Frequently Asked Questions
This marketplace is powered by Wallet Connect, which allows users to connect using more than 75 different crypto wallets.
To connect your wallet to this site, select the “Connect Wallet” button. If you have not already connected your crypto wallet when you attempt to place a bid or purchase one of the works, the Bid/Buy button on the item page will display as “Connect Wallet”. By clicking on this button you will be asked to identify the wallet associated with the computer that you would like to connect. If you do not already have a crypto wallet, you will need to set one up and fund it with ETH. For more information about funding a crypto wallet with ETH, please see the ETH section of the FAQ.
MetaMask is a digital wallet that is specific to Ethereum that is very easy to use. There are other wallets available, but if you haven’t set up a digital wallet yet, it’s a good place to start. It’s connected to your web browser as an extension where you can hold and spend ETH. For more information about Metamask, please visit www.metamask.io.
ETH is the cryptocurrency used for all transactions on the Ethereum network, and it’s the currency we use for NFT auctions on this site. All of the NFTs on our platform can only be purchased with ETH. Creators and other beneficiaries get paid in it, too.
In order to get ETH, you will need to buy it from a crypto currency seller or exchange. Popular exchange platforms are Coinbase, Gemini and Kraken. Once you have purchased ETH, you will need to transfer a desired amount to your crypto wallet.
The value of ETH and other cryptocurrencies, as well as digital assets, such as NFTs, can decrease or increase substantially, unpredictably, and quickly. The network that is necessary for transactions of a given cryptocurrency, such as ETH, may cease to operate or be corrupted, which could forever freeze digital assets that rely on that network. Laws apply to the purchase and sale of cryptocurrency that may apply to you, such as tax laws for example. Cryptocurrency transactions are irreversible, so you must exercise extreme caution before carrying out any. Cryptocurrency attracts scammers therefore you must take extra precaution to ensure that you know the identity and correct wallet address of any counterparty. Before sending a large value of cryptocurrency, verify whether the destination address is correct. Cryptocurrency transactions involve fees, sometimes called gas, and the cost of gas can vary widely depending on market fluctuations. Make sure that you have secure backups of the codes associated with any cryptocurrency wallet. If you lose your cryptocurrency wallet credentials, you may be unable to access the value in the wallet forever. We are not responsible for any issues that you may encounter while setting up a wallet or purchasing and maintaining cryptocurrency in general, or for the purposes of this sale.
Auctions on this site are held in an English auction format.
Works on auction will be live for a set period of time and bids will be accepted throughout that full duration.
If a bid is placed on a lot within 15 minutes of the auction’s close time, the auction close time will extend by another 15 minutes. Time extensions can go on indefinitely until no other bids are placed within the last 15 minutes of an auction.
The addition of 15-minute extensions give each buyer enough time to place a bid, and for the artwork to find its true market value.
Connect your wallet. See instructions for setting up and connecting a wallet above. Make sure you have enough ETH in your wallet to place a bid and pay for gas fees. You’ll need to pay a gas fee each time you place a bid, and you should have enough ETH to cover the full bid amount plus gas. Learn more about gas fees below. Go to the page of the work you would like to bid on. Click “Place a Bid.” All crypto bids placed on this site are not retractable, and all bids are legally binding. The first bid placed on a lot will, at a minimum, meet the reserve price. If the reserve price has already been met, all subsequent bids must exceed the current bid by a minimum bid amount of 10% of the current bid or 0.1 ETH, whichever is less. You also have an option of inputting a bid that exceeds the minimum bid amount. This can be entered at your discretion. After you place a bid, your wallet will prompt you to confirm the transaction and pay a gas fee to complete the process. The gas fee you choose to pay at this stage will affect the speed in which your bid will be placed (the Ethereum network prioritizes the highest paid gas fees when determining which transactions to complete first). Once the bid has been placed, the funds will then be taken out of your wallet and placed in escrow in our smart contract. If you are outbid, the funds will be deposited back into your wallet. For more about gas fees, visit the Gas fees section of the FAQ. You will receive a notification if you are outbid and will be allowed to place another bid if the auction is still active. If a bid is placed on a work within 15 minutes of that work’s auction close time, the auction close time will extend by another 15 minutes.
Yes. Every work has a reserve price, and the reserve prices are set at the starting bid price. The reserve price is set by the seller and represents the minimum amount of ETH that the seller is willing to accept in order to transfer ownership of the work to a buyer.
All bids placed on this site are not retractable, and all bids are legally binding.
You can cancel a bid only before the Ethereum process is completed. (This means canceling the Ethereum process which updates the blockchain with your bid information. To cancel an Ethereum transaction in process, click “Cancel.” A cancellation can only be attempted if the transaction is still pending. If the transaction is canceled or fails, you will still have to pay a gas fee to the network.
The ETH that you used to place the bid will be returned to your wallet instantly if/when you are outbid.
Once the auction is completed, the administrator of the sale will transfer the NFT token to you within 24 hours of the auction’s completion.
Some NFT’s on this marketplace are being sold in “Buy Now” format. To purchase a Buy Now NFT, you will need to connect a crypto wallet that is funded with ETH as described in those sections of the FAQ.
When you select “Purchase NFT” your wallet will provide you with information about the amount of ETH that will be debited including the corresponding Gas fees. For more about Gas fees, please see the Gas fees section of the FAQ.
When you purchase an NFT, your wallet will be immediately debited with the funds corresponding to the sale cost of the NFT as well as the applicable gas fees. You will receive the NFT token transfer to your wallet within 24 hours of the purchase.
All transactions are managed by smart contracts on the Ethereum blockchain. You can track and monitor the status of each transaction on Etherscan. To do this, visit the artwork page and under “History,” next to the winning bid, click the button that says “View on Etherscan” when you hover over it.
Etherscan is a useful resource to track all transactions on the Ethereum blockchain. It’s free to use and is one of the many ways Ethereum is making data more open and accessible to all.
You will be able to publicly confirm that the NFT is associated with your designated wallet by looking it up on OpenSea or Etherscan.
The proceeds from this sale are split between the creator and the small business paired with the creator. In addition, NFT creators will continue to receive royalties on their NFT’s if and when they are resold.
Bidders are responsible for Gas fees associated with placing bids on auctioned works, as well as gas fees associated with minting the artwork that is being sold as a Buy Now. For more information about Gas fees, please see the Gas fees section of the FAQ.
“Gas” refers to the fee required to successfully conduct a transaction on Ethereum. This fee goes directly to Ethereum miners who provide the computer power that's necessary to verify transactions and keep the network running; We does not receive any portion of gas fees paid for any part of the transaction. You’ll need to have some ETH in your wallet so that you can pay for gas each time you place a bid, settle an NFT you won in an auction, or transfer an NFT to another wallet.
Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction. If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it. Check out https://ethgasstation.info/ for the current gas prices (Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a penny to the US dollar).
Gas can get expensive when the Ethereum network is experiencing a high volume of transactions. For each new block added to the Ethereum blockchain, there is limited space for how many transactions can be included. Due to supply and demand, miners are incentivized to accept transactions at higher gas fees. If gas fees are high, this does not mean that the Ethereum network is broken, it’s just a function of how it currently works.
You always have the choice to accept to pay a high gas fee or not. When your wallet prompts you to pay for gas, you are presented with three options to accept the transaction at the price and speed you want. Paying the lowest gas price means your transaction will take the longest time to complete.
If you would like your transaction to be completed quicker, you can pay an additional gas fee to speed it up. In your wallet, once you’ve submitted a transaction, click the button that says “Speed Up.” This will let you re-submit the same transaction for a higher fee, to be processed quicker.