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[NFTs] How to Wrap and Unwrap Ether for placing bids
Why do we have to wrap ether?
We wrap ETH to become WETH, to place bids.
The deep down
Strangely, ether itself is not compliant to its own software standards. Ie. ETH is not ERC-20 compliant. Hence, it makes it difficult for a "smart contract" to execute a trade for you.
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However, when we place a bid, we are essentially telling the blockchain/opensea: "you can go ahead and deduct this amount of WETH from me, if the seller decides to execute the contract (sell the NFT).
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The easy way out: Use opensea
1) Click on the
Make Offer on the opensea listing
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2) Convert ETH
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3) That will bring you to the uniswap exchange. Connect wallet.
Select swap from ETH to WETH. Click
wrap. Pay the blockchain fee.
4) You might be wondering what happened. You basically converted ETH to WETH. To see it, click add token on your metamask.
5) With the same WETH you can place unlimited number of bids. Eventually someone will budge. If your account has insufficient WETH, the rest of the bids will be automatically cancelled.
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The hard way out: Contract interaction
Sometimes, you might be extra paranoid, or just want to feel more powerful. You can try interacting directly with the contract.
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1) Find the Wrapped Ether contract.
0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Make sure it looks exactly like this. And the token tracker says
Wrapped Ether (WETH).
2) Click on
Contract and Write Contract. Connect your wallet by clicking Connect to Web3.
3) Key in the amount that you want to wrap in ether. For example 0.15 ETH. And click
write and pay gas fees.
Bonus: I have paper handed and accepted a bid, now I have WETH, how do I unwrap it?
1) Find the Wrapped Ether contract.
0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Make sure it looks exactly like this. And the token tracker says
Wrapped Ether (WETH).
2) Click on
Contract and Write Contract. Connect your wallet by clicking Connect to Web3.
3) Think about the anount of
WETH that you want to convert to ETH. And add 18 zeros behind.This is a very important point (1 ETH = 10^18 wei).
I.e.
0.2 WETH will convert to 2000000000000000002 WETH will convert to 2000000000000000000Now key that number into this
wad field.Then click
write and send it to the blockchain.
This guide was prepared by 
and has not been verified for errors.
and has not been verified for errors.Â