Gala Founder's Nodes Are Now Transfer-Ready on GalaChain: Process and Fees

Founder’s Nodes can now be tokenized on GalaChain, which lets users move them between accounts, according to Gala Games. For Gala Games, this update

Gala Games has announced that Founder’s Nodes can now be tokenized on GalaChain, allowing users to move them between accounts.

This marks a significant change for Gala Games, as previously Founder’s Node licenses were not transferable and were tied directly to the user's account.

Founder’s Nodes play a crucial role in the Gala Games ecosystem, allowing users to run nodes and earn GALA in return. These licenses were account-bound, and once a user acquired a node, it could not be sold or moved to another account — until now.

In April 2023, Gala Games operators voted on a proposal that aimed to introduce more flexibility into node ownership by enabling tokenization, thus allowing for future transfers.

Now, for the first time ever on #GalaChain, Gala Founder’s Node operators can tokenize their nodes to make them transfer-readyhttps://t.co/TbUsOES5qL pic.twitter.com/m4QDxz4NyG

— Gala Games (@GoGalaGames) October 16,2024

Making Founder’s Nodes Transfer-Ready on GalaChain: Process and FeesAs shared by Gala Games, node licenses will now be minted on GalaChain, enabling them to be transferred between multiple accounts owned by a single user.

Once a Founder’s Node is redeemed as a GalaChain token, it can be moved to another account. According to the announcement, all Founder’s Node licenses are being tokenized by Gala Games, which is expected to be completed within the next few days at the time of writing.

Initially minted on GalaChain as an NFT, Founder’s Nodes can be made “transfer-ready” at a cost. During the transfer process, the node will temporarily lose its ability to participate in the daily distribution of GALA rewards.

To make a node transfer-ready, users will need to pay a fee that equates to 60 days of distribution rewards based on the average GALA rewards from the past week. Additionally, there is a $10 fee to reactivate the node after it is transferred and a $25 fee to redeem the node as an NFT.

Gala Games notes that all fees are paid in GALA only and are burned from the circulating supply, contributing to the token’s deflationary dynamics.

Beyond node tokenization, Gala Games continues to introduce new innovations into its ecosystem. As reported, the startup has partnered with Coinflow to introduce Google Pay and Apple Pay as new payment options within the Gala ecosystem.

These payment options are initially available for purchases on the Gala Games store, with plans to expand them to other platforms, including Gala Music and Gala Film.

Meanwhile, the native token, GALA, is trading at around $0.02196 at the time of writing. This shows a 9.33% increase over the past seven days, bringing its market capitalization to over $770 million.