OpenSea now offers cross-blockchain support across Ethereum (ETH) and Polygon(MATIC). But what exactly are these two blockchains and how exactly do they work?
In this article, w’lle take a look at both of them, their compatibility, uses, and pros and cons.
Is Polygon Address the Same as Ethereum on OpenSea?
Yes, the Polygon address and the Ethereum address are practically the same and that’s partly why you can “bridge” between them on your OpenSea account.
Polygon is an Ethereum-based project that allows scalable, secure, and instant transactions with much lower gas fees.
A unique property of Polygon is that it works with other Ethereum-based currencies like ETH itself, USDC, and DAI. So, it’s quite similar to Ethereum but with a few minor differences.
To use Polygon, you need to “bridge” your coins from Ethereum’s main network to the Polygon network.
So how does that work?
- First, log in to your OpenSea account. If you don’t have one, you can open it here
- Head to the Wallet Icon on the top right of the website. You’ll need to already have some ETH in your wallet to Bridge.
- Once you have some ETH in your wallet, you’ll see three dots next to your ETH balance to the right. Click on them. From the resulting drop-down menu, select Bridge to Polygon
- A pop-up window will open. From here, enter how much ETH you’d like to bridge to Polygon
- After that, you’ll be redirected to your crypto wallet to sign the transaction
- Once you sign the transaction, that’s it! You’re done
Bridging takes about 7 minutes to complete. Once done, you’ll see a purple ETH icon that indicates your bridged ETH.
Is Polygon cheaper than Ethereum?
Polygon (MATIC) is cheaper than Ethereum (ETH). At the time of this writing, one MATIC is worth $2.14 while one ETH is worth $3203.12.
At the same time, gas prices are much lower for Polygon than they are for Ethereum. To avoid high transaction fees on Ethereum, you can bridge your ETH into MATIC and make transactions there.
How to use OpenSea with Polygon?
To use Polygon ETH, you need a Polygon ETH wallet on OpenSea to “Bridge” or transfer your Ethereum (ETH) into Polygon (PoS). You can do this by clicking on the wallet icon on the upper-right corner page of the OpenSea website.
Learn more: Can Anyone Use Opensea?
How to Withdraw Money from OpenSea
- If you don’t already have one, create an account with a crypto exchange ( e.g. Coinbase) and connect it to your bank account, credit card, or PayPal account.
- After you’ve set up an account with the exchange, you’ll get an ETH account. This account links to the Coinbase account and can only purchase and hold Ethereum.
- To access these account details, click the Send/Receive button at the top of your laptop screen and then choose to view your Ethereum assets.
- Copy your ETH account’s address to your OpenSea account. You can now transfer your ETH directly to your Coinbase address by pressing the Send button in your cryptocurrency wallet
- In the Recipient field, copy and paste in your Coinbase ETH address, and then select the amount you wish to withdraw to your wallet.
- After you receive ETH in your wallet and the transaction is confirmed on the blockchain you’ll see the money on your Coinbase account.
- You can then trade your ETH with other currencies. Also, you’ll now see the choice to withdraw your money.
- After you authorize a withdrawal, you’ll be redirected to your currency wallet, where you’ll choose the amount you would like to withdraw.
- A pop-up window will help you select your preferred withdrawal method, as well as all fees associated with this transaction. The funds will then be credited to your physical account.
You’ve now successfully withdrawn your money.
Learn more: Does Opensea Work In Canada?
OpenSea Polygon has some advantages and disadvantages. Let’s look at them below:
- Minting on OpenSea using Polygon($MATIC) is cheaper.
- Selling or auctioning your NFT through Polygon for a specified amount of time (6 months maximum) is also completely free. The gas fee or transaction fee will be taken out once the listing has been completed. The estimated gas cost for this NFT sale is significantly less in contrast to Ethereum.
- If an item is reasonably priced, it could attract demand from customers, and they’ll be more likely to buy it. This applies to Polygon NFTs based on Polygon.
- Even if Polygon is affordable, they’re not yet generating such a buzz or demand on the market. There is still a preference for ETH that are based on NFTs.
Using Ethereum also comes with its benefits and drawbacks. Here are some of them:
- You can use Ethereum to conduct transactions globally without intermediaries.
- Ethereum is much easier to mine than Bitcoin.
- Ethereum has a significant number of supporters.
- The servers hosting the system aren’t managed by a single person, which ensures that there isn’t any interruption to service.
- It’s fast and efficient.
- Ethereum is a thriving development community.
- It’s open-source and anyone can look over the code, find issues, and suggest ways for improvements to its capabilities.
- Ethereum is unique also in that it doesn’t have a limit on the number of tokens it can create.
- Transactions are expensive.
- Hub centralization.
- There are a variety of miners within Ethereum.
- However, there are some hubs with greater computational power than others.
- Price volatility.
- It has difficulties when it comes to forking since there aren’t rules set in place.
No single token is better than the other here. Both have their practical uses and applications. Besides that, polygon supports bridging, which allows you to use Ethereum and Ethereum-based currencies on OpenSea without problems.
So which one wins? Neither. Just use whatever fits your unique situation at the time.