Wanting to find out more about Polygon and its uses on Rarible.com? This article addresses essential points about Polygon, how to add it to your wallet and what you can do with it on our marketplace.
What's Polygon
Polygon is a layer two blockchain, built on Ethereum. This is beneficial because you won't need to install a separate wallet for it and it makes transferring your tokens from one token to the other easier and more cost-effective.
These are some of the wallets that Polygon is compatible with: MetaMask, Coinbase Wallet, Trust Wallet, WalletConnect and D'CENT Wallet.
Polygon has two main tokens: MATIC and WETH. MATIC is Polygon's native token. Miners on Polygon's Proof-of-Stake blockchain get rewarded in MATIC. This is the main token that you'd trade with. WETH (Wrapped ETH) acts in the same manner as ETH and has the same price. If you bridge (transfer) Ether to Polygon, you'll receive WETH. You can then convert your WETH to MATIC.
Polygon has become a popular blockchain because it's less expensive than Ethereum and has fast transactions.
How to Add Polygon to Your Wallet
Note: The MetaMask wallet is used in this example.
1. In your wallet, click on "Add network."
Note: Adding a network to your wallet does not cost you anything and you're able to switch back to any blockchain of your choice when you wish to do so.
2. The Polygon blockchain will appear as: "Polygon Mainnet." Select "Add."
3. Click on "Approve" to agree that you'd like to add Polygon to your wallet.
4. Polygon will now be added to your wallet.
How to Get MATIC
When you first switch to Polygon, your wallet balance shows 0. This is because you need to bridge tokens to Polygon. The tokens that you had in your wallet before are still on Mainnet Ethereum.
1. In your wallet, click on "Bridge."
2. Choose the network that you'd like to bridge your tokens from and choose Polygon as the network that you'll be bridging to.
3. Select the token you'd like to convert from and how much you'd like to convert.
Note: Choose MATIC as the token you'd like to receive. There will also be a gas fee for the conversion.
4. Click on "Confirm."
5. You'll now have MATIC so you can begin trading with Polygon on Rarible.com.
Polygon on Rarible.com
- Minting/Creating NFTs
If you want to create an NFT on Polygon, the process is essentially the same as creating an NFT on Ethereum, the only difference is that you'd select Polygon as your blockchain after clicking on "Create NFT."
If you'd like to learn more about how to create an NFT, you can read this article: How do I create an NFT?
- Selling NFTs
Secondary trading on Polygon is live, meaning creators can list their custom collections or NFTs on Rarible.com, and everyone can shop Polygon collections listed on Rarible.com.
If you'd like to learn more about how to sell an NFT, you can read this article: How to sell (list) one or more items
- Buying NFTs
If you want to get into NFT horse racing or other exciting things happening on Polygon, now you can! Head to our marketplace, select Polygon and find any collection or NFT you're looking for.
Of course, you can also sell any Polygon NFT you hold on Rarible.com now. Happy trading!
If you'd like to learn more about how to buy an NFT, you can read this article: How do I purchase an NFT?