Gala Games Introduces Tokenization for Founder’s Nodes

A revolutionary update to Gala Games’ blockchain ecosystem now permits Founder’s Nodes to be tokenized on GalaChain. With this improvement, node operators can now lend their licenses to other users, which is a big step toward increasing user autonomy in the Gala ecosystem.

Innovative Shift to Tokenization

Historically, Founder’s Node licenses were strictly linked to specific accounts, limiting their transferability and resale potential. This latest update is the result of a proposal accepted by node operators in April 2023, aiming to implement a tokenization system. Through this new approach, node licenses are converted into Non-Fungible Tokens (NFTs) on GalaChain, streamlining their mobility across the platform.

The tokenization process allows each node license to become a GalaChain allowance, which can be redeemed for a Node NFT. Initially, these NFTs will not be transferable; however, owners can choose to make them transfer-ready for a fee. Importantly, once a node is marked as transfer-ready, it becomes temporarily ineligible for daily $GALA distributions until it is reactivated.

Understanding Fees and Reactivation

A number of costs pertaining to the tokenization and transfer procedures are introduced in this release. In addition to any regular transaction fees, owners of a node must pay a $25 fee in $GALA in order to redeem it as an NFT on GalaChain. The cost of preparing a node for transfer is equal to sixty days’ worth of $GALA distribution, which is determined using the prior week’s average distribution. Furthermore, a $10 charge in $GALA is needed to reinstate a node owner’s eligibility for awards and participation in the Gala network if they decide to reactivate their node after it has been rendered transfer-ready.

This innovative step represents a shift towards greater flexibility for node operators, enhancing the overall functionality of the Gala ecosystem. As Gala Games continues to evolve, this tokenization feature is expected to encourage broader participation and engagement within the platform.