Have you ever tried to bid in an Opensea auction? It has got a unique way of bidding in auctions. OpenSea has introduced WETH (Wrapped ETH) as the currency to bid in auctions. In this post, we will reveal how to approve WETH on OpenSea.
WETH (Wrapped ETH) is a currency that allows users to make pre-authorized bids that can be fulfilled at a later date without any further action from the bidder. WETH is used to buy and sell with auctions on OpenSea. ETH and WETH are worth exactly the same amount and can be exchanged directly on your OpenSea profile.
WETH is helpful for the buyers in any auction on OpenSea. It helps to reduce gas fees and encourages the use of auctions on its platform.
So, without wasting much of your time, let’s start.
How To Buy WETH?
Before you can approve WETH on OpenSea, you need to purchase WETH in exchange for ETH. Then it can be used on auctions and for bids. Here is a guide on how to exchange ETH by WETH. Follow the steps ahead.
- Click the wallet icon on the top right corner of your OpenSea page.
- A smaller window will pop up asking how much ETH you’d like to convert to WETH.
- Then, select the “Convert tokens” button.
- A MetaMask window will appear, asking you to sign the transaction.
- Once successful, WETH will appear in the wallet portion of your OpenSea account.
- You’ll be able to clearly see the difference between WETH and ETH, as WETH has a pink Ethereum diamond logo.
How To Add WETH To MetaMask?
At first, you might not see WETH in your MetaMask account. Here is a guide on how to add WETH to MetaMask so that you can later approve WETH on OpenSea.
- Click on the MetaMask extension.
- Click Add Token at the bottom of the window.
- Type in WETH into the Add Tokens search box, you should see Wrapped Ether (WETH) show up as an option.
- After confirming, you should see WETH appear in your item list on the MetaMask extension.
How To Approve WETH On OpenSea?
Auctions can be an exciting way to sell your NFT. WETHs are only approved in auctions. OpenSea has made it, especially for auctions to reduce the transaction fee. Once you are on OpenSea, connect with MetaMask. It already has some WETHs in it now.
- Search the NFT you want to bid for in the auction.
- Click on it.
- Place a bid.
- Complete the transaction using WETH.
- Once it is approved by the owner, you can earn the NFT.
OpenSea will automatically complete this transaction if a sell to the highest bidder auction finishes above 1 ETH, with OpenSea paying the gas fee in the process.
If the auction finishes below 1 ETH, it’s up to the seller to accept the highest offer. The seller is under no obligation to complete the transaction.
Making a bid on this kind of action is like making an offer on a fixed-price listing. The seller can choose to accept it at any time, but the buyer will need WETH to create a bid.
Any bids made in the last 10 minutes of an auction will extend each auction by 10 more minutes. Popular auctions are often extended by new bids offered in the last 10 minutes.
You may cancel an auction at any time, but doing so will require paying a gas fee.
If you are doing a Sell to highest bidder auction you can set a Reserve Price. If you don’t receive any bids equal to or greater than your reserve price, the auction will end without a sale.
Here we end our post on how to approve WETH on OpenSea. WETH is just the wrapped ETH, which is created by the OpenSea platform to encourage the auctions. The drops and new launches are mostly in auction form. It also helps to reduce the gas fees.
Keep exploring our website to know more about NFTs.
Frequently Asked Questions
Q1. How Do I Get WETH On MetaMask?
Wrapping ETH on MetaMask:
- Open your MetaMask wallet and make sure your network is [Ethereum Mainnet].
- Next, click [Swap].
- In the [Swap to] field, search for WETH.
- Input the amount of ETH you want to swap and click [Review Swap].
- You’ll now see a quote showing the conversion rate (which should be 1:1).
Q2. How Do You Change ETH MetaMask To WETH?
Select the wallet icon in UniSwap and connect MetaMask to it. The mobile version might show three dots instead of an icon. Either way, go to the “Swap” option and select WETH first and ETH secondly. There, you need to type in the amount of WETH that you need to unwrap.
Q3. Is WETH The Same As ETH?
In a nutshell, there is no difference between ETH and WETH because the latter is simply a “wrapped” version of the former. For cryptocurrencies, a “wrapped” token is nothing but an empty vessel that contains the original asset. The process of wrapping helps use a non-native asset on any blockchain.