With the advent of Web 3.0, there is currently a lot of interest in moving the internet to blockchain. Web 3.0 not only promises to speed up our Internet speeds; nor does it simply give us more storage space to use. On the contrary, there is a whole world of possibilities in our daily use of applications that could be opened up by widespread adoption of technology. The metaverse, largely derived from the Web 3.0 phenomenon, is an example of this. The Metaverse is considered a bridge between social media and Web 3.0. Moreover, decentralized streaming on Web 3.0 will allow users and musicians themselves to get the most out of using the platforms. While gala games (GALA USD) is mostly out of the metaverse camp, it is now also blazing trails in the music streaming industry. As a result, the GALA crypto is soaring today.
Gala Games has quickly made a name for itself among metaverse gamers. The project has not just one metaverse experience but several. The games span a number of aesthetics and environments. those like Heritage, city star and Mirandus all include aspects of the metaverse within them. In addition to completing in-game quests and tasks, players can also purchase 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 transaction at the time.
GALA Crypto Booms on Music Streaming Plans
The GALA crypto has seen great success thanks to 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, the developers are not yet resting on their laurels. After taking the metaverse by storm, Gala is now looking to revolutionize music streaming with a new service.
According to a company press release, Gala will launch a network of decentralized nodes for its inbound music streaming app. The network “will improve rewards for artists, creatives and allow fans to share their success.” Indeed, it will better reward artists for hosting their music on the platform. But moreover, it will allow the users themselves to earn passive income by simply listening to their favorite music.
The push comes at an interesting time for the music industry and the streaming business in particular. Above by Spotify (NYSE:PLACE) woes with artists fleeing the platform, the world’s most used music streaming service is also being criticized for underpaid musicians. As well as promising to better reward musicians, Gala hopes to lure Spotify expats through the issuance of exclusive musical 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, HER, Steve Aoki and more. While Gala hasn’t announced a specific launch date, it promises the service “later this year.” While Gala’s next Galaverse event will take place in June, investors might expect to hear more details then.
Until then, the GALA token is seeing big gains following the announcement. The crypto is up 15% this morning, trading at 33 cents apiece. The trading volume also tends to increase by more than 80% as more and more investors turn to the token.
As of the date of publication, Brenden Rearick had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.