What is Wrapped Ether (WETH) and how do I use it to make offers?

Wrapped Ether (WETH) is an ERC-20 token that represents ETH at a 1:1 ratio. One WETH always represents one ETH, and you can convert between ETH and WETH at any time.

WETH is required to make offers in the Mapstone Marketplace. Because WETH can be approved for use by the Marketplace smart contract, an NFT owner can accept your offer later without requiring you to return and complete the purchase. Your WETH remains in your wallet unless and until an offer is accepted.

How to convert ETH to WETH on Mapstone

1. Connect your wallet and click the wallet icon in the Mapstone website header to open Your Balances. You can also click Get more WETH while creating an offer.
2. Select Wrap and enter the amount of ETH you want to convert.
3. Click Wrap ETH to WETH and confirm the transaction through your wallet.
4. Wait for the transaction to be confirmed on Ethereum. Your updated ETH and WETH balances will then appear on Mapstone.

Wrapping ETH is a 1:1 conversion, but it is an on-chain Ethereum transaction and requires a network gas fee. Make sure you leave enough ETH in your wallet to pay for this transaction and other future gas fees.

How to use WETH to make an offer

1. Open the NFT’s page in the Mapstone Marketplace and click Make Offer.
2. Enter your offer amount in WETH.
3. Select how long the offer should remain active. You can choose 1 day, 3 days, 7 days, 1 month, or a custom expiration date and time.
4. Click Make Offer and follow the prompts in your wallet.

If your existing Marketplace spending approval is lower than your offer amount, your wallet will first ask you to approve a higher WETH spending limit. This approval does not transfer WETH from your wallet. It authorizes the Marketplace smart contract to transfer up to the approved amount if one of your offers is accepted.

Approving WETH is an on-chain transaction and requires an Ethereum network gas fee. Once you have sufficient approval, creating the signed offer itself does not require a gas fee.

Your WETH is not held in escrow

Making an offer does not immediately transfer or lock your WETH. The WETH remains in your wallet while the offer is active.

You must maintain enough WETH and Marketplace spending approval to cover the offer until it is accepted. If you spend, transfer, or unwrap the WETH, or reduce the approval amount, the offer may remain visible but cannot be completed unless sufficient WETH and approval are available when the owner attempts to accept it.

If you no longer want an active offer to be accepted, cancel the offer through the Mapstone Marketplace.

How to convert WETH back to ETH

1. Connect your wallet and click the wallet icon in the Mapstone website header.
2. Select Unwrap.
3. Enter the amount of WETH you want to convert back to ETH.
4. Click Unwrap WETH to ETH and confirm the transaction through your wallet.

Unwrapping WETH is also a 1:1 conversion and requires an Ethereum network gas fee.

For complete instructions on submitting an offer, see How do I make an offer on an NFT in the Marketplace?