A word to the wise...
Our goal is to create a fun platform for collecting. In that spirit, we ask you to do your research, analyze risks and be safe.
Be smart. Be cautious. The collectibles market is ever-changing and is subject to decline similar to any other market.
What is Dibbs?
Dibbs is the World's first 24/7 spot market for instantly trading fractional interests in collectibles. The Dibbs platform allows customers to buy, sell and trade fractions of collectible assets from any connected device with just a few clicks.
What is a real-time, 24-7 collectibles market?
Exactly what it sounds like (and pretty much what you’d expect from any online trading platform).
You can trade any time of day (or night) because prices are determined by market participants (that’s you!) and the laws of supply and demand.
How does it work?
Dibbs uses tokenized representations of physical assets (Item Tokens) to enable instant trades, either for a full Item Token or a fraction of one. These tokens exist and are transferable on the WAX network.
The physical assets are held by a third-party custodian. A holder of 100% of a Collectible Token can choose to take possession of their asset by surrendering the Item Token to the custodian and requesting shipment of the asset to their address.
Who owns the assets on Dibbs?
Dibbs uses a consignment model, meaning that owners of Item Tokens use Dibbs to sell directly to you.
Where are the assets kept?
All assets on Dibbs are held by PWCC Vault, LLC, or other third party custodians meeting the strict requirements set forth in our User Agreement and Consignment Agreement. The PWCC Vault was constructed using the guidelines established by the Underwriters Laboratory, and it received their highest classification of Class III.
Are the assets insured?
Absolutely. All collectibles on Dibbs are insured for at least their aggregate value. For more details please see our User Agreement.
Is blockchain technology used on Dibbs?
Yes, the Dibbs Platform allows users to trade digital tokens that represent ownership of physical or digital items (we call these "Item Tokens").
Item Tokens are non-fungible Digital Assets that exist and are transferable on the WAX blockchain. Fractions of Item Tokens may be represented by semi-fungible tokens (we call these "Fractional Tokens"). Fractional Tokens are created when the Item Token is locked in a smart contract - the smart contract will only release the Item Token upon receipt of 100% of the Fractional Tokens.
A Dibbs user who owns all of the Fractional Tokens associated with an Item Token can take possession of the item from the custodian, and have it shipped to the address they provide. Please see the User Agreement for more details.
How do I start collecting?
Step 1. Download the Dibbs mobile app or use the web app on any supported browser.
Step 2. Create an account using email and password.
Step 3. Follow the prompts to complete KYC.
Step 4. Add a payment method (Credit Card, Debit Card, Wire Transfer, ACH, USDC) and deposit funds.
Step 5. Start collecting!
Who can trade on Dibbs?
Anyone over 18 with a U.S. Social Security Number and a valid government-issued I.D. that passes standard know-your-customer (KYC) and anti-money-laundering (AML) checks is eligible to trade on Dibbs.
We are working on adding support for more countries, but for now trading is limited to U.S. citizens meeting the above criteria.
What are some key terms and phrases I should be familiar with?
Drops - Initial sale of new assets on Dibbs
Collections - Purchase all assets within a particular collection (available on Dibbs at the time) in a single click. See How do Collections work for a more in depth explanation.
Asset Markets - Individual asset markets, where users can buy and sell fractional interests in a specific asset
Item Tokens - Tokenized representations of physical collectible assets
KYC - Know Your Customer, or KYC is how we verify a customer’s identity, making sure they aren’t on any prohibited sanctions lists and helping to ensure criminals do not use our platform for illegal purposes.
How do I add money to my Dibbs account?
Adding money to your Dibbs account is simple!
After completing the KYC process, customers will have the choice of depositing money using Credit Card, Debit Card, Wire Tranfers, ACH or USDC.
How do I withdraw my funds from Dibbs?
Funds can be withdrawn from Dibbs using Wire Transfers to your bank of choice, ACH or USDC.
What trading fees will I pay?
Each trade will include a fee ranging from 0.1% to 5.0% of the Order Value, paid by the buyer.
For a complete breakdown of fees visit: https://dibbs.io/fee-schedule
What is a “Collection”?
A Collection is a group of related assets (LeBron James, Pokemon, etc.). Collections enable you to buy an interest in all available assets rather than a single asset alone. By choosing to buy a collection, we spread your buy order proportionally across those assets based on their prices relative to the total value of the Collection so that you end up with an equal percentage interest in each asset within the Collection.
For example, consider a Collection consisting of three assets: Asset 1 (current price $100), Asset 2 (current price $200) and Asset 3 (current price $300), for a total Collection value of $600 ($100 + $200 + $300). Because $100 / $600 = 16.7%, $200 / $600 = 33.3% and $300 / $600 = 50%, however much of the collection you decide to buy needs to be allocated in these proportions to each asset. So if you buy $6 (net of fees), you would effectively be placing a $1 order for Asset 1, a $2 for Asset 2 and a $3 order for Asset 3, resulting in a 1% interest in each Asset.
