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1. What is Tribul?
Tribul is a digital platform that hosts auctions for big-ticket fine art and collectibles with immense cultural value that are otherwise unavailable to most people. We provide the best possible value to both buyers and sellers by letting anyone bid with any amount of money and by taking significantly lower fees than other auction houses. Our mission is to break open the collector’s economy for everyone who isn’t in the top 1% of the top 1%.
2. Who can bid?
Anyone. All you need is a cryptocurrency wallet, then you can bid on your own, like at any other auction, or you can contribute to a crowdfunded bid.
3. What is a collective?
A collective is a group of people who pool funds to place a crowdfunded bid
4. Why and how is blockchain used?
a. Blockchain powers our entire platform. Through the use of blockchain technology, we have built an automated system that facilitates ownership and trade of auctioned items and their fractions.
b. By using standard protocols (e.g. NFTs) the blockchain allows us to represent ownership of an item or fraction in an irrefutable way, at the same time allowing people to freely trade items digitally, making the market more liquid.
5. What are the auction rules?
a. Sellers set a “reserve price” for all items they list. Each auction lasts 7 days, starting when a bid is first placed at or above the reserve price. Each subsequent bid must be at least 5% greater than the previous bid.
b. Bids can be made by an individual or a collective, and they can beplaced at any time by any party that did not place the current highest bid.
c. If you are part of a collective that’s still raising funds or has been outbid, you can increase your contribution toward a future bid.
d. If a bid is placed within the last 15 minutes, the countdown will reset back to 15 minutes. This 15 minute reset window can continue as many times as necessary until the timer has expired.
e. If you are part of a collective that wins an item, you will receive pro-rata (proportional) ownership after the auction ends.
6. What can I do with my ownership?
After claiming your item’s fractions, you can instantly and frictionlessly list your ownership fractions on Tribul’s secondary market. Additionally, we will soon implement infrastructure that allows you to make decisions on the asset’s future, including where it’ll be hosted as well as its next sale. When the asset ultimately sells, you receive a percentage proportional to your ownership stake.
7. Can I sell my ownership on a secondary market?
Yes, you can instantly and easily list your ownership fractions on Tribul’s secondary market. You can also decide to hold and reap a percentage of the next whole-item buyout.
8. How does the secondary market work?
Go to the secondary market page and click on “List my Fractions.” Enter the number of fractions you want to sell and the price at which you want to sell each fraction. A buyer can choose to purchase all or some of your fractions at your listed price. The secondary market is available and active 24/7.
9. How are the assets stored?
Every asset is insured from the time that it enters our possession, throughout the auction period, and up until it is eventually shipped to the final buyer.
10. Can I visit my assets in-person?
Absolutely. In addition to making decisions on which galleries or museums the asset will be displayed at, you will also be given exclusive access to see it in person.
11. What if I want my asset shipped to me (or someone else)?
As long as you own 100% of the item’s fraction, you can redeem your digital ownership for the physical item at any time. Redemption is possible through your owner dashboard.
12. Can I buy out an item that’s been purchased by an individual or collective?
Yes. Tribul will introduce a buy-out mechanism within the next few months. Collective owners of an asset will be allowed to set a reserve price on their asset. A bid equal to or greater than the weighted average reserve price will kickstart an auction for the item.
13. What fees will I pay?
A buyer’s premium of 10% will be applied to each auction sale. A buyer’s premium is charged on top of the hammer price of the lot sold. Additionally, secondary market transactions will have a 2% transaction fee for both the seller and buyer of asset fractions.
14. What forms of payment do you accept?
a. We currently accept debit and credit cards (Visa, Mastercard, Discover, American Express) as well as any cryptocurrency.
b. Whether paying by debit/credit or cryptocurrency, your contributions will be converted to USDC, which is a fully regulated digital dollar stablecoin. USDC is trusted by millions of users worldwide and enables non-volatile trade and interacting with the blockchain. Every USDC = 1 US Dollar.
15. Do I need to pay taxes?
Sales taxes will only be charged when a physical item is redeemed.
16. Do you authenticate the items?
Yes. We work with experts to ensure that all items sold on the platform are authenticated and appraised by a third party.
17. How do I receive notifications on my ongoing bids?
Add, then verify your email address within your Tribul profile, and we’ll start emailing you essential alerts. Know when you’ve been outbid, when your collective has won an auction, and more.
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