Why Coinbase’s Decision Not to Support Gala V2 Token Upgrade is a Big Deal for Crypto Investors

Why Coinbase’s Decision Not to Support Gala V2 Token Upgrade is a Big Deal for Crypto Investors

Play-To-Earn Games News, P2E Games News | 08 May 2024 09:24 UTC

Do you own Gala coins on Coinbase as a cryptocurrency investor? If so, you might want to pay close attention to the latest information about Gala Games' planned token upgrade. On May 15, the blockchain gaming startup will send current holders an updated version of its native token, Gala V2, through an airdrop. But there's a catch: the biggest cryptocurrency exchange, Coinbase, has said it won't accept the upgrade and will stop trading the current token (Gala V1) on May 12.

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What does this mean for the people who own Gala? Why is Coinbase being so careful about the coin upgrade? In this blog post, we'll get into the details and talk about what they mean for the crypto business as a whole.

Understanding Gala’s Token Upgrade and Coinbase’s Response:

First, let's look at what upgrading Gala's tokens means. The company says that the new token's smart contract will have better burn processes, better security, and the ability to be upgraded in the future. This is an important and necessary step for the cryptocurrency because it will help improve its usefulness and make sure it stays competitive in the ever-changing world of blockchain gaming.

But Coinbase's choice not to support the upgrade has stirred up debate in the cryptocurrency community. The exchange says that Gala holders won't be able to get the new airdropped token (V2), and it also won't be able to help with any token swaps after the shift. Because of this, many owners are upset and don't know what will happen to the Gala they own.

So why is Coinbase being so careful about the coin upgrade? The exchange hasn't given a clear reason, but Gala Games' President of Blockchain, Jason Brink, thinks it could be because the way the tokens were given out was more like a "airdrop" than a replacement. No matter what the reason is, it's clear that Coinbase's decision has big effects on the crypto business as a whole.

The Implications of Coinbase’s Decision for Gala Holders:

For people who own Gala, Coinbase's move could have serious consequences. If you already have Gala tokens on Coinbase, you'll need to move them to a wallet by May 15 in order to get the new Gala token. If you don't do this, you won't get the perks of the token upgrade, and after May 15, your Gala V1 tokens won't work or be supported anymore. This could be a big problem if you kept your Gala coins in a liquidity pool or a smart contract. In this case, you'll need to withdraw your coins to make sure you get the new token. Holders have been told by Gala Games to do this as soon as possible to avoid any problems.

The move by Coinbase will also have a bigger effect, which is also a worry. Since the U.S. Securities and Exchange Commission (SEC) is paying more attention to regulation, many platforms are being careful about issuing tokens. This could make it harder for new businesses like Gala Games to raise money and grow. It could also keep investors from getting involved in the crypto business, which would be a huge setback for the whole ecosystem.

The Wider Impact of Regulatory Challenges on Cryptocurrency Exchanges:

The fact that Coinbase is careful about issuing tokens is just one example of the legal problems that cryptocurrency exchanges face. In the past few years, the SEC has been tough on crypto companies, focusing on initial coin offers (ICOs) and token sales. Because of this, trades are being looked at more closely. The Gala token upgrade is just one of the legal problems that cryptocurrency exchanges like Coinbase have to deal with. Regulatory problems with cryptocurrency exchanges can have a wide range of effects that can be big and affect the whole business.

Regulatory problems can be as simple as having to follow the rules or as complicated as having to deal with licensing and regulatory systems. Regulatory bodies like the U.S. Securities and Exchange Commission (SEC) are paying more attention to cryptocurrency platforms because they are worried about investor safety, money laundering, and other illegal activities. Many cryptocurrency exchanges have taken steps to improve their compliance processes and build ties with regulatory bodies in response to these problems. This includes putting in place Know Your Customer (KYC) and Anti-Money Laundering (AML) policies and applying for licenses and approvals from the government.

