Gala Games has announced a significant update to its blockchain ecosystem, allowing the tokenization of Founder’s Nodes on GalaChain. This development allows node operators to transfer their licenses to other users, representing a significant shift toward enhanced operator control within the Gala ecosystem.
Transition to Tokenization
Previously, Founder’s Node licenses were tied to specific accounts, which restricted their transfer and sale. The recent update follows a proposal accepted by node operators in April 2023 to implement a tokenization system. This system converts node licenses into Non-Fungible Tokens (NFTs) on GalaChain, facilitating their movement across the platform.
The tokenization process involves converting each node license into a GalaChain allowance, which can then be redeemed as a Node NFT. Initially, these NFTs are non-transferable, but node owners can make them transfer-ready for a fee. It’s important to note that once a node is marked as transfer-ready, it becomes temporarily ineligible for daily $GALA distributions until it is reactivated.
Fees and Reactivation
This update introduces several fees related to the tokenization and transfer processes. To redeem a node as an NFT on GalaChain, an owner must pay a $25 fee in $GALA, along with standard transaction fees. Making a node transfer-ready incurs a fee equivalent to 60 days of $GALA distribution, calculated based on the average distribution from the previous week. Additionally, a $10 fee in $GALA is required to reactivate a node, restoring its eligibility for rewards and participation in the network.