Wrapped Ether (WETH) is used to make an offer to buy an NFT or bid on an auctioned NFT.
WETH allows users to make pre-authorized bids that can be fulfilled at a later date without any further action from the bidder. WETH is minted when a user sends ETH to the WETH decentralized, open-source smart contract. The smart contract holds the ETH sent by users and mints an equivalent amount of WETH. OpenSea does not mint WETH, exchange ETH for WETH, and OpenSea does not operate or control the WETH smart contract.
This guide explains:
How to convert ETH for WETH
How to add WETH as a token in your MetaMask wallet
Converting ETH to WETH
You can follow these steps to convert ETH into WETH:
1. Navigate to the top-right corner of OpenSea and click on your wallet balance.
2. Select Swap. Enter the amount of ETH (or other owned token) that you’d like to swap for WETH.
3. Click Confirm. You'll be prompted to confirm the transaction using a third-party smart contract. The transaction will involve a gas fee since you are interacting with the blockchain.
4. Once the wrap is complete, you'll see a confirmation message and you’ll see your wallet balance update.