The recently announced Gala Games’ plans to expand into the music arena expanding into the music space is generating plenty of hype. As Brendon Rearick from InvestorPlace writes this announcement comes at a very interesting time because music artists leaving streaming giant Spotify while the platform is coming under fire for underpaying musicians. The announcement might also be excellent news for the average music consumer as Gala will let users earn passive income for just listening to their favorite music. Read on for all the details.
With the advent of Web 3.0, there’s plenty of interest right now in transferring the internet to the blockchain. Web 3.0 doesn’t just promise to make our internet speeds faster; nor does it simply give us more storage space to use. Rather, there’s a whole world of possibility in our day-to-day app use that could be opened up by widespread adoption of the tech. The metaverse — largely sprouting out of the Web 3.0 phenomenon — is one such example. The metaverse is seen as a bridge between social media and Web 3.0. Moreover, decentralized streaming on Web 3.0 will allow users and musicians themselves to get a better deal out of using the platforms. While Gala Games (GALA-USD) is out of the metaverse camp primarily, it is now also blazing trails in the music streaming industry. As a result, the GALA crypto is skyrocketing today.
Gala Games has been quickly making a name for itself among metaverse players. The project has not just one metaverse experience but several. Games span a number of aesthetics and environments. Those like Legacy, Town Star and Mirandus all include aspects of the metaverse in them. In addition to completing quests and tasks integral to the game, players can also buy digital real estate and other non-fungible tokens (NFTs), which add to their experience. Recently, Mirandus saw a virtual real estate sale worth $1.6 million, a record-breaking transaction at the time.
GALA Crypto Booms on Music-Streaming Plans
The GALA crypto has seen great success through the project’s push into the metaverse. The token is the fiftieth-largest in the world, with a market capitalization of $2.3 billion. However, developers are not resting on their laurels just yet. After taking the metaverse by storm, Gala is now looking to revolutionize music streaming with a new service.
According to a press release by the company, Gala will launch a decentralized node network for its incoming music-streaming dapp. The network will “improve rewards for artists, creatives, and allow fans to share in their success.” Indeed, it will better reward artists for hosting their music on the platform. But moreover, it will let users themselves earn passive income by simply listening to their favorite music.
The push comes at an interesting time for the music industry and the streaming sector in particular. On top of Spotify’s (NYSE:SPOT) woes with artists fleeing the platform, the most widely used music streaming service in the world is also coming under fire for underpaying musicians. Atop promising to better reward musicians, Gala hopes to draw Spotify ex-pats through the issuing of exclusive music NFTs.
The announcement of the service comes with a slew of musical partners. These partners include some big industry players like Snoop Dogg, Kings of Leon, H.E.R., Steve Aoki and more. While Gala hasn’t announced a specific launch date, it promises the service “later this year.” As Gala’s next Galaverse eventtakes place in June, investors might hope to hear more details then.
Until then, the GALA token is seeing big gains from the announcement. The crypto is up 15% this morning, trading at 33 cents apiece. Trading volume is also trending upward by over 80% as more investors come to the token.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
