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Gala Games

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technology1 month ago•24 min saved

Legacy’s Play-to-Earn Dream Ends in a Wallet-Wide Bust

Ars Technica details Legacy, Peter Molyneux’s crypto-backed game, which raised about $54M in NFT sales but collapsed within weeks of launch due to a broken economy and an 85% payout rake on in-game Gems, making earnings effectively impossible and leaving most players with massive losses. Some investors profited only through land flips, while the failed project helped fund 22cans’ Masters of Albion, illustrating the hype and risk of play-to-earn and web3 gaming.

via Ars Technica|

#gala-games #legacy #molyneux

gaming2 years ago•2 min saved

Peter Molyneux's NFT-focused blockchain game Legacy set for October release

Peter Molyneux's blockchain game, Legacy, is set to release next month, coinciding with the decline of NFTs' value. Legacy, developed by 22cans, gained attention in 2021 when it sold "Land NFTs" for over £40 million. The game, built on Ethereum-based LegacyCoin, will be available on PC and Mac. Gala Games, the game's publisher, promises a creative and innovative experience, with opportunities to buy and sell digital items on the GalaChain blockchain. However, a recent report revealed that 95% of over 73,000 blockchain-based collections are now worthless, highlighting the speculative nature of the NFT market.

via Rock Paper Shotgun|

#blockchain #gala-games #gaming

cryptocurrency2 years ago•2 min saved

Gala Games Co-Founders Clash in $130M Token Heist Lawsuit

Gala Games, a blockchain gaming project, is facing internal turmoil as CEO Eric Schiermeyer and co-founder Wright Thurston engage in a legal dispute. Schiermeyer alleges that Thurston unlawfully acquired and traded $130 million worth of GALA tokens, while Thurston counterclaims that Schiermeyer mismanaged the company's assets. The lawsuits have caused the value of the GALA token to drop by 8%. GALA holders are concerned as the token has struggled for over a year and is down 97.9% from its peak.

via BeInCrypto|

#blockchain-gaming #cryptocurrency #gala-games