AXS and GALA are crypto gaming tokens with good adoption and huge potential in the metaverse.

Bitcoin and Crypto Market Watch Wednesday, May 04, 2022 - 18:13

In this new series, we compare some key crypto assets and how they have fared recently. While doing so, we ask this question - if an investor has Rs.1,000 to spare today, how can he/she allocate the capital between these assets? Today, we aim to compare Axie Infinity (AXS) and Gala (GALA), both metaverse based gaming tokens.

Axie Infinity (AXS)

Axie Infinity is a play-to-earn (P2E) crypto game and ecosystem built on the Ethereum network. It is inspired by Pokémon and allows players to buy, trade, breed, and fight for Axies. Axies are classified as Non-Fungible Tokens (NFTs). It means that each Axie is a one-of-a-kind collectible that can be bought and sold on third-party exchange platforms.

Axie Infinity Shard (AXS) is the native governance coin of Axie Infinity. It is an ERC-20 token. AXS holders can shape the future of Axie Infinity by indicating their support for ecosystem upgrades and directing the use of the Community Treasury.

The Axie NFT marketplace will accept payments done by AXS coins. AXS can also be used to determine eligibility for participation in certain Axie team sales/auctions. The total supply of AXS will be 270,000,000.

AXS can be exchanged for other cryptocurrencies. It is also available on the Binance Smart Chain (BSC) as a BEP-20 token. From June to July 2021, AXS jumped over 600%. With a market capitalization of $1.8 billion, AXS is among the top 50 cryptocurrencies today.

Gala (GALA)

Gala is a blockchain-based play-to-earn (P2E) platform. Gala aims to create a blockchain gaming ecosystem where gamers will have full ownership of their in-game items. The platform includes a platform for NFT games (Gala Games) as well as an NFT marketplace (Gala Store). Users can participate in network governance and consensus, as well as play games and trade NFTs.

GALA is the native utility token of the Gala ecosystem. It is an ERC-20 token that also runs on the Binance Smart Chain (BSC) as a BEP-20 token. Members of the Gala can vote on new games and use NFTs to influence how the games work. GALA tokens can be used to purchase these NFTs and in-game products from the official Gala Store. Gamers can earn GALA tokens by playing games on the Gala platform.

Gala employs a hybrid consensus mechanism that combines Proof-of-Work (PoW), Proof-of-Stake (PoS), and Proof-of-Storage. Gala games is expected to launch its own Blockchain, Gala Chain, in 2022. The total supply of GALA is limited to 500 billion. With a market capitalization of nearly $1 billion, GALA is among the top 75 cryptocurrencies.

AXS v/s GALA - Verdict

Both AXS and GALA run on Ethereum and Binance Smart Chain. AXS commands more market capitalization than GALA with more active players in the ecosystem. Despite the strong fundamentals, AXS has been one of the worst performing altcoins in 2022 - losing 58% of its value compared to ETH. Some of this can be attributed to the recent Axis hack. GALA has lost a similar share v/s ETH this year.

Recent performances of AXS and GALA v/s ETH

Source: TradingView, Binance, Kucoin

GALA, though, is slowly gaining adoption. With the introduction of the Gala Chain, Gala games aim to resolve the issues faced by players on the Ethereum network, like high trading fees and slow transactions.

With the increasing demand for crypto-based gaming platforms, both the coins are expected to rise higher. Further, the adoption of metaverses will play a significant role in the increasing demand for AXS and GALA.

Overall, we believe that GALA is better positioned as an ecosystem develops around it compared to AXS which has lost some gamer confidence recently. We suggest a 60% share to GALA and the remaining 40% to AXS.

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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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