A good place to start is what is ETH? Ether or ETH is the native currency built on the ethereum blockchain. ETH does not comply with ERC20 token standards and cannot be traded directly with other ERC20 tokens. ERC20 token standards were developed after the release of ETH.
Wrapped ETH, or wETH is traded at a 1:1 ratio of ETH. The reason you need wETH is to be able to trade ETH for other ERC-20 tokens on decentralized platforms.
How to wrap your ETH?
You are able to wrap your ETH via your connected wallet. You can simply do this via the "swap" function.
Placing a bid.
Now that your token has been upgraded to wETH you can go ahead and place your bid using the amount that is within your wallet.
You can do this by following the same bid flow you did originally, except this time your wETH token will be ready to use.
You will need to approve your bid as the final step, Learn more here
How do I "unwrap" my wETH?
If you want to swap your wETH back to ETH all you need to do it trade it back to a ETH token. You can do this within your connected wallet and is as simple as using the "swap" function.