Gas is the fee required to complete a transaction on the Ethereum network. The fee is owed to the Ethereum miners who verify the transactions and keep the network running.
Note: The gas fees are the responsibility of the buyer. Artsy does not receive nor cover any portion of the gas fees incurred for any part of the transaction.
Each time you make a transaction, you must have enough ETH in your wallet for the initial transaction and the associated gas fees. This includes each time you:
- Place a bid
- Settle an NFT you won in an auction
- Transfer an NFT to another wallet
Gas fees are determined by the demand on the Ethereum network. Gas may increase depending on how quickly you want to finalize the transaction and how busy the network is at the time of your transaction.
When you are prompted to pay for gas, you will have three options based on the price and speed at which you want to accept the transaction. The lowest gas fee will take the longest time to complete. You can add additional gas to speed it up once you’ve submitted a transaction via the “Speed Up” button in your wallet.
Note: You will still be required to pay the gas fees even if you cancel a transaction or are outbid.
For more information on current gas price, please visit https://ethgasstation.info/
At this time, Artsy has no control over gas fees. They are determined by supply and demand and may fluctuate according to network usage.