Swap ETH to WETH & Reverse

Introduction

This guide will take you through the process of managing Ethereum (ETH) and Wrapped Ethereum (WETH) swaps, handling gas fees and depositing ETH from fiat using portfolio.metamask.io on Opensea.io, a leading platform for NFT becoming a collector with Soul4Space or trading NFTs.

Learning Token Standards

Before diving into the mechanics, it's essential to understand the difference between ETH and WETH:

1. ETH: Ethereum's native currency, powering the Ethereum network

2. WETH: A wrapped version of ETH, tailored to be ERC-20 compatible, which is the standard used for most NFTs on OpenSea

• Insight: On OpenSea, while ETH can be used for direct purchases, WETH is essential for making offers on NFTs which Soul4Space utilises currently.

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Section 1: Converting ETH to WETH on OpenSea

1. Open your web browser and go to Opensea.io

2. Click on "ETH/WETH next to Wallet" at the top right

3. In the "From" box, select 'ETH' and in the "To" box, select 'WETH'

4. Enter the amount of ETH you want to convert to WETH

5. Click "Add to offer balance" to convert your ETH to WETH

• Insight: You'll need WETH, not ETH, to make an offer on an NFT on OpenSea.

Section 2: Understanding Gas Fees

1. Gas fees are what you pay for transactions on the Ethereum network

2. Keep some ETH in your wallet to cover these fees

• Expert Tip: Gas fees can fluctuate based on network congestion. It's important to keep this in mind when making transactions.

Section 3: Converting WETH Back to ETH

1. Click on "Withdraw from offer balance" to convert your WETH back to ETH

2. Enter the amount you want to convert or click "Max"

• Insight: It's useful to know how to convert WETH back to ETH for future flexibility.

Section 4: Depositing ETH from Fiat Using MetaMask

1. If you don't have enough ETH for gas fees, go to portfolio.metamask.io and click "Buy ETH"

2. Select your payment method, enter the amount you want to deposit and proceed

3. Select the third-party provider offering the best price and complete your purchase

• Expert Tip: Always compare prices among different third-party providers to get the best deal.

Section 5: Verifying Your Transaction on Etherscan

1. Click on your recent transaction and click "View on block explorer" to see your transaction details on Etherscan

2. You can see various details of your transaction, such as Transaction Hash, Block Number, Status, Timestamp, Transaction Fee, Gas Limit and Gas Price

• Insight: "Etherscan" is a useful tool for tracking and verifying all your transactions on the Ethereum network.

Conclusion

You now know how to manage ETH and WETH swaps, handle gas fees and deposit ETH from fiat on OpenSea. This will enable you to navigate the NFT marketplace more effectively and make informed decisions.

• Remember: Always keep track of your transactions and manage your wallet carefully. Enjoy your journey into the exciting world of NFTs!