by Gala Music | Mar 5, 2024 | Gala Music
Along the way with our mission to empower the world with web3 tech, Gala has learned many lessons. One of the most resounding is the importance of fostering the next generation of builders in this constantly changing world of immersive technology. We’re looking to support the upbringing of new innovators in web3 tech, inspiring creativity on new levels, building careers and creating new ways for GalaChain to change the world.
We’re incredibly excited to kick off Gala Music’s University empowerment initiative by hosting a special FIT “Student Entrepreneurship Pitch Competition” to be held during the school’s spring semester of 2024. Any undergrad student from the Fashion Institute of Technology is eligible to participate, with cash prizes provided by Gala for the top 3 contestants..
What is FIT?
The Fashion Institute of Technology (FIT), part of the State University of New York (SUNY), is a public college in New York City with a focus on art, business, design, and technology related to the fashion industry. Established in 1944, it boasts a vibrant, creative environment for its over 9,700 students. FIT offers nearly 50 undergraduate and graduate programs across various fields, preparing students for careers in the ever-evolving creative economy. Its strong industry connections and New York City location set it apart, making it a leader in fashion education.
How was this Competition Born?
Gala wants to partner with secondary education institutions and programs that share our values of empowerment through new tech and decentralization. FIT’s Entrepreneurial program was a perfect fit for this competition, which we hope will be the first of a series of different competitions around the world, sponsored by Gala and built to show tomorrow’s entrepreneurial innovators practical applications for their brilliantly creative spirits.
Participating students will work with faculty mentors and Gala Music team members, getting to know the ins and outs of GalaChain and becoming familiar with the core Gala principles of decentralization and interoperability. By envisioning and pitching a project for the GalaChain ecosystem, students will learn valuable practical skills that guide them through the highly marketable process of web3 development.
How does it Work?
The Student Pitch Competition will be presented to undergrad and graduate students in a handful of Entrepreneurship classes during the spring semester:
EP 311 – Introduction to Entrepreneurship
EP 321 – The Business Plan
EP 360 – Social Enterprise
EP 362 – Introduction to Blockchain
EP 452 – Entrepreneurship Practicum
Participants will create video pitch decks and presentations for new entrepreneurial business concepts, projects, products and services, giving them an exceptional opportunity to put FIT’s entrepreneurial principles into practice.
With 2 rounds of submission and presentation, the field of participating contestants will ultimately be narrowed down to three overall winners. First place will receive a prize of $3000, 2nd place will receive $1500 and third place will receive $500. As the host of this competition, Gala will provide prizes for the winners.
With the spring semester already underway, the initial submission round deadline is April 4th. Ten contestants will move on to the 2nd round and submit their final pitch presentations to the panel of judges, made up of Gala representatives and select industry community members.
We look forward to sharing the winning entries with the community next month, as well as the invaluable opportunities unlocked by participating students.
Gala is creating a web3 world of innovative new ideas, led by the visionary minds of tomorrow.
Join us at Gala Music to start empowering emerging artists and creators today.
by PokerGO Play | Mar 5, 2024 | PokerGO Play
Gala Casino
PokerGO Play is the first game within a new family of upcoming casino themed games known collectively as Gala Casino. By applying web3 principles of ownership and rewards to well known wagering games, Gala will empower and reward users for their time and attention without compromising the enjoyment of this beloved genre of games.
Through the formation of a new token (described in greater detail below) and a new network of nodes to power the games, Gala Casino will become a core piece of the Gala Games ecosystem as we continue to grow and innovate in the web3 entertainment world.
Gala Casino is where web3 finally intersects with casino gaming, reducing the risk and enhancing the fun, so more of us can make time to play.
Poker Gala Style
Launching very soon, the new-and-improved Gala poker experience will pave the way for a plethora of new Gala Casino games. These games will allow players to earn $GALACHIPS rewards with real utility and value, simply for playing competitively. Since competition is still an integral part of the game of poker, we believe that playing and competing is what should generate the rewards, rather than winning.
As one of the most popular betting games in history, poker is the perfect place to kick off the Gala Casino adventure. To ensure maximum player enjoyment in a game that has always been intrinsically connected to money, we’re placing a strong emphasis on chips but setting each player’s $GALACHIPS rewards apart from any requirement or expectation of winning at the tables.
Making $GALACHIPS
The new GalaChain minted token for the Gala Casino reward economy is called $GALACHIPS. $GALACHIPS tokens can be used for purchases, traded like any token on GalaChain, or bridged to other blockchains as needed.
