How To Buy a Gala Games Founders Node
Gala Node Buying Guide
In this post we’re going to explore how you buy a Gala node (hint: it’s not quite as easy as hitting ‘buy now’!) and what the current Gala Node Price is.
Gala Node Price
Gala Node Price Update 29/08/22 – currently 448,000 GALA or ~ $96,000
Update August 01, 2022 – It’s true that Gala Games Nodes (Founders) are now prohibitively expensive for most people – But good news; Gala are innovating all the time, the next big opportunity are Gala Film Nodes which I highly recommend looking into
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You may be confused about the price of getting a Gala Node -that’s because the price is constantly increasing.
For every 100 gala nodes sold, the price of a node increases by $100 USD.
The nodes started life being priced at around $2000 USD and there are a total of 50,000 available, which means the final 100 will cost $33,000 USD each!
That’s why it’s so important to make a quick decision. As of writing, the price is $10,000 per node – a few weeks ago it was $7000.
People are really excited about getting a Gala node and interested in the Gala Node Price.
Why does the Gala Nodes Price change?
It might sound a bit odd that the price increases with demand.
If this was a traditional business opportunity, or an investment, you’d be right – but operating a Gala games node isn’t like those things.
Even with the Gala Node price being north of $10,000 now, there’s good reason to believe that the node will provide a very healthy Return On Investment (ROI) over the long term (at least two years, in my opinion).
The reasons behind the pricing structure can be found in great detail here from Gala themselves.
To simplify it though – this pricing structure discourages large investors (sometimes called whales) from buying up lots of nodes and trying to control the network.
Basically, it allows people like you and me to have our share, and to contribute to the network in a decentralised, and democratic way.
It also encourages the secondary market of node trading – soon, your node licence will be minted as an NFT.
That means, if you wanted, you could sell your node license to someone else, likely at a profit. This will further aid decentralisation.
How To Buy A Gala Node
1. First, head over to Gala Games and set up a free account here.
This new account gives you access to everything Gala Games offer, including the ability to play games, and to buy a node.
2. In the top menu, hit ‘Get Gala’
3. Once on this page, just hit ‘Get Node’ on the right hand side of box 2
The next screen shows your balance of GALA, which unless you’ve already bought GALA on an exchange and sent it to your Gala Games Wallet, should say zero.
You can also select to pay in ETH or BAT. I prefer ETH, so that’s what I chose.
Once you’ve decided on what currency to use, the price will updated.
4. Select how many gala nodes you’d like to purchase, and hit buy now.
You’ll notice there’ll be an ETH Gas Fee applied. We’ll tackle this later.
You’ll see a screen that says ‘You need ETH/GALA/BAT to make this purchase’, so hit ‘Receive Funds’
If you’re experienced with sending cryptocurrency, use whatever method you’re used to.
If you have no idea what to do next (like me when I did it first time!), read on.
To make the purchase, I wanted to use my ETH that I’d bought on Binance exchange. You could use Coinbase too.
Contact me if you’re not sure how to purchase cryptocurrency.
5. Double check how much ETH you’ll need to make the purchase. In the screen shots, you can see it’s 4.18 ETH (oops, screenshots actually show the GALA price, but if you’d select ETH, you’d see the price in ETH instead!).
Multiply that number by the current price of ETH in your native currency and make a purchase on Binance.
You’ll have two lots of fees to pay, Binance Gas fees, and the purchase fee. I covered both these fees by buying an extra $200USD of ETH, and had a lot left over.
You may want to try and calculate this for yourself.
I’ll assume you have some ETH in your Binanace account now.
6. To send that ETH to your Gala Games wallet, navigate to ‘Fiat & Spot’, ‘Withdraw’ and then ‘Crypto’.
You’ll see a drop down, select ETH (or BAT) and on the right hand side is the box to enter your Gala Games Wallter address.
It’s crucial that you get the address exactly right, which is why Gala Games give you a ‘Copy Address’ button. Use it!
Paste this into Binance, then I strongly recommend triple checking, just to make sure!
Now all you have to do is select the network with the most appropriate fees, and you’ve done it.
My ETH appeared in my Gala Wallet within a few minutes, but it can take longer.
7. Now, head back to Gala Games, and go through steps 1-4 again – this time you’ll actually be able to make the purchase.
Hit ‘Buy Now’ to complete the purchase.
It took a little over 10 minutes for my payment to go through, and license to be updated.
8. To check, hit your account name in the top-right when logged into your Gala Games account.
Then scroll to ‘Node Info’ on the left – once complete this screen will say ‘You have 1 Node licenses’
Congratulations! You’r now the proud owner of a Gala Games Founders Node!
The next question, of course, is how to you set up your node?
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