But problems with rules and regulations can also be bad for the business. For example, stricter regulations can make companies less likely to come up with new ideas because they have to focus on meeting the rules instead of coming up with new ideas. This can slow down progress and make it harder for new companies to get into the market. Regulatory problems can also cause investors to lose faith because they may think that the regulatory environment is unclear and hard to predict. This can make people less likely to buy and less likely to trade, which can hurt the cryptocurrency market as a whole.

The Future of Crypto World:

To sum up, it's clear that Gala Games' coin upgrade has caused a bit of a stir in the crypto world. But the bigger picture is that the problems with regulations that bitcoin exchanges like Coinbase face have a big effect on a lot of people. Lack of clarity and rules that don't make sense can cause misunderstanding, uncertainty, and stop growth and new ideas from happening. Still, even with all of these problems, the business keeps growing and changing. As it gets older, we can hope for clearer rules and more standards, which will spur more innovation and growth. Until then, companies will have to carefully get around these problems while pushing the limits of what crypto and blockchain technology can do. The crypto business has a bright future, and we can't wait to see what comes next!

FAQ: Gala Games' Token Upgrade and Coinbase's Response

Q1: What is Gala Games, and what is its primary focus?

A1: Gala Games is a blockchain gaming company that is known for its focus on developing and publishing blockchain-based games. Some of the noteworthy titles within their portfolio include "Mirandus," a highly-anticipated open-world fantasy RPG, "Fortified," a tower defense game set in a medieval fantasy world, and "TownStar," a city-building strategy game where players can own and trade their virtual real estate. Gala Games is dedicated to transforming the gaming industry by utilizing blockchain technology to grant players true ownership of in-game assets and by offering a player-centric gaming experience.

Q2: Can you explain what Gala is and why it is significant in the Gala Games ecosystem?

A2: Gala is the native cryptocurrency of Gala Games, and it plays a central role within the Gala Games ecosystem. Gala tokens are designed to be the primary medium of exchange for in-game assets, characters, and items across the various games offered by Gala Games. They enable players to engage in activities such as buying, selling, trading, and participating in various in-game events and challenges. The significance of Gala tokens lies in their ability to provide players with true ownership of their in-game assets through blockchain technology, creating a more player-centric and immersive gaming experience.

Q3: What does the Gala token upgrade involve?

A3: The Gala token upgrade refers to the transition from Gala V1 to Gala V2. This upgrade encompasses several improvements to the token's smart contract, including enhanced security measures, improved efficiency, and the incorporation of features that allow for future upgrades. The overarching goal is to ensure that Gala remains competitive and adaptable in the ever-evolving landscape of blockchain gaming.

Q4: Why has Coinbase decided not to support the Gala token upgrade, and what are the consequences of this decision?

A4: Coinbase, a prominent cryptocurrency exchange, has chosen not to support the Gala token upgrade to Gala V2. While Coinbase has not provided explicit reasons for this decision, Gala Games' President of Blockchain, Jason Brink, has suggested that Coinbase's reluctance could stem from the perceived nature of the token distribution, which may resemble an airdrop more than a direct replacement. The consequences of this decision are that Gala holders who have their tokens on Coinbase must transfer them to a compatible wallet by May 15 to receive the upgraded Gala V2 tokens. Failure to do so will result in Gala V1 tokens becoming non-functional and unsupported on Coinbase after May 15.

Q5: What steps should Gala holders on Coinbase take to participate in the Gala token upgrade?

A5: Gala holders with tokens on Coinbase should promptly transfer their holdings to a compatible cryptocurrency wallet before May 15, ensuring they receive the upgraded Gala V2 tokens as part of the upgrade process. It is recommended that holders complete this transfer as soon as possible to avoid any potential issues and to secure their participation in the upgrade.

Q6: How does Coinbase's decision to not support the upgrade impact the broader cryptocurrency industry?

