GALA coin continues to rise; Mastercard launches Web3 music initiative
U.S. stocks rose in the early trading segment in anticipation of a lower Fed terminal interest rate.
Today's top coin, GALA, posted a 24-hour return of 32.19%. GALA is a service token for a Web3 company called Gala, which owns Gala Games, Gala Films and Gala Music. Despite its position as the fifth-largest play-earned token, user activity at Gala Games remained stagnant, in line with similar challenges facing Axie Infinity.
GALA coin continues to rise; Mastercard launches Web3 music initiative
But GALA has outpaced the market yesterday as it announced on Twitter a major partnership between Gala Films and popular actor Dwayne Johnson (known as "The Rock"). However, the post had been deleted as of the time of writing. GALA has come to the fore with a return of 147.2% in the last two weeks, successfully offsetting the token drop after a multi-billion carpet draw claim in November. There have been no major core updates since then. Thus, the reason behind the recent increase is most likely due to a short squeeze as the sustained funding rate fell to an extraordinary low at the end of December, when open liquidations surged after the recent price recovery.
Mastercard announced the launch of the Mastercard Artist Accelerator program at the Consumer Electronics Show on January 7, 2023. The initiative aims to equip music artists with the training, resources and tools to transform their work into NFTs, while also providing Web3. Mastercard will individually select five emerging artists and their fans to launch the program and try out the platform. The accelerator will be built on Polygon, an Ethereum Layer 2 solution that has successfully placed many Web2 players on the blockchain, including Starbucks and Disney. Additionally, Mastercard has been an active player in the Web3 space following previous efforts with crypto-focused companies to launch credit cards, and after NFT partnered with Coinbase on ramp payments.
