You're about to get an honest review of Gala Music. I'll give you my price prediction along with the good, the bad, and the ugly, and cut through the hype and the BS you see in other places. If you're new here, I'm Jerry Banfield. I've been in crypto for 10 years, and I've made a profit nine years in a row. I've reviewed hundreds of cryptos in the last year, and I'm very transparent about what I'm holding: ICP, because I don't see anything better. I'm also very honest about what I think of different projects. I'm very hard to please, which has made it easier for me to be successful in crypto.
The basics: a brand-new token with a ton of dilution
First, let's look at some of the basics on Gala Music. Right now you've got less than 10% of the supply out there, which means there's just going to be a crap ton of dilution. One of the first things I'll say about Gala Music is that it does have the MUSIC ticker, and the token just launched. This easily could get a speculative pump. But if you're counting on that, you're counting on people who are uneducated, new to crypto, and easily fooled into things that, to me, don't have any value. And then you'd have to cash out at just the right time to make a profit, pay taxes, and find something better to buy at that time.
So yes, Gala Music has everything in place for a temporary speculative pump. But I mainly care about one thing: can I just buy something and hold it indefinitely? Will it make me rich off of that? With Gala Music, in my opinion it looks very obvious that the answer is no. Why? Let's look at some of the obvious problems before we even go into any of the details.
The $182 million problem, and what GALA already showed us
A $182 million fully diluted market cap for a brand-new token is a lot. Now, if you go over and look at Gala, the Gala Games token or just the GALA token, this has been an absolute dumpster. It has a fully diluted market cap of a billion dollars. Of course, the moonboys will say, well, maybe Gala Music could get to a billion-dollar valuation too. Yes, anything's possible.
That said, if we look at what's actually happened with GALA, it had one temporary speculative pump. And then, if you didn't sell right there, which almost nobody did, all it's done is go down, down, down, down, down consistently. It's barely over its bull run price right now. So almost everybody that bought into GALA got ripped off. This token has just been a mess.
Gala Games started off with games, and then they launched all this music stuff, and now there's a music token. This entire ecosystem has scraped a lot of money off of investors. And what exactly have they produced? They have games, music, and film right now.
The games don't impress me, and I'm a gamer
The games have been very disappointing. I actually played Spider Tanks. Spider Tanks was boring, nothing special. It took five-plus minutes to even get a game started. All Gala Games is doing is just taking money off of people and giving very little in return. I'm a gamer, and the games they have are not impressive. They don't even have very many of them out. Considering they've raised hundreds of millions of dollars, they do not have a real hit game out right now.
Now they have a poker game. I mean, anybody can make a poker game. They have these games that are supposedly coming out, like the Battlestar Galactica Eternity game. I hope it's good, but this is probably going to be crap because it's a mobile app, and I'm just skeptical with mobile apps a lot of the time. They do have The Walking Dead, but it's supposedly coming out. They have all these games in development, and they've actually released some of them. But for all the money and attention they've gotten, they've returned very little to investors off of gaming.
This music token, to me, is just like a total other way for them to make money for themselves. I saw a guy talk about this on a stream and he was all hyped up about it.
This isn't real Web3
The thing that sucks with Gala is that this stuff is not on chain. The branding around Gala says the experience is "built around the joy of community and ownership." To me that's just blatant lies. "Together, we are a community-uplifting powerhouse finding new frontiers in Web3 entertainment." This is not real Web3. All of this stuff is hosted on centralized server backends like Amazon, and then it requires oracles and things like Chainlink to actually work. This is not real Web3. If it was all on chain on ICP, then it would be. But it's not, which means there's no real ownership, which means all this stuff is just hype.
This is basically naive investors funding a company to build things. These games may have some real value, but the GALA token itself has no real ownership over these games. And if we take the GALA token as an indication of what we can expect with Gala Music, yes, it could for a moment hit $20, the way Gala Games for a moment hit a market cap of $5 billion. But in doing that, it was obviously manipulated up, and almost everybody got ripped off in the process. Because who do you think was selling up there? Insiders and token holders who had held it since way back. And who was buying up there? Naive new money, and they got destroyed.
So if you look at Gala Music, this to me is more trash from the Gala people. This is the same pattern I keep coming back to when I tell people that, in my experience, 99% of crypto is theft and only about 1% is real.
