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Polygon vs Ethereum OpenSea: Which Should You Use?
Ethereum is a multi-chain NFT marketplace that features both Ethereum blockchain and Polygon Blockchain support. Since Ethereum gas fees are famously high, is Polygon the ultimate alternative for you to save cash when listing and purchasing NFTS? Let’s find out.
What is the Difference Between Polygon and Ethereum on OpenSea?
The biggest drawback to an Ethereum platform is the high gas fees. This isn’t even taking the transaction fee into account yet, and you’ll be hit with one of the highest gas fees on blockchain technology. Polygon’s integration into OpenSea seems to solve that problem.
Polygon, unlike Ethereum, is a layer 2 solution. It’s a side chain that works with the Ethereum ecosystem (considered the main chain on OpenSea) but the smart contracts are done on Polygon rather than ETH (short for Ethereum), which can save you cash.
They also have different NFTs, helpful stats for different collections, and the level of security and functions will vary as well.
Which is Cheaper?
When it comes to the price for Ethereum VS Polygon on OpenSea, Polygon network wins by a landslide. For starters, Ethereum has notoriously high gas fees, and aside from that, you still have to pay one-time fees and recurring fees on the platform. The fees may also be higher during busier times of the day.
For minting, creators do not have to pay an upfront gas fee with Polygon. Instead, it can be said that it’s offloaded to the buyer, who will need to pay a gas fee because you can only purchase popular NFT collections with Polygon ETH (meaning Ethereum is involved). However, this gas fee is much lower than it would be if you used Ethereum directly on OpenSea.
How to Withdraw Money From OpenSea
As the largest NFT marketplace as of now, OpenSea makes transactions easy for buyers and sellers. To withdraw cash from the platform, all you would need to do is create an account on OpenSea and have an account on a cryptocurrency exchange.
Connect your crypto exchange account to your bank account, directly to your credit card, or even PayPal.
Get an ETH account, as that is the main chain on OpenSea. This means that you will only be able to use Ethereum for transactions.
You can send or receive Ethereum in your account settings. Click the send/receive button to view your Ethereum.
Find your Ethereum address and copy it to your OpenSea account. Once you have done that, you can now use your crypto wallet to withdraw Ethereum assets.
When you want to withdraw from OpenSea, just copy your account address on the crypto exchange into the recipient field, then enter the amount.
The blockchain will confirm the transaction and the money should appear in your wallet as well as your crypto exchange account.
Now that you have ETH in your account, you can trade with other currencies and withdraw money to your physical account.
Ethereum on OpenSea: Pros and Cons
You can conduct global digital payments on Ethereum, which is considered the most transparent ecosystem. Ethereum is a very popular blockchain network with plenty of supporters in the NFT and crypto worlds, but this also contributes to its high gas prices.
One of the biggest advantages of Ethereum is the transfer speeds. Not only that, but because it’s an open-source platform, the code is public. This means that anyone with the know-how can help the platform improve. Ethereum is also unique because there is no limit to the number of tokens the platform can create and it is a foundation for decentralized finance.
Have you heard of mining crypto? Maybe you have when it comes to Bitcoin, but Ethereum is easier to mine. Another advantage is the security of the network. Ethereum is more secure and you will get access to the more popular NFT collection launches because of Ethereum’s popularity in the NFT space. Check out NFT Drops website for more information about upcoming NFT collections.
Lastly, Ethereum is one of the few (if not only) fast blockchain ecosystems that have an auction feature. This means that creators can sell their NFTs at a fixed price for instant transactions or set their digital work to be auctioned off within a set period.
The major drawback when it comes to Ethereum is the high gas cost. It essentially comes down to demand, but the blockchain is more secure; you can find unique NFT collection pieces, and your transaction occurs almost instantly.
Polygon on OpenSea: Pros and Cons
The primary advantage of Polygon is the lower gas fees when minting with Polygon Matic. The alternative blockchain has less scalability compared to Polygon and gives users a bit more sovereignty. If you thought Ethereum was fast, Polygon is even faster. However, buying NFTs on Polygon is more complicated because the process includes converting Ethereum to Polygon or you can try adding Polygon directly to your wallet.
Despite having the extra step, converting ETH to Polygon only requires a small gas cost, which can save you some dough.
There are a few disadvantages to opting for Polygon instead of Eth. It is a new transaction for many, because more people are familiar with Eth, which means they may be apprehensive to go through with the transaction. Polygon takes a backseat in terms of security, and it lacks the auction function. Creators on Polygon would have to sell their pieces for fixed prices.
Which is Better to Use on OpenSea?
There isn’t a definitive answer as to which platform is better when you’re investing in NFTs. it depends on the type of users (buyer or seller), what type of NFTs you’re looking for, the selling feature you want (auction or set price), and fees and security when comparing Ethereum VS Polygon on OpenSea.
For better security, the auction function, and a strong foundation, we suggest Ethereum. For lower gas prices and fast transactions for each NFT sale, then go for Polygon, but account for the extra steps.
FAQ
• Why does OpenSea use Polygon?
OpenSea uses the Polygon because it offers lower fees. Minting is much cheaper than the alternative and the Polygon integration is also much faster. However, there are extra steps to adding Polygon to your wallet.
• Is Polygon free on OpenSea?
Yes, Polygon is free on OpenSea. With this network, you can try gasless minting. Creators can bypass this cost when minting, listing and selling, but the buyers will still have to pay it because of the conversion.
Conclusion
Selling NFTs on Opensea with Polygon is much more advantageous to the creator, but not so much to the buyer. Your choice between these two blockchain ecosystems will depend on where you stand and the functions you need. If you don’t want to deal with minting gas fees, then Polygon is your best bet. However, Ethereum is the premier blockchain for popular NFTs.
