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June 25, 2022

What is WETH VS ETH on Opensea?

WETH is a term associated with ETH, and NFT collectors will often come across it on top marketplaces such as Opensea. As if the world of crypto and NFTs isn’t confusing enough, we now add wrapped tokens into the mix. What is a wrapped token, which is WETH in this case, and what does it do? What are the differences between ETH vs WETH on Opensea?

WETH and ETH - What’s the Difference?

Let’s start by addressing the most pressing question, what is the difference between the two tokens? They are related, as WETH stands for “wrapped ETH”, which is a wrapped version of the Ethereum blockchain’s native currency. 

What are Wrapped Tokens

In theory, you can wrap any token, and WETH isn’t the only one. Bitcoin, or BTC, also has a wrapped version called wBTC. As of now, different blockchain ecosystems do not have interoperability. This means you cannot transact on Ethereum using Bitcoin and vice versa. 

The big brains in the crypto world then developed wrapped tokens, which is a solution to the problem. Basically, a wrapped token can be used in a non-native ecosystem. 

How Does WETH Crypto Work?

Although WETH is a wrapped version of ETH, there is still a difference in function. WETH operates under the ERC-20 standard and is fungible, which is a standard to issue smart contracts on Ethereum, but ETH does not. Because of this, WETH can be used on DeFi (decentralized finance) platforms and ETH cannot. 

As for the value comparison of WETH vs ETH on Opensea, the two are identical. 

When you wrap a token, you would need to transfer the native asset, in this case, ETH, to a centralized keeper. Then all you need to do is select your token, convert it into the wrapped version and swap them. 

Many people may wonder if WETH is really necessary. We believe it 100% is because blockchains do not yet support interoperability. The complexity of the network makes it very difficult to do crypto transfers as we would in regular banks, and wrapped tokens eliminate the problem of having to purchase other tokens with your assets just to conduct a certain transaction.

ETH and WETH on Opensea

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WETH is used on the Opensea marketplace for buying and selling NFTs. WETH is used to make “pre-authorized bids” as the platform states, without needing to fulfill the transaction until later. ETH is used on the platform in the very standard way – to participate in more immediate transactions.

How to Get WETH on Opensea

In order to get WETH on Opensea, you must first have an account with the marketplace. Then follow the steps below to get WETH for transactions.

  1. Find the wallet icon on the top right-hand corner of the OpenSea homepage
  2. Locate Ethereum, click the three little dots, and then choose Wrap
  3. A separate window should pop up where you can select how much ETH you want to convert
  4. Once you have entered the information, click Wrap ETH
  5. A confirmation from your wallet should then show up. A common wallet used for ETH and Opensea is MetaMask.
  6. You will then be able to see the WETH in your wallet on your OpenSea account 

If you are using the MetaMask wallet and you do not see WETH, follow these steps:

  1. Click on the MetaMask extension icon 
  2. Click Add Token at the bottom
  3. Search for WETH in the search bar, click it, and you should see WETH appear as an option in your wallet

FAQ

• Does Opensea use WETH or ETH?

Opensea uses both WETH and ETH. Opensea also supports various other tokens, such as SOL, USDC, and DAI and may onboard more blockchain ecosystems in the future. WETH and ETH are equal the same amount and WETH can be used to make pre-authorized bids. 

• Are WETH and ETH the same?

No, WETH and ETH are not the same but they do have similarities. They are worth the same in value, and you can also see this on sites that list NFT stats. The difference is that WETH is a wrapped version of ETH that follows ERC-20 standards and is fungible, but ETH isn’t.

Conclusion

Wrapped tokens may be confusing at first, but in short, they just add a level of convenience when operating between blockchain networks. As most of us may know with regular banks, it may not be worth it to convert one currency to another then to another, and the same can go for crypto as well.  

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