NFTs, royalties, and a token with no real utility
When you look at the music side, I've seen the hype saying there are some cool things, that they do have exclusive experiences you can buy. But think about that for a minute. You could just charge a credit card on any other platform for these music experiences. The problem here is the token. The token is the problem. This token will have almost no real utility, and that means the price of it is doomed in the future. The token has no real ownership or control over things like the website and the actual music.
Then they're selling things like NFTs. I know they've got different artists; Snoop Dogg is partnered with Gala, and you've got these other artists. But think about why these artists would put themselves on here. More than likely, Gala used the money they've raised to just pay people like Snoop Dogg to participate, and when the money runs out, there's no foundation. There doesn't look to me to be any solid foundation for this. And because this token is an ERC-20 token, it has no actual control over anything happening on Gala Music. There is a centralized Gala Music development team that more than likely holds all of this on centralized infrastructure.
So it's not built on chain, and then they're selling these NFTs that supposedly give you royalties from the music. But that's not trustworthy to me, because you're counting on them to give you accurate royalty data and to not scrape some in the middle for themselves. And then what utility does the token even have? Do you have to buy the NFTs with the token? There's just no way this works out well long term.
I could say that about 99.9% of cryptos and I'll be absolutely right. Just go back and look at the historical charts. If you'd funded every single one of them from eight years ago or four years ago, in the vast majority of cases you would have just lost your money. And to me, Gala Games is clearly not an exception, especially with that fully diluted market cap. If you want more of these honest breakdowns, I put them all in my Money playlist on YouTube, where I review the projects I like and the ones I don't.
Why I don't trust the Gala team
One thing I don't trust is anything the Gala Games team does, after what I've seen them do with the GALA token. They put out what appeared to be blatantly false or manipulated marketing just to get attention and hype, and then deleted it from their Twitter account. They migrated their old contract address to a new one, this version two, and everybody on Coinbase got ripped off on that. I mean, this is horrible. So there's no way I would touch Gala Music.
That kind of behavior is exactly why I'm so skeptical of these projects. It's the same gut feeling I had reviewing why BankrCoin (BNKR) looked like an AI trading trap to me. If you ever want me to look at your whole portfolio and give you my honest take, you can come work with me directly inside the Jerry Banfield Family.
My price prediction
If people don't watch videos like this to learn about it, people could buy this up to $20. But if it does, I hope you unload your entire bag at that point and take your profits before everybody else does, because even if it goes to $20, in my opinion it'll come back down to 18 cents at some point, and I believe it'll go to zero eventually. There's no telling what kind of manipulations we're going to have either.
Yes, it's possible for a moment it could hit a high. But one cycle from now, I'd guarantee you this is dead. So by 2029, my prediction is that this thing is finished, the team has moved on and launched some other money-grabbing project by then, and the Gala Music token has more than likely been abandoned. What I've seen as the best way to proceed in crypto is to invest in things that look like Bitcoin in 2014 or Ethereum in 2016, things that look like they'll go up and repeatedly hit new all-time highs every time. Gala Music, in my opinion, is not it. This same "realistic price prediction" exercise is one I've run on plenty of other tokens, like why I think AIXBT is realistically headed to $0.
The token holder chart is the final red flag
One final point I'll make: there are very few holders on this right now. Some of the moonboys and girls would say, well, there are about 1,000 holders on it, so it could pump and everybody could load up. Theoretically possible, but look at the token holder chart. The top 100 have 82%, and the top 500 have 97% of the supply. Just the top 10 here have 58% of it. So this is extremely top-heavy. You're going to get dumped on with this, almost guaranteed. There's a bunch of it sitting on exchanges, on Gate.io already, in position to dump.
Of course, if this gets listed on some big exchanges, it could have a speculative pump. But again, you don't want to count on speculative pumps to make a profit off of people who are clueless and just throwing their money around. That's just gambling, and to me it's just stealing money from other people. So I hope you'll be smart with your money and do your research.
The good, the bad, and the ugly
So here's my honest summary. The good: this easily could get a speculative pump, and they have paid for a bunch of partnerships. The bad and the ugly: pretty much everything else. No real Web3, no real ownership, a token with no real utility, a team I don't trust, and a holder chart built to dump on new money. That's where I land on Gala Music.