This guide tells you everything you need to know about buying Opensea NFTs using Polygon. Opensea is a marketplace where people can buy and sell NFTs that are on the Ethereum or Polygon networks. Most people don’t know that the Polygon network is actually part of the Ethereum blockchain. This is because the Ethereum blockchain is considered a base or level 1 chain. And the Polygon network uses parts of this system, so is considered a level 2 network. So Polygon is essentially an add on network to the Ethereum chain. This is why it was named Polygon, as it has many sides, uses, and interconnectivity. Polygon using MATIC as its cryptocurrency.
How do Polygon transactions on Opensea work?
Any transaction via Polygon actually happens over the Ethereum network, due to Polygon being a child network of Ethereum. There is two types of currency used on the Polygon network for Opensea. ETH on Polygon is used to buy Polygon NFTs. ETH on Polygon is basically ETH from the Ethereum network converted to Polygon network. You will notice it converts at the same value. The ETH is converted using an option called bridging (which we explain below). To bridge or convert your ETH, you will be charged a gas fee on the Ethereum network in ETH. Then there is MATIC, which is a Polygon coin used to settle fees on the Polygon network. By default, your Metamask will be configured to enter the Ethereum network, and probably won’t have the Polygon network displayed as an option. If you want to buy Polygon NFTs on Opensea, then your Metamask must be connected to the Polygon network to do this.
Why buy Opensea NFTs using Polygon?
The Polygon network requires no gas fees, which can help you save a lot of money when buying NFTs.
Buying Opensea NFTs using Polygon: Ethereum Network Method
Any NFTs which display a purple diamond on Opensea is an ETH on Polygon trade. This means you must have enough ETH within the Polygon network to purchase it. This method tells you how to convert ETH (from Ethereum mainnet) over to the Polygon network. For example, let’s say you got 0.03 ETH on the Ethereum network. If you transferred all of this you would then have 0.03 ETH MATIC on the Polygon Network. Please note that there will be a gas fee when converting ETH from Ethereum network to Polygon network. However, this may be the best method for you as it is the easiest way to convert. Below are instructions on how to convert using an option called bridging in your Metamask wallet:
- Go to the Opensea home page.
- Click on the Wallet icon on Openea.
- Enter your Metamask password. This will log you into Metamask and your Opensea account.
- Make sure you have the Polygon network installed on Metamask. Your networks can be switched at the top of Metamask where it says Ethereum Mainnet as default. Follow this guide to connect your Metamask to the Polygon network.
- Select Ethereum network (Ethereum Mainnet) at the top of your Metamask wallet.
- Click the “3 dot menu” in Metamask, next to ETH (Ethereum).
- Click “Bridge to Polygon”.
- Enter the amount of ETH (Ethereum Currency) you want to convert into ETH (MATIC Currency).
- Now click convert tokens.
Buying Opensea NFTs using MATIC (Saves on gas, but more tricky)
This method saves on gas fees as you add MATIC directly to your Metamask. You can do this via binanace where you send MATIC directly to your Metamask wallet. You can then switch that MATIC to ETH (on polygon) using very low gas fees.
- Create a binance account.
- Add MATIC to your binance account.
- Send MATIC via your MATIC network to your Metamask Polygon account.
- Once you have MATIC in your Metamask wallet, switch that MATIC to ETH on Polygon. You can use quickswap or Uniswap for this.
- Fees are very low to swap MATIC to ETH using this method.
Buying with Polygon Summary
- Polygon network must be connected to Metamask before you can buy NFTs on Opensea.
- Polygon ETH is represented by the purple diamond symbol on Opensea and Metamask.
- The Polygon network is a child network of Ethereum.
- MATIC is used to settle polygon network fees.
- MATIC is a coin of Polygon.
- ETH on the Polygon network can buy you Polygon NFTs. This is not ETH, buy the value of ETH on the Polygon chain.
- Bridging (converted) ETH from the Ethereum mainnet to Polygon requires an ETH gas fee to be paid.
- An alternative and cheaper method to bridging is by getting MATIC into your Metamask wallet.