What is a “Drop”?
A Drop is an asset that is being offered for the first time on Dibbs.
What happens when I place a trade, and what are the different types of trades?
There are four types of trades:
- Buy (Instant market order): Your order is executed instantly but only at the best price available relative to the current sell orders in the Order Book. The price will be calculated for you - this is the “Average Price” at which your order will be executed.
- Sell (Instant market order): Your order is executed instantly but only at the best price available relative to the current buy orders in the Order Book. The price will be calculated for you - this is the “Average Price” at which your order will be executed.
Be advised, when you enter the amount of your trade, an “Average Price” will be calculated for you. This is the “Average Price” at which your order will be executed. The “Average Price” can be different from the initial price at which you viewed the asset, which represents the last trade that was executed on the platform.
- Conditional Buy (limit order): Your order is only executed at the maximum price that you’re willing to pay or less, which you provide. This means the order may not fill immediately, but if and when the market reaches the price you set, your order will start to fill.
- Conditional Sell: Your order is only executed at the minimum price that you’re willing to pay or more, which you provide. This means the order may not fill immediately, but if and when the market reaches the price you set, your order will start to fill.
What is an “Item Token”?
When we receive a physical asset, we create a digital representation of that asset so that it can then be instantly traded on our platform either as a whole asset or as fractional interests.
Specifically, Item Tokens are non-fungible Digital Assets that exist and are transferable on the WAX network. Item Tokens are then fractionalized for trading using smart contract technology.
Where do you keep the physical assets?
Physical assets are held by a third-party custodian. If you hold 100% of a Item Token you can choose to take possession of the physical asset by surrendering the Item Token to the custodian and requesting an IRL shipment.
All assets on Dibbs are held by PWCC Vault, LLC, or other third party custodians which meet the strict requirements set forth in our User and Consignment Agreements. The PWCC Vault was constructed using the guidelines established by the Underwriters Laboratory, and it received their highest classification of Class III.
Can I buy an entire asset off Dibbs?
Some assets have a lockup period that can range from 12-24 months, while others can be bought out completely at any time. Once you obtain 100% ownership in an asset on Dibbs, you can choose to take physical custody of the underlying physical asset.
What are my options for taking custody of an asset?
In order to take custody of an asset on Dibbs, you must first obtain full, 100% ownership of the asset.
There is currently one custody option, with more on the way:
If any assistance is needed, please contact our community team. We are here to make sure the custody process is as simple and smooth as possible.
Can I sell my own assets with Dibbs?
Yes! We currently accept all assets trading on Dibbs that are slabbed and graded. It's simple:
- Search the Dibbs market - We accept all assets currently trading on Dibbs that are slabbed and graded.
- Find an asset you want to sell
- Submit your asset
- Fractionalize and monetize - The asset is fractionalized and added to your account. Create limit sell orders to control the price and quantity to sell.
You can learn more about selling with Dibbs here.
What is an “Order Book”?
An order book is used to record the interest of buyers and sellers in the market for a particular asset.
An Order Book is arranged by price for buyers (green) and sellers (red). The green orders are buy orders, and the red orders are sell orders.
Simply put, the Order Book is a list of the various orders that would be placed at various price levels.
Whether you are trading short term or collecting for the long haul, understanding and observing the Order Book will give you a look inside the minds of other community members.
What is a “FRAC PACK”?
FRAC PACKS are a digital version of a card pack. Every new user receives a FRAC PACK in their Collection after their first successful deposit of $20 or more.
Each FRAC PACK contains fractional ownership of at least three graded assets. Those ownership interests will vary by asset.
Is my personal information secure?
We employ a number of measures to protect your account and your data, and to promote a safe and secure experience on Dibbs.
These security measures include the following:
- Sensitive details, such as your social security number, are encrypted before they're stored.
- Our mobile and web applications securely communicate with our servers using the Transport Layer Security (TLS) protocol with up-to-date configurations and ciphers.
- Once we verify your banking credentials, we'll never read them again. We use trusted third-party integrations that mask these credentials to access bank information like account number and available balance.
- The mobile app can be secured using TouchID, FaceID, or a custom PIN code. We also offer two-factor authentication with an external authenticator app or via SMS. We highly recommend enabling these features on Dibbs and any other application you want to keep secure.
Are the assets secured and maintained?
Absolutely! Safety and security are Dibbs' top priority.
To quote our vaulting partner PWCC's description of their vault and asset security, "The Vault was constructed using the guidelines established by the Underwriters Laboratory and we are proud that it received UL's highest classification of Class III. It is 2000 square feet and surrounded by 11 inches of concrete on all six sides. There are 140 security cameras, motion detection, security during business hours, and rigorous access control and security protocols."