What is Wrapped Ether (WETH)? This is a question often asked by Opensea newbies. Every cryptocurrency has a wrapped version. Wrapping means turning the currency into a token so that it can be used on other blockchains. WETH is technically an ERC-20 token, but contains the same value as ETH. Your ETH currency can be converted to WETH. Both ETH and WETH have the same value. WETH is used universally across many web3 platforms. In Opensea WETH is used to bid on NFTs.
Why is WETH Used?
Wrapped Ether (WETH) is used to carryout any type of bidding action where orders could be fulfilled at a later date, rather then through a buy it now action. Lets say I have just 1 WETH in my account, but I make a 1 WETH bid on 20 different NFT items. The moment my bid is accepted, it will mean all my other bids become invalidated as I will no longer have enough WETH funds in my account. So WETH gives bidders more flexibility.
How to Convert (or wrap) ETH to WETH
- You will need a Metamask wallet.
- Go to Opensea. Then log into your Metamask and Opensea account by clicking the digital wallet icon.
- Click the 3 dot menu icon on your Metamask wallet.
- Make sure you have the Ethereum Mainnet selected at the top of your Metamask wallet.
- Click “Swap”.
- Enter the amount of ETH you wish to swap (convert) into WETH.
- You can now review the amount you will be swapping. Once you are happy, click the “Swap” button.
- 1 ETH = 1 WETH.
- The WETH should now be in your MetaMask wallet.
- You are ready to bid on items on Opensea.