Contents:

  1. Create your wallet

  2. Buy Ether

  3. Connect MetaMask to the Polygon Network

  4. Import Wrapped ETH Token

  5. Bridge ETH to Polygon

  6. Swap for MATIC token on Polygon

  7. Placing a Bid


1. Create your wallet

We recommend using MetaMask.

Follow the instructions to get set up on either mobile or by downloading the browser extension. All crypto wallets require a "seed phrase" -- a series of random words that serve as the keys to your wallet. This seed is critical to management of your wallet so be sure to COPY THE SEED PHRASE and STORE IT SOMEWHERE SAFE. Never share your seed phrase with anyone, on or offline!


2. Buy Ether (ETH)

This can be done in a variety of ways for those completely new to the crypto world. The two that we recommend are as follows:

Buy Directly in MetaMask

  • Buy directly in your MetaMask wallet by clicking on on ETH in the list of Assets and following links to buy ETH using Wyre or Transak. This will be the fastest/simplest method but will include convenience fees.

Buy on an Exchange

  • If you don't alreadySet up an account with one of the major exchanges noted below:

    • U.S. Based: Binance.us / Coinbase / FTX.us / Gate.io / Kraken

    • Non-U.S. Based: Binance / Bitfinex / FTX / Gate.io / Huobi / OKEx

  • Follow the instructions to connect your bank account and transfer funds into your wallet on the exchange. Note that it may take a few days for funds to arrive on the exchange upon initial setup.

  • On the exchange, execute a trade to purchase Ether (“ETH”). This is the native currency for the Ethereum network that is used for purchasing most NFTs.

  • Transfer ETH from the exchange to your wallet by finding your wallet address in MetaMask and click on the account in order to “Copy to clipboard” as shown below.

  • Use this address to send/withdraw ETH from the exchange to your MetaMask wallet. Note that it may take up to ~10 minutes for your deposit to appear in your wallet.


3. Connect MetaMask to the Polygon Network

First of all, what is Polygon? It is an Ethereum scaling solution that serves to reduce the cost of gas fees which can be quite expensive on Ethereum mainnet depending on how busy the network is. If you're curious to learn more, click here but if not, feel free to continue with the instructions below.

Using the Chainlist directory, search for Polygon Mainnet then click “Connect Wallet” followed by “Add To Metamask” as pictured below.


4. Import Wrapped ETH Token in MetaMask

Within MetaMask, toggle to the Polygon network using the dropdown menu.

Add the Wrapped ETH token (“WETH”) to the list of tokens in your wallet. WETH is what ETH is called when it’s held on the Polygon Network. If you’d like to learn more, check out this link.

Add tokens by scrolling to the bottom of the “Assets” list and clicking “import tokens.”

From there, you’ll need to search manually by Token Contract Address. This can be found by searching for “Wrapped Ether” on Polygonscan. Locate and copy the contract address for Wrapped ETH (pictured below).

Use that address to search for and Import Custom Token in MetaMask. This will enable any balance to be displayed for that token.

Once completed, it should look like this:


5. Bridge ETH to Polygon

Use the Polygon Bridge to deposit ETH from the Ethereum chain to the Polygon chain.

Note that this transaction can also take several minutes to complete.

Bridging represents a transaction on the Ethereum mainnet and therefore requires payment of a gas fees. Tip: gas fees tend to fluctuate quite a bit; if they are too high, you may want to monitor/retry your transaction periodically as gas fees are changing constantly.

Once complete, toggle in MetaMask to the Polygon network and WETH balance should appear.


6. Swap for MATIC token on Polygon

MATIC is the native token on the Polygon network which is used for conducting transactions. Transactions on Polygon cost a very small fee to process (as opposed to Ethereum transactions which tend to be much more expensive due to lower transaction capacity). Because of this, you will need a small amount of MATIC in your account in order to interact with the Polygon network (this includes making bids on Melon items). Bottom line: if you do not have any MATIC in your wallet, then you can't make bids on NFTs.

While you can purchase MATIC on most exchanges, doing that would require bridging those assets to Polygon (like was done with ETH above) and paying Ethereum gas fees. As such, the best option would be to utilized a Decentralized Exchange ("DEX") such as SushiSwap which allows you to swap/trade WETH for MATIC token.

Here is a quick video tutorial for what this process looks like:

  1. Start by connecting your wallet to the SushiSwap app.

  2. Switch to the Polygon network.

  3. If you've already completed the bridging to Polygon step above, you should see your WETH balance in your wallet. From there use a small portion of that WETH balance to swap/buy some MATIC token. Gas fees on Polygon cost a very small amount (just a fraction of one MATIC), so having one or two MATIC in your wallet should be more than sufficient.

  4. Add that token to your wallet so that your balance is displayed.

At this point you should be good to hop over to the Melon app, connect your wallet, and start bidding on NFTs!


7. Placing a Bid

Check out the video above to see how the bidding process works. Simply connect your wallet to the Melon app, click the "Sign" button to give the app permission to connect, make a bid at or above the minimum required amount, and approve the transaction in your wallet. Simple as that.

Note that while the auction is the live, your WETH balance will decrease by the bid amount, but if you don't win the auction, that amount will be returned to your wallet.



Appendix

What is Polygon?

  • Polygon (formerly known as "Matic") is a network built on the Ethereum blockchain as a scaling solution to address some of the drawbacks of Ethereum: high fees and energy consumption.

  • Polygon operates a "Proof-of-Stake" consensus mechanism, which is used to validate transactions on the network. This is far less energy-intensive than cryptocurrencies like Ethereum and their "Proof-of-Work" model - which requires heavy energy consumption to run the powerful computers that operate the network.

  • As such, Polygon has been dubbed the eco-friendly, scalable version of Ethereum.

Why buy NFTs with Polygon instead of Ethereum?

  • Due to its consensus mechanism, trading NFTs using the Polygon network is much more efficient than using Ethreum. This results in significantly lower fees for buyers and sellers of NFTs.

  • This is because the typical "gas fees" required to process transactions on Ethereum don't apply on Polygon.

  • Gas fees can vary widely during a single day, sometimes reaching up to $150 or more simply to process a transaction. This adds significant fees on top of the cost of the NFT itself.

  • In addition, when new NFT projects launch, it is common for "gas wars" to occur whereby buyers compete with each other to complete their orders before others. To do so, they are forced to spend more and more money on gas fees, which prioritizes their order at the top of the queue.

  • Polygon removes all this added cost and complexity to give you a simpler, more cost-effective experience.

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