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ARTSY NFT Auction House
We license GBM’s fair auction system and feature it on our site. They have created a fair system where anyone who’s outbid still wins, because a fraction of the next bidder’s bid will be allocated to the previous highest bidder. This ensures that it is safer and more fun to continue bidding, resulting in a nicer bidding experience and therefore likely higher end prices. The license costs 2% and we take only 2% on top of that for a total of 4%. We split our 2% with the community 50/50 via the ART token.