A6: Coinbase's cautious stance towards the Gala token upgrade is emblematic of the regulatory challenges faced by cryptocurrency exchanges, particularly in the United States. Regulatory bodies like the U.S. Securities and Exchange Commission (SEC) have intensified their scrutiny of crypto-related activities, prompting exchanges to exercise greater diligence when handling token upgrades and distributions. This regulatory environment can have far-reaching effects on innovation, market growth, and investor confidence within the cryptocurrency industry.

Q7: What are some examples of the regulatory challenges encountered by cryptocurrency exchanges?

A7: Cryptocurrency exchanges often grapple with regulatory challenges that include ensuring compliance with existing regulations, obtaining licenses and approvals from government authorities, and implementing robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. These challenges can be both operational and strategic, impacting an exchange's ability to introduce new services and innovations.

Q8: What does the future hold for the cryptocurrency industry in light of these regulatory challenges?

A8: Despite the regulatory hurdles, the cryptocurrency industry continues to evolve and adapt. Over time, there is optimism that the industry will benefit from clearer regulations and standardized practices, which will facilitate innovation and growth. Until then, companies within the crypto space will navigate these challenges while pushing the boundaries of what blockchain technology and cryptocurrencies can achieve. The industry's future remains promising, with potential for ongoing expansion and maturation.

Coinbase’s Decision Not to Support Gala V2 Token
Coinbase’s Decision Not to Support Gala V2 Token

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Gran Saga: Unlimited - Game Review

Gran Saga: Unlimited - Game Review

The adventurous MMORPG flagship, Gran Saga: Unlimited game is an anime-inspired open-world game which is presented by METAPIXEL and powered by Aptos. Within Gran Saga: Unlimited's expansive virtual realm, players venture into diverse classes and roles, forging collaborations and competitions. This MMORPG transcends the screen by weaving personal experiences into its narrative, resulting in an evolving saga of player-driven intrigue and drama. In contrast to its precursor, Gran Saga, which offered a predetermined tale, GSU infuses reality, granting players a realm that extends beyond mere pixels. The experience is enhanced through cooperation and rivalry, as players band together for mutual success or vie for prestige and rewards. GSU ushers in an unparalleled MMORPG journey, where destinies intertwine and the metanarrative takes form.

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Cats and Dogs - Game Review

Cats and Dogs - Game Review

"Cats and Dogs" is a digital collectible blockchain game that allows players to take care of a virtual pet and earn cryptocurrency in exchange. This game combines the elements of play, movement, and earning into one enjoyable experience. Players can have fun taking care of their pet and earn rewards at the same time. Cats and Dogs Overview: "Cat&Dog," also known as "Cats and Dogs," is a unique Non-Fungible Token (NFT) game that combines the elements of play, movement, and earning in a novel way. In the M2E (Move to Earn) game "Cat and Dog for a Walk," players can improve their pets and earn money by taking them on walks in real life. This game offers an exciting opportunity for players to not only play and earn, but also to move and earn in a fun and interesting way. Players can even have their pets walk or race against other pets. This game offers a truly one-of-a-kind gaming experience. To further enhance the experience, a mobile app similar to "Pokemon Go" is being developed for "Cat&Dog." In the future, the Move to Earn feature will become mandatory, which is beneficial for both the game and investors. This feature creates a more realistic experience, but also presents challenges such as not knowing when your virtual pet wants to go for a walk. These elements add an extra layer of excitement and realism to the game. As players embark on their adventures in "Cat&Dog," they may encounter challenges such as their virtual cat getting stuck on a tree. However, they may also come across food and toys that will please their virtual pet. These elements add an element of realism and surprise to the game, keeping players engaged and entertained.

