Project Galaxy ($GAL) & The Emerging Web 3 Social Stack
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The Thesis: An Emerging Web 3 Social Stack
When I first came across Project Galaxy, I was admittedly a bit skeptical.
The idea was simple: Project Galaxy would help projects issue NFTs to their power users as onchain loyalty programs.
At first, I was skeptical about the value accrual of what I understood was a tokenized marketing platform for DAOs. Galaxy’s lead investor, Multicoin Capital, echoed the same lukewarm sentiment in their investment in the beginning. Galaxy was a moonshot, and neither of us knew how the “Web 3 social” thesis - which seemed more pie-in-the-sky relative to verticals with quantifiable traction like DeFi and NFTs - would play out.
Our only shared conviction was that if the space were to be big, the Galaxy team was likely the one to crack it.
Six months later, Project Galaxy now boasts 2.8M users and 3,655 campaigns held, with its native token trading at a $115M market cap ($654M fully diluted valuation). While by no means a mature project yet, Galaxy represents part of an emerging Web 3 social stack that warrants attention as it evolves into its own market category.
This week, we’ll examine what Galaxy does, its data credential network, whether its token can capture value over time, as well as upcoming catalysts.
Contents:
The Thesis: An Emerging Web 3 Social Stack
How Galaxy Works
Use Cases for Galaxy
Review of Traction and Performance
$GAL Token Model (Interactive)
Upcoming Catalysts