Why Use POL on OpenSea?

                                                                   by toshiakiart

Are you looking to buy NFTs but worried about high fees? OpenSea, the world's largest NFT marketplace, primarily uses ETH as a currency, but you might also see POL. POL is a great option for cost-conscious NFT enthusiasts!

Why Use POL on OpenSea? "Low Fees, Fast, Secure."

POL is a cryptocurrency and Polygon’s native token. The token was previously called MATIC but was renamed to POL when it was upgraded to include future expansion and enhancement features.

Low Fees Gas fees are fees you pay to process transactions on the blockchain network. They can be high on Ethereum, but Polygon (POL) offers significantly lower fees. They have nothing to do with the quality of the token and are determined by the network used, so it's something to keep in mind to save money.

• Ethereum (ETH): Transactions on Ethereum require gas fees, which can get very high during busy times. For example, gas fees can start around $2.90 but go much higher when the network is congested.

• Polygon (POL): Polygon has much lower gas fees, often around $0.003. This is because it processes transactions off the main Ethereum chain, making transactions almost gas-free compared to Ethereum.

Lightning Fast Polygon is designed for faster transaction speeds than Ethereum. Polygon has a much higher theoretical transaction speed, up to 65,000 TPS (transactions per second), making it substantially faster than Ethereum's current capacity of around 15 TPS.

Secure Polygon is secure primarily due to its Proof-of-Stake consensus mechanism and its interoperability with Ethereum. PoS enhances energy efficiency and reduces attack vulnerability, while Ethereum compatibility allows for robust security audits of smart contracts.

Widely Trusted POL is a high-quality currency traded at major exchanges. Major exchanges generally charge a fee of 0% to 0.5% for ETH and POL, but please check the information of your exchange to ensure accuracy.

Conclusion: 

POL is recommended for those who want to enjoy the value of the Art NFT expression more quickly and without worrying about the cost. In addition, it would be ideal for those who want to use it to buy and sell Polygon NFTs.

Additional Considerations:

• There may be other fees associated with buying and selling cryptocurrency, such as exchange fees, conversion fees, and withdrawal fees. 

• Note that OpenSea incurs gas fees for respective cancellations to change NFT sales price. 

• Converting ETH to POL might involve a small gas fee on the Ethereum network.

• Transaction speeds can vary depending on network traffic and other factors.

• While Polygon offers advantages in cost and speed, it's important to remember that security relies on the integrity of smart contracts, the strength of the network's consensus mechanism, and user awareness.

*The figures in this article are current as of January 2025.

*Popular exchanges that trade POL include Binance, Coinbase, Gate.io, Kraken, OKX, and KuCoin.

For more information, please refer to the following resources:

• Polygon (POL): https://polygon.technology/pol-token

• Polygon Portal*: https://portal.polygon.technology

*Useful features for using Polygon Network

• Ethereum (ETH): https://ethereum.org

• Exchange Rates: POL / USD, ETH / USD

• Understanding Gas Fees: 

          *Coinbase: What are gas fees?

          *Bitbond: Polygon PoS Gas Price, Ethereum Gas Price 

[New Announcement]

OS2, the next-generation OpenSea platform introduced in February 2025, only displays WETH, but you can also pay with POL. Please make an offer. Also, since WETH is a transaction on the Polygon Network, you can make transactions almost the same as POL described above.

Introducing OS2: https://opensea.io/blog/articles/introducing-os2