The host of crypto channel Coin Bureau says that he’s identified one Ethereum-based gaming altcoin he believes could dominate the sector.
In a new video, pseudonymous analyst Guy tells his 1.76 million subscribers that Gala Games (GALA) stands out as one of the few metaverse tokens that will survive for the long run.
“Of all the play-to-earn projects out there, Gala Games stands out as one of the few ecosystems that could stand the test of time.”
Gala Games is a blockchain-based play-to-earn gaming platform built on Ethereum that lets participants actively take part in a game’s development by letting them buy and sell their own in-game items as non-fungible tokens (NFTs).
According to Guy, the crypto has a lot of room to grow compared to its competitors and if its market cap were to double, it would match that of Axie Infinity (AXS), the current leading token of the crypto market’s metaverse sector.
“Assuming GALA’s current market cap is correct, it still has a lot of room to grow compared with other cryptocurrencies in this niche. Now the leader in this niche is of course Axie Infinity and if GALA catches up to AXS, that would be a 2x, assuming AXS’s market cap stays the same.”
However, the host says that one drawback of the protocol is its continuous heavy supply of tokens, which could heighten inflationary sell pressure.
“Unfortunately for GALA, there seems to be leaning on the supply side of the economic equation. Millions of GALA are being minted every week to reward founders’ notes, and I reckon it’s reasonable to assume that most of them are selling.”
Guy says that if the project can improve on some of its weaknesses, he could see Gala becoming a top competitor in the crypto gaming sector.
“The one thing that sticks out to me most about Gala Games is its ecosystem approach and the unparalleled experience of its founders.
If it can adequately address its setbacks while leveraging its greatest strengths, Gala Games could easily become one of the top crypto projects in the blockchain gaming niche.”
GALA is exchanging hands at $0.45 as of writing, a 24% decrease from its seven-day high of $0.59.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KeremGogus/Andy Chipus
The post Coin Bureau Says Altcoin Built on Ethereum Could Become One of the Biggest Play-To-Earn Crypto Assets appeared first on The Daily Hodl.