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Bit Heroes Arena - Game Review

Bit Heroes Arena - Game Review

"Bit Heroes Arena" is a PvP 8-bit battle royale game that uses blockchain technology and Non-Fungible Tokens (NFTs). In this game, players compete in a last-man-standing format and have the opportunity to experience a unique blend of gameplay and ownership elements. This game offers a truly one-of-a-kind gaming experience. In "Bit Heroes Arena," players have the chance to earn numerous rewards, including tokens, NFTs, and staking opportunities. This 8-bit classic survival game is free-to-play, so anyone can jump in and start earning real money. Get ready to experience all that this game has to offer and start earning rewards today. Bit Heroes Arena Storyline: Bit Heroes Arena is the second game to be released in the Bitverse Universe, a collection of games featuring 8-bit characters across a variety of genres. The Bitverse Universe aims to create a metaverse, a shared virtual world, for players to explore. Bit Heroes Arena is an RPG and battle arena game with a retro pixel design and incorporates blockchain technology for its crypto-economics. This game offers a unique blend of elements and is sure to be a hit with players. Storyline: Throughout the world, people are experiencing earthquakes and other types of tremors. As these events occur, individuals often seek refuge in their homes and cottages, while heroes gather to discuss the unusual circumstances. The Titans, gigantic beings with the ability to devastate the earth multiple times over, have appeared on the scene, but their goals are mysterious to humans.

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Cryowar - Game Review

Cryowar - Game Review

CRYOWAR is an exciting NFT game built on the Solana network using Unreal Engine. It combines real-time multiplayer PVP arenas with blockchain features like DAO voting, NFTs, and decentralized finance (DeFi). CRYOWAR is an exciting PVP arena NFT game for multiple players that runs on the Solana network and is powered by Unreal Engine. In the huge Sci-Fi-Medieval game world, players fight fierce battles in many different realms. Also, CRYOWAR is a test of skill in which players compete for resources, territories, and the right to rule the whole world. The journey gives one-of-a-kind chances to defend one's realm and earn big rewards at the same time. The leaderboards will only be ruled by the most powerful players. CRYOWAR is currently being made for PC, iOS, and Android, so that it can be played with other people on all three platforms.

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Chains of The Eternals (COTE) - DeFi MMORPG with Blockchain - Review

Chains of The Eternals (COTE) - DeFi MMORPG with Blockchain - Review

"Chains of The Eternals" (COTE) is an innovative open-world MMORPG that combines blockchain technology with traditional MMORPG gameplay elements. Drawing inspiration from classics like Dofus and World of Warcraft, COTE offers players a decentralized gaming experience with a focus on security and anti-cheat measures. The game features isometric 3D graphics and a unique visual style, setting it apart from traditional MMORPGs. What makes COTE truly unique is its integration of blockchain technology, allowing players to potentially earn monetary rewards while playing. In this expansive virtual world, players can engage in various activities such as PVE and PVP battles, quests, crafting, and resource harvesting, all while earning valuable rewards and loot. COTE introduces two in-game currencies: $XO and COTE. Players can earn $XO through different activities and exchange it for COTE. The game's ecosystem is designed to ensure fairness, with all in-game transactions conducted in $XO. Players can also participate in an NFT rental economy, where scholars lend NFTs to beneficiaries, sharing in-game earnings. Game seasons, unlocked via subscriptions payable in $XO, enhance gameplay and inject currency into the ecosystem. The governance token, $COTE, has real-world value and a deflationary design, allowing users to stake $COTE LP tokens to earn blockchain-specific fees. $XO serves as the game's utility token. COTE aims to redefine the MMORPG genre by hosting millions of players concurrently, eliminating traditional server structures, and giving players true ownership of characters and NFT assets. This innovative approach promises to create a new era of MMORPGs. Overall, the community response to COTE seems positive, with players expressing excitement about the gameplay, token mechanics, and the potential for a decentralized gaming experience. However, some express a desire for even greater decentralization in the game.

