GalaxyPad: Looking to Redefine NFT Gaming and the Metaverse
The last four years have seen interest in NFTs and crypto games increase tremendously. By the end of 2021, the total market cap for NFTs would have jumped from $55 million to over $7 billion. 90% of that growth occurred between August and December of the same year.
Proof of the importance of blockchain games and NFTs in the crypto space can be seen in how well they have resisted the dip that has affected the crypto market since the beginning of 2022. A recent DappRadar report stated that NFT trading increased by about $1.2 billion between the third and fourth quarter of 2021. According to the report, NFT games now represent 52% of the crypto industry’s usage.
The success of play-to-earn (P2E) gaming models alongside the expanding development of the Metaverse also points to the continued growth of blockchain games throughout 2022. As such, there is a need for adequate infrastructure to help fund and develop the expected surge of NFT games and Metaverse projects. This is the niche GalaxyPad is trying to establish itself in as a one-stop-shop for new GameFi and Metaverse projects to raise funds.
GalaxyPad is a crowdfunding and crypto incubation platform looking to redefine the growing non-fungible token (NFT) gaming and Metaverse space.
What is GalaxyPad?
GalaxyPad is a decentralized cross-chain platform for launching NFT games and Metaverse projects. The platform aims to provide crypto startups with funding and technical support during their early stages of development.
Most crypto launchpads currently operating are limited to a single blockchain. They also involve a high cost of participation, often exhibit levels of unfairness, and rarely provide support for startups.
GalaxyPad was set up to solve all of these issues. Being a multi-chain platform, GalaxyPad can support projects from across multiple networks. It also offers a measure of fairness by allowing any member of its community to participate in initial DEX offerings (IDOs) and initial gaming offerings (IGOs), regardless of their position in the platform’s tier system.
The platform’s operation model is also built to ensure that all projects in its ecosystem receive adequate support from both the management team and the wider GalaxyPad community.
An Overview of the GalaxyPad Ecosystem
GalaxyPad aims to build an expansive and intuitive ecosystem with various features to support NFT gaming and Metaverse projects. Additionally, GalaxyPad investors can reap massive rewards by purchasing and hodling the platform’s native token, the GalaxyPad (GXPAD).
Here are some of the key features on offer on the GalaxyPad platform:
It is a decentralized crowdfunding feature through which crypto startups can be launched. Through the launchpad, GameFi and Metaverse projects can run IGOs and IDOs.
This feature will allow new crypto projects to access a wide range of resources, including investors, partners, and market influencers, to help them grow their businesses. Through this feature, startups will also receive technical knowledge and expertise from the GalaxyPad team.
This feature will facilitate the exchange of NFT and GameFi projects across multiple networks.
This system will serve as GalaxyPad’s yield farming platform. Through Planet Farming, investors will stake GXPAD and earn handsome returns.
This is where the GalaxyPad community will get to play state-of-the-art play-to-earn games.
The team behind GalaxyPad firmly believes that the future of large projects lies in decentralized autonomous organizations (DAOs). As such, the platform’s governance feature has been set up in anticipation of phasing GalaxyPad into a DAO structure soon. In the DAO, community members will create and submit proposals affecting key aspects of the platform, such as fees, platform features, developments, and the treasury.
GXPAD is the native token powering the GalaxyPad ecosystem. Investors looking to get involved in early startup raises on the platform will be required to use GXPAD. Additionally, rewards and incentives accruing from yield farming will be offered in GXPAD. When GalaxyPad’s DAO model finally comes into force, community members will gain governance rights in the organization by holding GXPAD tokens. Finally, all the requisite platform fees will also be paid in GXPAD.
GXPAD has a total supply of 100 million. Its initial listing price was $0.055, and its initial market cap was $134,750.
The tokens making up GXPAD’s total supply will be divided in the following manner:
- 40 million tokens have been earmarked for the GalaxyPad ecosystem.
- Some 15 million tokens will be used to boost the platform’s liquidity.
- 10 million tokens reserved for the management team.
- Five million tokens to the project’s advisors.
- 10 million tokens will go into marketing activities.
- Twenty million tokens will be put up for sale. Of this number, 10 million tokens will be offered in a seed round, 7 million will be placed in a private sale, and the remaining 3 million in a public sale.
GalaxyPad is still in the early stages of its development. However, the project is steadily ticking off milestones on its roadmap, split into four broad phases.
The first phase of the GalaxyPad roadmap involved initial research and development work, community building, and the creation of partnerships.
The second phase of the roadmap will see the team develop a product testnet and initiate marketing activities for the project. The team will also look to enter into strategic partnerships with key players both within and outside of the crypto space. After that, the plan is to launch the seed and private sales, the IDO platform, and follow it up with a public sale offering.
This second phase will come to an end with GalaxyPad listing on a decentralized exchange (DEX) and launching its staking app. GalaxyPad will also initiate its first IDO, and list on a centralized exchange (CEX).
The final phase of the GalaxyPad roadmap will be set off with the development of the platform’s play-to-earn hub. This phase will also see the launch of a mobile version of GalaxyPad. Additionally, the team will look to strike up even more strategic partnerships. This phase will conclude with the launch of an updated version (v.2) of the platform.
While still relatively new, the ethos of community anchoring GalaxyPad and its promise of fairness should attract a fair number of investors to it. The platform looks set to provide a fresh new business model in the crowdfunding and incubation spaces. There is huge potential in the GameFi and Metaverse industries, and GalaxyPad should be well-placed to take advantage of the emerging market opportunities.
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