What wETH Means in NFTs
Wrapped Ether, to call it fully (wETH), is basically token that can be swapped, like for like, with Ether. Wrapped Ether is used in linking Ethereum to other chains when Ether is unable to do so. To avoid confusion, wETH is more like a substitute for Ether on platforms incompatible with the latter.
wETH Sentence Example
- “You can convert your ETH for some wETH to mint this NFT.”
- “I tried getting some wETH, but the transaction failed.”
wETH Meaning NFT Variations
- Wrapped Ethereum
- Wrapped Ether
wETH Meaning NFT – Context
wETH simply means Wrapped Ether. It is a token that Ether can be traded for without its value being affected. wETH can be used to purchase NFTs and bid during dutch auctions. It is a form of Ether created to compensate for Ether’s incompatibility with ERC-20.
Ether, having been created before the ERC-20 protocol was initialized, cannot ordinarily be exchanged with newer, post-ERC-20 tokens. Such transactions would have required the presence of a third party and the complexities that come with it.
So, to avoid third-party issues and foster the easy exchange of Ether for other Ethereum tokens, wETH was created.
Primarily, wETH is used to buy or make offers to buy NFTs that have been auctioned. Wrapped Ether is a version of Ether itself that is compatible with ERC-20.
What is ERC-20? It is simply a standard for token exchange, which allows tokens created on ETH blockchains to relate with each other.
Wrapped Ether can be used to make bids that are pre-authorized on auctioned NFTs. It is a type of cryptocurrency which permits users to submit pre-authorized offers that can then be executed later. wETHs have equal value with Ether and can be minted by sending ETH to a wETH smart contact.
Ether itself, despite being a token of the Ethereum blockchain, is incompatible with ERC-20. Therefore, it is converted to wETH, thus making wETH an ERC-20 compatible version of ETH.
This conversion does not affect the value of the ETH converted, as one wETH equals one ETHER. Wrapping Ether allows possible interaction of your token with other tokens created on the Ethereum blockchain.
How Can You Get wETH?
Considering how wETH simplifies transactions involving Ether and other tokens, you definitely should learn how to wrap your ETH. Wrapping your Ether is a very simple thing that you can do on your own with relative ease. It only requires that you send your Ether to a smart contract that would mint it into Wrapped Ether. The conversion is done at a ratio of one Ether to one wETH.
Here’s a video on how to wrap your Ethereum.