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Arrland - MOBA NFT Strategy Game - Review

Arrland - MOBA NFT Strategy Game - Review

In Arrland, players can create and customize their own pirate avatar and set sail on a journey to become the ultimate pirate king. The game features a variety of activities for players to engage in, including sea battles, treasure hunting, and crafting. As players progress through the game, they can acquire and trade unique NFT items and assets, including ships, weapons, and even their own piece of land in the Arrland world. The game's economy is driven by the Arrland token, which can be earned through gameplay and traded on the open market. In addition to the single player experience, Arrland also offers multiplayer gameplay, including PVP battles and cooperative quests with other players. With its immersive world and exciting gameplay, Arrland is sure to appeal to fans of pirate-themed games and those looking for a play-to-earn experience on the blockchain. The game is set in the world of Arrland, a place filled with treacherous seas and dangerous creatures. Players take on the role of pirates and must navigate their way through the dangerous world in search of treasure and glory. The gameplay involves building and managing a fleet of ships, recruiting and training a crew, and battling other players in epic sea battles. Players can earn rewards by completing quests and missions, winning battles, and trading with other players. The game features a marketplace where players can buy and sell items, including NFTs, using in-game currency or real money. The game is constantly expanding, with new content being added regularly to keep players engaged. Arrland offers a unique blend of strategy and action, making it a must-play for fans of both genres.

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Cheelee - Game Review

Cheelee - Game Review

Cheelee, a fusion of TikTok and GameFi on the BNB Chain, allows users to earn passive income while enjoying short videos. Cheelee is breaking ground in the world of blockchain-based social networks, offering a unique blend of TikTok-style short videos and GameFi mechanics. Users can be rewarded for their attention for the first time in social media history, recognizing it as a valuable resource. Inspired by Nobel laureate economist Herbert Simon's concept, Cheelee turns the dream of earning passive income into reality through consuming social media content. Users can watch their favorite videos and earn rewards without the need for substantial investments. Upon registration, users receive NFT glasses to start earning, and additional NFTs within the ecosystem through earnings or further investments. The game pioneers a new era of earning while enjoying short videos on the BNB Chain.

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My Neighbor Alice - Game Review

My Neighbor Alice - Game Review

My Neighbor Alice is a multiplayer builder simulation game where players can own virtual lands, collect valuable items, and interact with other players in the metaverse. My Neighbor Alice is a multiplayer builder game made by Antler Interactive. It takes place in a colorful open world. Players can buy virtual islands and own them, collect valuable items, and talk to other players. Moreover, the pre-alpha version of the game was just released on Steam, making it easy for blockchain fans and people who don't know much about cryptocurrency to play and enjoy. My Neighbor Alice is an inspiration from popular games like Animal Crossing and Minecraft. Its goal is to teach players about blockchain by telling interesting stories and giving them appealing ways to make money. Also, players can move up in the game's virtual community and take part in shared missions and competitions by doing things like catching insects, fishing, farming, and keeping bees. In My Neighbor Alice, Alice is the guardian of a magical world. She is a skilled farmer who is responsible for the land's prosperity. Additionally, in this one-of-a-kind world where animals can talk to people, players become landowners and work with Alice to grow the continent. Players take on quests and tasks to help Alice farm crops and raise animals. They can also change the landscape and decorate it with things like houses, decorations, and animals that are part of the game.