Trading $GALACHIPS
Players will have the ability to swap $GALACHIPS for $GALA (and eventually other tokens) within the GalaChain ecosystem. Depending on the possibility of private exchange listings and/or utility on those chains, bridging of tokens to other blockchains will also be added as needed.*
*We cannot guarantee or comment on any future private exchange listings for $GALACHIPS.
Purchasing with $GALACHIPS
With the initial launch of the new PokerGO Play economy, $GALACHIPS’s primary use is in purchasing items within the Gala Casino ecosystem.
Buying Chips:
Chips for poker gameplay may be purchased at any time using $GALACHIPS. Having a larger chip stack means that players can make larger bets in “Cash style” games and enter higher stakes SNG tourneys, potentially increasing their Score for that day and subsequently enhancing their daily $GALACHIPS rewards.
Because chips are not valued in cash, purchased quantities of chips can increase depending on the amount of $GALACHIPS spent in a single transaction (bonus chips). Bonus chips for different chip purchase levels are outlined below:
50k Chips -> 50 $GALACHIPS
250k Chips -> 195 $GALACHIPS
500k Chips -> 340 $GALACHIPS
1.75M Chips -> 965 $GALACHIPS
3M Chips -> 1500 $GALACHIPS
6M Chips -> 2700 $GALACHIPS
10M Chips -> 4100 $GALACHIPS
25M Chips -> 8800 $GALACHIPS
80M Chips -> 23,000 $GALACHIPS
Buying Other Items:
Shortly following launch, the ability to use $GALACHIPS to buy a variety of other items will be added, including (but not limited to) Card Frames and exclusive Avatars. Generally, items purchased from the store with $GALACHIPS will come with some form of regular chip bonus or perk in the game.
Raking in $GALACHIPS
In the world of casino gaming, the term “rake” has become synonymous with the “house take.” Both are feared and avoided whenever possible by the astute casino player. In order to fund their extravagant business operations, casinos must rake the table, taking house portions of player bets and/or pots at various times, depending on the policies of the house. In classic casinos where chips have direct money value, this is a necessary evil.
Gala Casino is redefining the rake. A 2% rake of chips will still be taken from “Cash style” table games and a house share of chips will still be taken from Sit-n-Go prize pools (10% for 5-person SNGs and 16% for 9-person SNGs). But instead of being simply raked into the casino’s pocket, this chip total will now be directly used to determine the amount of $GALACHIPS rewards allocated for player distribution.
Emission
Each day’s $GALACHIPS emission = 50% of the House Share from all games.
For example, if 54,000,000 chips are burned by the house as the House Share in a 24 hour period, then the reward distribution pool will consist of 28,000,000 $GALACHIPS for that 24 hour period.
Scoring
The daily distribution of $GALACHIPS is determined by each player’s Score, which quantifies each player’s competitive participation. While the total amount of $GALACHIPS available in the day’s pool consists of 50% the combined House Share of chips burned, the distribution of those rewards to players depends entirely on the players’ Score.
Raising Your Score
When playing games on Gala Casino, each player’s Score will increase based on their active participation in the game. The way that Score points are awarded varies depending on the style of table.
“Cash style” Game Scoring:
In regular games that allow players to buy in with a set range of chips, their Score increases based on their called chip bets. For every 2600 chips bet (and called), the betting player Scores 1.
SNG Tourney Scoring:
With Sit-n-Go tourneys, chips are spent up front to gain entry to the tournament. Since winning is not required to earn rewards, players Score just for joining a SNG tournament. Greater Scores obtained for joining more expensive buy-in SNG tourneys, using the following formula:
Score = 1/1000th of Chip Entry Fee
Distribution to Nodes
From the total reward pool each day, 90% goes to players, divided up among eligible players based on accumulated Score for that day.
2.5% of the daily reward pool is distributed to active Founder’s Node operators as a reward for continued operation of the greater Gala ecosystem.
7.5% of the daily reward pool will be distributed to active Table Nodes as a reward for powering the game-specific Gala Casino ecosystem.
Revolutionizing Casino Gaming
Gala is on a mission to revolutionize gaming and entertainment, putting the power and ownership that players deserve back into their hands. Gala Casino fits perfectly into this mission. The Gala Casino reward economy can and will be adjusted as needed to ensure that we arrive at a web3 enabled system that’s rewarding to players for their time and attention without any form of gambling.
Our approach to Gala Casino is that we can reward players for simply playing games of chance, keeping the integrity of those time-tested games intact without asking the player to risk anything in the process. The bottom line: More play for more players, leading to more joy in our lives.
Subject to Change
This Litepaper is subject to change. As details change, this Litepaper will be updated and the changed details logged below, along with the date of the update.
