2.52 billion and a fully diluted valuation of $16.73 billion, trading at $0.33 per token, down roughly 60% from its all-time high set on Nov. 26, 2021.