So, before we can buy, sell, and create NFTs, we need first to have funds in our MetaMask wallet. And this often would be obstructed by the expensive gas fee. This is really frustrating, especially for beginners, don’t worry. Help is in the way.
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And after reading this article, you’ll be able to do this trick to save on Gas fees. Then, right away, let’s dive in.
You need Metamask Wallet
If you can no longer stand your friend who keeps bugging you to invest with the NFT project he had, then let me welcome your first into this amazing venture. But you probably just wanted to try first buying NFTs at the lower floor price as you only have a few bucks to invest. Well, suppose you already created your Opensea account. In that case, you must have your MetaMask wallet, but you’re wondering how to add funds and worried about the gas fee. Don’t worry, just do this easy trick that I will show you
READ MORE: How does Polygon works on OpenSea
Here are the things we need. First, you’ve got to have a Binance account, and it’s easy to make. You could also check our in-depth tutorial to help you with that. Next, your MetaMask wallet and a credit/debit card.
USD to ETH High transaction fee
For instance, I like to invest initially $20 to buy cheap NFTs just to have an experience of it. However, most NFTs our transacted in Ethereum blockchain, and this requires ETH. But as well an expensive gas fee just by depositing ETH to your MetaMask Wallet. And in Binance, which is perhaps one of the platforms with the cheapest fees, you would need 0.002 ETH, about $6, just to fund your MetaMask wallet of $20 worth of ETH. Aside from the gas fee, you’ll need to pay when buying your first NFT then, nothing would be left. So I did this.
Convert MATIC tokens to WETH
The way this would work is we’ll take advantage of the Polygon blockchain. Actually, MetaMask and OpenSea recommend using Polygon for beginners, as buying NFTs with it would not cost you more than a fraction of a cent. And with that, we’ll be getting “WETH” or “Wrapped Ether.” This could be converted back to ETH. Going back, instead of directly buying ETH or “WETH,” we’ll buy MATIC tokens, deposit it in MetaMask, and then convert it to “WETH”. This would let us save gas fees.
Buy MATIC tokens in Binance
So, in Binance, on the Buy Crypto page, we’ll click on the ‘Buy.’ Then, fill up the details of like spend $20 and then choose the MATIC in ‘Receive.’ Next, hit ‘Continue.’ This would send you to a secured payment by Credit/Debit card, and fill up the details. After that, click ‘Continue’ and ‘Confirm.’ This will have a $0.4 fee then after that. Wait for the transaction to get thru then you’ll receive the MATIC tokens in your Binance Wallet.
Deposit MATIC tokens for Metamask
Next, we’ll deposit it to our MetaMask Wallet. So, in the Binance Wallet drop down, click on ‘Fiat and Spot’ and click the MATIC token. There you’ll put your Polygon Network MetaMask Address make sure you put the right one.
Get your Polygon Network address
To get your Polygon Network address, go to ‘polygon.technology.’ And there, hover your mouse in the upper right header,’ Use Polygon.’ Then in the drop-down, click ‘Add Polygon POS Network in MetaMask.’ MetaMask would pop up, and click ‘Approve.’ Then ‘Switch Network.’
Withdraw MATIC from Binance to Metamask
Once you open the MetaMask Wallet, you can get the address and copy-paste that into Binance. Then, click ‘Network’ and select ‘MATIC.’ Just here, you can see the big difference in fees. Next, fill up the ’Withdraw amount,’ in my case, I sent 13.76 MATIC tokens. And with just 0.1 MATIC as the fee, which is around $0.13, I would only spend $0.53 to fund my MetaMask. With all this filled up, click ‘Withdraw.’ In order for this transaction to proceed, confirm it with the security code sent to your mobile number and email registered in Binance. Wait for a while, from 4-10mins then once the transaction is completed, you’ve just now transferred funds to your MetaMask wallet, costing only $0.53.
Convert MATIC to WETH
Then we just need to convert it to ‘WETH.’ So, go to ‘app.sushi.com/swap/.’ There, connect your MetaMask wallet, and then proceed in swapping the MATIC tokens to ‘WETH.’ In my case, I converted my 13.8 MATIC tokens into 0.624 ‘WETH.’ I clicked ‘Swap’ and once the transaction is complete the I’ll be receiving 0.588658 ‘WETH’ in my MetaMask wallet. Overall we spent $20.4, and we’ll receive $19 in our MetaMask wallet, which was way lot cheaper. With all that, we can now buy our first NFTs.
READ MORE: How does Polygon works on OpenSea
To be continued…