THE NFT space is opening up incredible opportunities in the art world. There’s even a revolutionary virtual museum online now, giving you a nifty gateway into the virtual world of NFT artists. Virtual reality games offer graphics called video game skins so you can change the look of your character in seconds. NFTs, however, are not just about NFT art. Even a profile picture or a video clip can become part of the NFT art world. 

The NFT space is growing exponentially, with digital artists springing up everywhere. Even complete newbies are exploring how to create virtual art, and now most NFTs marketplaces have an option to mint NFTs of your own. 

weth nft erc-20 standards

Image source: Weth.io

THE NFT space is opening up incredible opportunities in the art world. There’s even a revolutionary virtual museum online now, giving you a nifty gateway into the virtual world of NFT artists. Virtual reality games offer graphics called video game skins so you can change the look of your character in seconds. NFTs, however, are not just about NFT art. Even a profile picture or a video clip can become part of the NFT art world. 

The NFT space is growing exponentially, with digital artists springing up everywhere. Even complete newbies are exploring how to create virtual art, and now most NFTs marketplaces have an option to mint NFTs of your own. 

Cynics say that NFTs have the same kind of popularity as real-world objects like the Beanie Babies collection of the 90s, which became collector items, some selling for over $100,000. Many investors lost money when the Beanie Baby bubble burst. Will the NFTs bubble burst in the same way? Nobody can predict the future, but with the exponential development of blockchain technology, it seems unlikely that collectors will stop buying NFTs.

NFTs can be anything from a GIF to writing. It isn’t always artists that create NFTs. Jack Dorsey sold his first ever Tweet for $2.9 million to Sina Estavi, the CEO of Bridge Oracle, a blockchain company in Malaysia. There can be only one owner for an NFT, and the digital signature on the blockchain authenticates ownership as it records transactions. Estavi has sole bragging rights for the digital file, a 140 character tweet still in the public domain.

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Successful NFT Projects

A 12-year-old boy, artist Benjamin Ahmed, created pixelated digital images of whales. The project went viral, and Benjamin sold tokens of ownership stored on the blockchain. According to several sources online, Benjamin has made almost $300k profit from his NFTs art venture, Weird Whales.

And let’s not forget Mike Winkelmann (Beeple), who sold his digital artwork, “Everyday – 5000 days“, at Christie’s Auction house for the highest price of $69 million.  When Beeple announces a new NFT project, it’s like a feeding frenzy of buyers clamouring for the next big thing in NFTs. Many other auction houses followed Christie’s path and now sell digital assets.

Many NFTs started from obscurity but rapidly gained value as their audience of collectors grew. Trading cards are popular NFTs; sporting cards like NBA Top Shot baseball cards shot into the limelight and became a runaway success. Even William Shatner created a successful NFT collection of personal memorabilia trading cards.

When there’s even a remote chance of making a lot of money from even one NFT, artists and collectors flock to the NFT marketplace to buy NFTs, looking for a non-fungible token that could be “the one” that makes millions of dollars. Unlike traditional artists’ work, like the artist Van Gogh, the NFTs space has created more scope for collectors and more opportunities for artists.

The traditional art world has always been a challenging arena for artists. Traditional collectors are primarily uninterested in art by an unknown artist. Now, however, with rapidly evolving blockchain technology, digital artists sell their artworks on the marketplace daily. Each project is an art form, and art collectors in the NFT world hungrily wait for artists’ digital art pieces. Early adopters of an artist’s work could suddenly find the project attracts a global audience, which is good news for a collector who can resell for a profit and great for a budding artist who can sell digital art to an enthusiastic audience and with a lifetime commission in the code each time the art resells.

The Confusion Around Buying NFTs with WETH

You may be itching to start a non-fungible token (NFTs) collection, but there are a few hiccups you could trip over if you rush into buying digital artwork without a bit of time online for research.

One of the largest NFT marketplaces is OpenSea. It’s easy enough to link up your crypto wallet and think you’re ready to start buying non-fungible tokens (NFTs), but let’s hear one user’s experience of trying to buy a digital asset on OpenSea.

Lucy said, “To purchase an NFT on OpenSea, you have to convert your ETH to WETH first. I was trying to purchase one from a new project launching that a lot of people were interested in. I actually lost the chance to purchase the one I wanted because I didn’t know what I was doing and how to convert it over! Very stressful.”

Imagine missing out on a future NFT artist project and then seeing the price skyrocket a few days later. We don’t want that to happen to you, so this post is one of our free articles providing a step-by-step guide to the process of adding $WETH to your wallet before you start trying to purchase NFT art.

What is the difference between $WETH and $ETH?

