Quick summary: Our recommendation is to use eToro to short Gala. 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 GALA, 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 Gala 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 Gala 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 cryptocurrency 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 Gala
Now for the actual shorting:
- Starting off at the search bar at the top, find Gala 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 Gala and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Gala has dropped, go to your Portfolio, find the Gala 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 Gala!
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.
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Where to Short Gala (GALA)
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 Gala on Binance?
Yes, you can short Gala on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Gala Games wants to revolutionize the gaming industry by giving gamers back control of their games. Gala Games' goal is to make "blockchain-friendly games" that gamers will actually enjoy playing. Players can spend hundreds of money on in-game assets and spend hours playing the game. But, with just a click, they could lose control. The project aims to restore creativity and innovation in games through the use of blockchain technology. This will allow players to take control of their games and in-game resources.
Gala Games allows players to own non-fungible tokens and have an influence on the governance of games within the ecosystem. Players have the ability to vote through the Founder's Nodes voting mechanism and influence which games Gala develops and which games get funded. Gala Games uses GALA, its own utility token, to purchase NFTs for specific games. Gala Games currently has one game, Town Star, and a NFT collectible series VOX. It plans to continue releasing games, including a fantasy RPG, a sci fi strategy game, and a tower defense.
Gala Games was launched in 2019. Since then, there have been 1.3 million active users monthly and 26,000 NFTs sold. The most valuable piece is valued at $3 million.
Gala Games does not offer one game. Instead, it offers many different blockchain games. Town Star, the only game currently available, is a simulation of a city that can be accessed via a browser. Town Star lets players manage a town much like SimCity. But they are the actual owners of the town.
Gala Games' collection NFT avatars, VOX, is the name of their set. Each VOX has a unique design and some VOXs have a higher rarity than others. 8888 VOX was distributed at a cost of 0.0888 ETH or approximately $280 in the initial drop. VOX is a Town Stars-inspired currency. However, it has more utility than just being an NFT avatar. Holders of VOX can earn VOXcoin through the use of their avatars. VOX holders also have their own FBX file that allows them to animate and even 3D print their avatars.
Other games are currently in development. Fortified is an online tower defense game that pits player against player in a medieval setting. Each player will be competing to design the best tower defense strategies.
Mirandus, a fantasy role-playing games (RPG), is set in a large world that is controlled by five players-monarchs. Players will have the opportunity to control in-game assets as well as claim areas of the ingame world.
Echoes of Empire, a sci-fi strategy video game, is set in a galaxy that is at war. Spaceships can be owned by players and they can also control certain parts of the galaxy.
Spider Tank Project is an online multiplayer battle game that allows players to select a "spider tanks" to fight other players. It is free-to play but will offer in-game earning options. It is expected to be released in the fourth quarter of 2021.
When it comes to the development of these games, community feedback is an important component. Gala Games is constantly testing assumptions and engaging with their Discord community. This allows players the ability to direct the game's design and direction.
Gala Nodes allows users to support the Gala network by running their own Gala Nodes. Users can earn rewards such as GALA and limited edition NFTs. There are also other opportunities. The Gala Node ecosystem includes a triple-proof node network - proof of work (PoW), evidence-of–stake(PoS), as well as proof-of–storage. Founder Nodes (also PoW) are tier-1 Nodes based on 50,000 fully own NFTs. These are early supporters of network and will receive NFTs for all future games and GALA assigned to their node licens. The paid nodes known as PoS operate in specific games through smart contract "rental" structures. Proof-of-Storage is a free node which will allow games to be fully hosted on node ecosystem. It eliminates dependence on central hosting solutions like Amazon S3.