Project Galaxy (GAL) is an attempt to cash in on digital credentials. The credentials are the records of activities, reputation, and accomplishments that comprise a digital identity.
Project Galaxy is a blockchain ecosystem that contains Applications Modules, a Credential Oracle Engine, and a Galaxy Credential API (Application Programming Interface). The hope is that builders can use Project Galaxy can leverage credential data to build better products and communities.
Project Galaxy works with partners. For example, it helped Solana (SOL) unite 27 protocols and bring 33,400 new users join the Solana Ecosystem. To explain Project Galaxy helps Solana recognize users of other blockchains such as Ethereum (ETH).
How Project Galaxy uses Credentials
Similarly, Project Galaxy (GAL) helped Mintverse develop social media brand awareness with 500,000 impressions and 21,400 new followers on Twitter for its NFT Spring Carnival Campaign. Project Galaxy helps Binance or BNB Chain vote with customized credential-based NFTs on Snapshot.
The value of Project Galaxy is that it helps blockchain apps verify identity users and other apps. For example, it allows a decentralized autonomous organization (DAO) to verify its members’ identities. Additionally, Project Galaxy could help a nonfungible token (NFT) minting platform verify the identities of people who are creating and selling NFTs.
For example, Polygon uses Project Galaxy to incentivize engagement with 13,074 new NFTs minted in OpenSea on Polygon. It also helped over 40,000 new users trade on Polygon’s OpenSea.
Project Galaxy NFTs
Project Galaxy’s Application Modules include Galaxy OAT (On-Chain Achievement Token). The Galaxy OAT distributes NFT badges that can validate users. Galaxy OAT is a lightweight NFT standard that enables users to mint NFTs without gas.
The Galaxy NFT allows platforms to leverage platforms with gamified NFT campaigns that can reward and engage users. Galaxy NFT allows users to create Dynamic Loyalty Points, create and distribute credential based NFT loyalty cards that let customers access on-chain loyalty points. Another Galaxy NFT use is Mystery Box campaigns based on probability or a capped pool of NFTs.
One use of Galaxy NFT is to authenticate NFTs such as basketball player Jeremy Lin’s NFTs. The tokens will include film NFTs for the Linsanity documentary. Galaxy will power a Linsanity NFT Drop that will offer access to unreleased director’s cuts and behind-the scenes footage. Some NFT holders will get to meet Lin himself.
Project Galaxy Application Nodes
Galaxy Vote lets users create credentials and credential based NFTs on Snapshot. Platforms use the Galaxy Vote credentials to verify members’ identity and voting status.
The Galaxy ID is a Web3 profile that showcases credentials, OATs, and NFTs. MyGalaxy ID lets users connect to the CoinBase, MetaMask, WalletConnect, Slope, CLV, and Phantom wallets.
The Credential API allows users to build on-chain resumes, build guilds, construct voting infrastructures, and Allowlist users. The Credential Oracle powers credit scoring, Sybil Attack Prevention Algorithms, and Mining Boost.
They claim Project Galaxy powers On-Chain Credentials such as Subgraph Queries and Snapshots. Project Galaxy also powers Off-Chain Credentials, including Twitter, Discord, GitHub, and Offline Events.
Project Galaxy offers a wide variety of credentials. For example, Project xGrenade proves users attended a Grenade Lab event on 4 March 2022.
The Galaxy Token
They launched the Project Galaxy (GAL) token on 5 May 2022. There is an enormous interest in Project Galaxy. For example, CoinMarketCap estimates Project Galaxy was the second most trending cryptocurrency on 7 May 2022.
Project Galaxy (GAL) has some value. It was CoinMarketCap’s 232nd largest cryptocurrency on 9 May 2022. CoinMarketCap gave Project Galaxy a $7.76 Coin Price, a $273.013 million Market Capitalization, a Fully Diluted Market Cap of $1.553 billion, and a 24-Hour Market Volume of $599.652 million on 9 May 2022. They based numbers on a Circulating Supply of 35.161 million GAL, a Maximum Supply of 200 million GAL, and a Total Supply of 200 million GAL.
In contrast, CoinBase gave Project Galaxy a Coin Price of $11.89, a Market Cap of $304.6 million, and a 24-Hour Market Volume of $610.4 million on 9 May 2022. They based those numbers on a Circulating Supply of 35.2 million GAL. CoinBase gave an all-time high Coin Price of $18.26.
Is there a Market for Project Galaxy?
I think there is a growing market for Project Galaxy’s products because NFT fraud is a growing problem.
Chainanalysis had identified 110 NFT fraudsters that had scammed $8.8 million in April 2022, Al Arabiya reports. One NFT scam took $417,000 from 152 traders, for instance.
Similarly, NFTs are a growing business. Chainanalysis estimates people spent $4.2 billion on NFT smart contracts in 2021 up from $106 million in 2020. Additionally, Chainanalysis identifies NFT marketplaces sent $1.4 million in cryptocurrency to illicit addresses in the fourth quarter of 2021.
One way to discourage NFT fraud is to make it easier to identify people who mint and transmit NFTs. Project Galaxy can create credentials that make it easier for NFT creators to verify their identities.
I think Project Galaxy (GAL) is an interesting cryptocurrency that could solve a real-world problem. If you want a new cryptocurrency that could grow, Project Galaxy is worth a look.
Originally published at https://marketmadhouse.com on May 9, 2022.