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ArchLoot - Game Review

ArchLoot - Game Review

Are you ready to dive into a world where your creativity isn't just welcomed, it's the main event? That's what ArchLoot, a groundbreaking NFT game on the Binance Smart Chain, offers. It's more than a game; it's a revolution in the gaming world, combining user-generated content (UGC) with the excitement of role-playing adventures. Imagine a universe where you don't just play a game; you shape it! Welcome to ArchLoot: Where Your Imagination Reigns Supreme. The Adventure Begins in ALTvers: Picture this: a remote realm, ALTvers, nestled within an expansive galaxy. It's a place where anything is possible. The master island, with its diverse terrain and unique flora, is a treasure trove of resources for survival and battles. I remember the first time I explored this world; the sense of wonder was overwhelming. It's like being a child again, where every corner holds a new discovery. The creatures here are unlike anything you've seen. From friendly mammals to majestic dragons, each creature guards its territory fiercely. It reminds me of my childhood days, exploring the woods behind my house, pretending to encounter fantastical beasts. Build Your Own Monster: In ArchLoot, you don't just choose a monster; you create it. With NFT-based parts, including torsos, heads, limbs, and accessories, the possibilities are endless. Each part not only adds a unique aesthetic but also brings different attributes and abilities. It's like playing with building blocks, but each piece you add brings your creation closer to life. Engaging Gameplay: PVE and PVP: Whether you prefer exploring solo in PVE mode or testing your skills against others in PVP, ArchLoot has you covered. The dungeons are ever-changing, offering new challenges and rewards. The PVP battles are where the game truly shines. It's not just about brute strength; strategy and creativity play a huge role. It's like a chess game, but with monsters and magic. Understanding Tokenomics: The Lifeblood of ArchLoot. ArchLoot's dual-token system, with the governance token ($ALT) and in-game gold ($ALG), adds a layer of complexity and realism to the game. It's like managing your finances, but in a world where dragons and magic exist. The in-game gold, in particular, is vital for in-game transactions, adding a strategic layer to resource management. The Community Speaks The players' testimonials speak volumes about the game's impact. From the excitement of joining a promising project to the thrill of being part of something new, the community's enthusiasm is palpable. It's a testament to the game's ability to connect people from all walks of life, united by their love for adventure and creativity. Game Info at a Glance Genre: Role-Playing Game (RPG) Platform: Binance Smart Chain Blockchain: Yes (Built on the Binance Smart Chain) Category: User-Generated Content (UGC) NFT Game NFTs: Yes, featuring tradable monster parts Tokens: Dual-token system - Governance token ($ALT) and in-game gold ($ALG) Game Phase: Launched in 2022, ongoing development Game Type: RPG with a focus on user-generated content, PVE, and PVP experiences Dive Into the World of Archloot Now, it's time to experience it for yourself. Watch our video game review of Archloot and get a taste of this immersive adventure. Remember, in ArchLoot, you're not just playing a game; you're creating a world. Discover More Games If ArchLoot has piqued your interest, explore our Games Overview pages for more such adventures. With hundreds of games reviewed and listed, your next gaming obsession is just a click away: page 1, page 2, page 3, and so on. Happy gaming!

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Undra Shards: Shattered Cosmos - Sci-Fi NFT MMO Strategy - Game Review

Undra Shards: Shattered Cosmos - Sci-Fi NFT MMO Strategy - Game Review

Players in the Undra game can gather resources, build and customize their own bases, craft and trade items, and participate in quests and battles. The game has a player-driven economy, with players able to earn in-game currency called "Undra Shards" by completing tasks and selling items they have crafted or acquired. The game features NFT heroes that players can collect and use in battle. These heroes have unique abilities and can be leveled up and equipped with different gear to improve their stats. Players can also join or create guilds, allowing them to work together to achieve shared goals and participate in guild-specific events. Undra has a vast and immersive world, with different planets and regions to explore. Each planet has its own unique ecosystem and challenges, and players can even terraform planets to change their environment. The game is set in a sci-fi universe and features a variety of alien species and technologies. Overall, Undra offers a mix of strategy, teamwork, and player choice, with a player-driven economy and immersive world that continues to evolve based on the actions of the community. In Undra, players can create and customize their own avatars, and explore a vast open world filled with mysteries and dangers. The game is set in a post-apocalyptic world where humanity has been decimated by an unknown event, and the survivors must learn to adapt and rebuild their society. Players can form teams and guilds, and work together to complete quests, defeat powerful bosses, and uncover the secrets of the world. The game also features a player-driven economy, where players can trade and sell items and resources with each other. One unique aspect of Undra is that it is a "play to change" game, meaning that the actions of players have a direct impact on the game world and its lore. Players can participate in events and polls that shape the direction of the game, and can even vote on major decisions that will shape the future of the game world. Overall, Undra looks to be an ambitious and immersive MMO experience that gives players the opportunity to not only play, but also shape the world they inhabit.

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Play To Earn Games: Best Blockchain Game List For NFTs and Crypto

Play-to-Earn Game List
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