Quick summary: Our recommendation is to use eToro to short Decentraland. They have the most popular cryptocurrencies on offer, great support, and have an easy system for shorting cryptocurrencies in general.
While there are a lot of options out there for buying MANA, shorting is a different story. Luckily for us here in Australia, we do have a few crypto brokers and exchanges that allow for CFDs and shorting.
One of those brokers is eToro, which we’ll be using for this guide. Let’s get started!
How to Short Decentraland in Australia
A quick recap first on what shorting actually is: The main objective of shorting or short selling is to make a profit (of course). The idea is to sell a stock/cryptocurrency hoping it will drop in value so you can buy it back later for cheaper, thus creating a net profit.
Shorting Decentraland can be done in 4 easy steps:
1. Choose a cryptocurrency trading platform
As mentioned before, for this guide we’ll be using eToro as they offer the ability to short the most common cryptocurrencies.
You can, of course, use any other crypto broker to follow along, they all work very similarly.
2. Create an account on the crypto exchange
Let’s start with just signing up with eToro.
The sign-up process is very easy and quick, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your account
Next is funding your account. You have several options when it comes to depositing AUD into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short Decentraland
Now for the actual shorting:
- Starting off at the search bar at the top, find Decentraland by entering the name or symbol.
- Then on the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short sell the stock.
- Enter the amount for which you want to sell Decentraland and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Decentraland has dropped, go to your Portfolio, find the Decentraland trade, and click on the red cross to close the trade.
If your assumption/prediction was right, then the profit will be added to your account after closing the trade. If you were wrong on the other hand, you’ll incur a loss which will be debited from your eToro account.
Congratulations, now you know how to short Decentraland!
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.
Where to Short Decentraland (MANA)
Aside from eToro, the other major exchange you can use is Binance.
While Binance tends to be a bit more complex compared to eToro, they do have more cryptocurrencies on offer.
Frequently Asked Questions
Can I short Decentraland on Binance?
Yes, you can short Decentraland on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
MANA stands for the native currency of Decentraland. It is an ERC-20 token powered the Ethereum blockchain. MANA token can be used to purchase land and pay for goods and service in Decentraland. MANA tokens can be purchased on a variety of centralized exchanges and decentralized exchanges.
The Decentraland concept of LAND is a parcel of land that can be used in the 3D virtual environment. LAND is an Ethereum blockchain-powered non-fundigble token. The blockchain allows users to trace the land titles and make permanent ownership of any LAND that they buy. This would allow them to have full control over the 3D scenes they want to build on the LAND. To create larger parcels of land, individual parcels can be combined to make estates. You may also purchase LAND through secondary markets such the Marketplace or OpenSea.
MANA, an ERC-20 token can be stored in any Ethereum compatible wallet. Trezor or Ledger are good options for keeping your cryptocurrency safe. Metamask wallets, MyEtherWallet and MyCrypto are all options for those who want to interact directly with the Decentraland smart contract.
Decentraland is a platform for content creators and businesses looking for a new medium, business opportunity or source of entertainment.
The Decentraland gaming world, known as the Metaverse, is divided into 90 601 separate parcels of land. Each parcel of LAND is represented with an ERC-721 nonfungible token. Each LAND measures exactly 16mx16m (256 square metres) and can be found at a given coordinate in Metaverse.
While LAND owners are allowed to make their plot whatever they want, the Metaverse is split into multiple districts. Each district has a different theme and size. These districts were formed by individual crowdsales of MANA tokens. Parcels of LAND within these districts can't be traded.
Aetheria, a cyberpunk-themed district that consists of 8,008 Land, was the largest as of January 2021.
Decentraland is among the many projects using a decentralized autonomous organizational (DAO), structure for governance decisions. MANAtoker holders control the Decentraland world's behavior by voting and proposing policy updates.
Decentraland users have many ways to monetize their LAND. This includes leasing, advertising, and paying experiences. Others can earn an income as well by selling and creating items on the Decentraland Marketplace for MANA tokens.