Sacrifice an artifact. If you do, search your library for an artifact card. If that card's converted mana cost is less than or equal to the sacrificed artifact's converted mana cost, put it onto the battlefield. If it's greater, you may pay X, where X is the difference. If you do, put it onto the battlefield. If you don't, put it into its owner's graveyard. Then shuffle your library.
I can't even remember the last time I saw someone use it in a T8, though it has had smatterings of usage here and there. This card has always seemed massively underplayed, but in a Cage heavy metagame it might become more attractive. If decks shift towards being more Vault/Key oriented as a way to get around Cage, Transmute Artifact essentially becomes extra copies of Tinker.
Tinkering away a Mox to find Time Vault: -3 Mana
Transmute Artifact a Mox for Time Vault: -4 Mana
Tinkering away a Mox to find Voltaic Key: -3 Mana
Transmute Artifact a Mox for Voltaic Key: -3 Mana
Tinkering away a Sol Ring/SDT/Needle/etc. to find Time Vault: -3 Mana
Transmute Artifact a Sol Ring/SDT/Needle/etc. for Time Vault: -3 Mana
Tinkering away a Sol Ring/SDT/Needle/etc. to find Voltaic Key: -3 Mana
Transmute Artifact a Sol Ring/SDT/Needle/etc. for Voltaic Key: -2 Mana
So it's very comparable to Tinker in every scenario except sacrificing a Mox for Time Vault, though UU vs. U can't be understated. In the situations where you want to Transmute Artifact for Lotus, Transmute Artifact is also cheaper than Tinker. Also, you don't lose your Mox if Transmute Artifact is countered, which is a minor perk over Tinker.
Cage will obviously never be huge enough to the point where decks start cutting BSC, but Transmute Artifact was probably worth running in a lot of decks even before Cage existed. I recently suggested it to my friend for his Bomberman build, where it has the most obvious synergy.