Summary: Shorting Gala is pretty straightforward, all you need is a crypto broker that allows for short selling. While there are a few exchanges out there that have added the ability to short crypto, our recommendation is to use eToro. They’re well-known, have a global presence, and are trusted by millions of users from 100+ countries.
We’ll be using eToro in our guide, you can sign up with one of the sign-up buttons below.
Before we get started, let’s quickly explain what shorting is (for those that are new to it). Shorting is the practice of selling a cryptocurrency hoping it will drop in price so you can buy it back later for cheaper… which, if successful, will give you a net profit.
It might sound a bit complex but don’t worry, it’s a lot easier than you might think.
How to Short Gala
Shorting Gala can be done in 4 steps:
1. Find 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 exchange that allows for short selling.
2. Sign up with the cryptocurrency exchange
Let’s start with creating an account on eToro.
The sign-up process is very easy, 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 deposit methods to choose from when depositing funds into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short Gala
These are the steps to follow to execute a short sell:
- Go to the search bar at the top, find Gala by entering the name.
- 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 the crypto.
- 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 advanced when compared with eToro, they do have a lot more digital assets to trade with.
Frequently Asked Questions
Can I short Gala on Binance?
Yes, you can short Gala on Binance. They have over 300 cryptocurrencies on offer, have a decent phone app and a lot of advanced trading features.
Gala Games seeks to transform the gaming industry by giving players back control of their games. Gala Games' mission to make "blockchain gaming you want to actually play" is to transform the industry. It wants players to have control over their games and not be able to spend hundreds on in-game resources. With blockchain technology, the company plans to reinvigorate creativity in games by giving players the ability to control the games and other assets.
Gala Games players can purchase non-fungible tokens, or NFTs, and exert influence over the governance of these games. The Founder's Nodes voting scheme allows players to decide what games Gala should develop, and which games should be funded. Gala Games has its own utility token called GALA. This is used to buy NFTs for specific game titles. Gala Games has only released Town Star (a playable title) and VOX (a NFT collectibles series). It plans on releasing more games in future, such a fantasy RPG game and a scifi strategy game.
Gala Games launched in 2019, and now has 1.3M monthly active users. Gala Games also sells 26,000 NFTs, the most expensive being $3 million.
Gala Games isn't just one game. The site offers many other blockchain games. Town Star, which is the only current playable game, allows you to simulate a town in your browser. Town Star is a simulation of SimCity where players can manage a city. However, in Town Star they have full ownership.
Gala Games' collection NFT avatars called VOX. Each VOX can only be obtained once and each VOX is different. Some VOXs are more rare than others. The initial drop of 8,888 VOX resulted in an average price of 0.0888 ETH. This is roughly $280 at the time this article was written. VOX was inspired by Town Stars and has other purposes than its NFT avatar. Holders can secure GALA and earn VOXcoin playing with their VOX avatars. VOX owners can also download their own FBX file which allows them animations and 3D printing of their avatars.
Other games are in the works. Fortified is a game of tower defense between players in a fantastical medieval setting. Competitors will battle to construct the best tower defense strategies.
Mirandus (fantasy role-playing game) is set in a huge world ruled over by five player monarchs. Players will be able claim parts and assets within the game.
Echoes is a scifi strategy game. It takes place in a galaxy undergoing war. Players can create their spaceships and take control of parts the galaxy.
Spider Tank Project is an online multiplayer game where players can choose from a variety of "spider tanks" and battle each other. The game can be played for free, but there will be in-game earning possibilities. It is due to release in Q4 2021.
The community feedback is a crucial component of the game's development. Gala Games regularly engages and tests assumptions with their Discord community. This allows players influence the direction and design the games.
Gala Nodes are a way for users to get involved in the Gala network. GALA, limited edition NFTs, and other benefits are available to users in return. The Gala Node ecosystem comprises a triple-proof system of nodes - proofs-ofwork (PoW), proofs-ofstake (PoS), or proofs-of storageage. Founder Nodes also known as PoW, are tier-1 Nodes based 50,000 fully-owned NFTs. These are the early supporters of this network. They will receive NFTs and GALA from all subsequent games. These are nodes that are paid to operate for specific games using a smart contract rental structure. Proof-of–Storage nodes are free and will enable the games to fully be hosted on the node eco-system, eliminating the dependence on centralized hosting solutions such Amazon S3.