$WETH is an ERC-20 token that can be exchanged for another ERC-20 token but, surprisingly, Ethereum is not fully compatible with the ERC-20 tokens it helped to create. 

$WETH is wrapped Ethereum ($ETH), a process generated by smart contracts. $WETH is a currency that allows you to make pre-authorized bids on the OpenSea marketplace for later fulfilment without further involvement from the bidder. Think of it as a bit like submitting a high bid on eBay.

weth erc-20 compliant standard,

Image source: Weth.io

“Wrapped Ethereum was developed to increase interoperability between blockchains and make Ether usable in decentralized applications (dApps)” Source: CoinMarketCap

$WETH is pegged to $ETH, so both have the same value. If you own $WETH, you can quickly redeem it for $ETH. It’s similar to stablecoins like USDC that are pegged to the dollar. Whatever the price of the US Dollar, USDC is the same price.

Why can’t you use $ETH to buy NFTs on OpenSea?

$WETH is the currency to buy and sell on OpenSea auctions. 

“On the Ethereum blockchain, Wrapped Ethereum is needed to swap between tokens on decentralized applications.” Source: CoinMarketCap

Imagine you have a wallet stashed with dollars, and you’re having a family day out visiting a theme park. The park ruling is you cannot use cash within the park. You have to buy physical tokens to pay for activities, food and rides. So you exchange $100 for physical tokens and have fun with your family. It’s much like that.

The main takeaway is that you need $WETH before bidding on art on OpenSea. The next section of this article teaches you the steps to get $WETH into your wallet so you can bid on NFTs.

The Best Crypto Wallet to use on OpenSea

You need a secure wallet before you can convert $ETH to $WETH. MetaMask is the most popular wallet used by OpenSea members.  It’s a non-custodial wallet with transparent fees. You can download the MetaMask app to your mobile device or install it as a Google Chrome extension on your desktop.

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How to Install MetaMask as a Chrome Extension

1.     Click on the wallet icon in the top right corner of the OpenSea website

2.     Click on “MetaMask” to open the wallet download page

3.     Click on “Install MetaMask for Chrome” and “Add to Chrome”

4.     Once you add the extension to Chrome, MetaMask will show in your browser

5.     Click on “Get Started”

6.     Select “Create a Wallet”

7.     An option for sharing data will pop up. Choose according to your preference

8.     Create a strong password and write it down somewhere safe

9.     MetaMask gives you a secret recovery phase. It’s essential to write it down somewhere secure, ideally in several places. You could use a password manager like RoboForm and store it in a safe deposit box. The recovery phase is the master key for access to your wallet. Do not share this key. MetaMask will never ask you to reveal your recovery phase. If you lose the key, you lose access to your account

10. MetaMask asks you to confirm you have stored your recovery key safely by asking you to place the words in the order they gave them

11. Your MetaMask wallet setup is complete

The next step is to add $ETH to your MetaMask wallet. You can transfer $ETH from an existing wallet or cryptocurrency exchange where you hold your $ETH tokens. Then, copy your public MetaMask address and paste it into the “Send” or “Withdraw” option to move from an existing wallet or crypto exchange. Once the $ETH shows in your MetaMask wallet, you are ready to convert it to $WETH.

How to add $WETH to your MetaMask wallet

1.    Your MetaMask wallet may not display $WETH as a default

2.    Click on the MetaMask extension

3.    Click “Add token” and type in WETH in the search box

4.    Click “Confirm,” and the WETH should appear in the item list on MetaMask

How to Exchange $ETH for $WETH on OpenSea

The following is a step-by-step guide for exchanging $ETH for $WETH on OpenSea

1.    Click on the wallet icon in the top right corner of the OpenSea website

2.    A window pops up asking how much $ETH you want to convert to $WETH

3.    Select “Convert Tokens”

4.    A MetaMask window pops up requesting you to sign the transaction

5.    Once the transaction completes, you should see $WETH in the wallet section of your OpenSea account. $WETH has a pink Ethereum diamond logo

Converting $ETH to $WETH may appear complicated, but it’s simple once you have done it a few times. The popularity of NFTs is growing daily as more people believe it’s the gold rush of the 21st century. 

Do NFTS have an environmental impact?

Yes, unfortunately, according to the Eco Experts Website,  NFTs produce a lot of greenhouse gas emissions. The website says, “The average NFT generates 211 kg of CO2, compared to an average of 2.3 kg for a piece of print artwork.”  Sadly, NFT production is unlikely to slow down. With “92 times more carbon emissions than a physical piece of art” (Eco Experts website), they are contributing to global warming instead of reducing the use of fossil fuels.