A word to the wise...
Our goal is to create a fun platform for collecting sports cards. In that spirit, we ask you to do your research, analyze risks and be safe.
Be smart. Be cautious. The sports card 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 sports cards. The Dibbs platform allows customers to buy, sell and trade fractions of sports cards from any connected device with just a few clicks.
How does it work?
Dibbs uses tokenized representations of physical sports cards (Card Tokens) to enable instant trades, either for a full Card Token or a fraction of one. These tokens exist and are transferable on the Ethereum network.
The physical cards are held by a third-party custodian. A holder of 100% of a Card Token can choose to take possession of their card by surrendering the Card Token to the custodian and requesting shipment of the card to their address.
Who owns the assets on Dibbs?
Dibbs uses a consignment model, meaning that owners of Card Tokens use Dibbs to sell directly to you.
Where are the assets kept?
All cards 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.
Are the cards insured?
Absolutely. All cards 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 Supported Tokens that represent ownership of sports cards (each such token, a “Card Token” and each associated sports card).
Card Tokens are non-fungible ERC-1155 Digital Assets that exist and are transferable on the Ethereum network. Fractions of Card Tokens may be represented by fungible ERC-20 Digital Assets (each such Digital Asset, a “Fractional Token”).
Each sports card on Dibbs has a corresponding NFT (Non-Fungible Token) containing relevant data about the specific card. The NFT's are then fractionalized using smart contract technology and the fractions are traded on Dibbs.
If a Dibbs customer executes a buyout of a specific card, they will have the option to receive the NFT (using a compatible blockchain wallet) for the card, instead of having the card immediately shipped to them. This NFT can, in turn, be traded on compatible blockchain-based marketplaces. The NFT's can be sent to the custodian of the card designated in the smart contract and the card will be shipped to the NFT owners address.
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) and deposit funds.
Step 5. Start collecting!
Who can collect 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 and anti-money-laundering checks) is eligible to trade on Dibbs. The app itself, however, is free and open to everyone.
We are working on adding support for more countries, but for now trading on Dibbs is limited to U.S. citizens.
What are some key terms and phrases I should be familiar with?
Drops - Inital sales of new cards
Player Collections - Purchase all of a particular athlete's cards (available on Dibbs at the time) in a single click. See How do Player Collections work for a more in depth explanation.
Card Markets - Individual card markets, where users can buy and sell fractional interests in a specific card
Card Tokens - Tokenized representations of physical sports cards
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 or ACH.
How do I withdraw my funds from Dibbs?
Funds can be withdrawn from Dibbs using Wire Transfers to your bank of choice or ACH.
Are there trade fees on Dibbs?
Yes, each trade executed on Dibbs will include a trade fee ranging from 0.1% - 5%.
For a complete breakdown of fees visit: https://dibbs.io/fee-schedule
How do Player Collections work?
Our "Player Collection" feature allows customers to purchase all of a particular athlete's cards (all cards available on Dibbs at the time of purchase) in a single click for optimal convenience
When buying or selling a "Player Collection", the customer chooses the amount of money they would like to buy or sell. The money is then used to place individual orders on each card in the specified collection proportional to the current value of the player's cards on Dibbs.
For example, consider a collection consisting of three cards: Card 1 (valued at $100), Card 2 (valued at $200) and Card 3 (valued at $300) with a total collection value of $600.
If a Dibbs customer decides to buy $6.00 worth of this particular collection, their cash would be spent proportionally based on the value of the cards in the collection.
So the $6.00 buy order would initiate a $1.00 order on Card 1, $2.00 order on Card 2 and $3.00 order on card three (this example excludes any trading commission fees). In this example, the customer's $6.00 order would result in the customer receiving 1% of the fractional interests in each of the three cards.
Can I buy cards off of the platform?
Some cards on Dibbs have a lockup period, ranging from 12-24 months, others can be bought off the platform at any time. The examples listed below assume the card has no lock up period, or the lockup period has expired.
For cards that we only have one of, you may be able to buy the card with a User Buyout:
- User must obtain 75% or 0.75 Card Tokens
- User then pays a premium of 33% of "market value" to remaining token holders to complete the buyout
For cards that we have more than one of:
- User must obtain 100% of the card or 1.0 Card Tokens
- No premium payments are required
*A User Buyout can only be exercised by a user who first acquires 75% of the Fractional Tokens associated with the Card Token. The Card Token’s sale price in a User Buyout transaction will be 133% of the Market Price (the “User Buyout Premium”), with payment of the sale price being made pro rata to holders of Fractional Tokens being purchased in the User Buyout.
*For the purpose of User Buyouts, “Market Price” shall mean the higher of: 1) the twenty-four hour high price on Dibbs; 2) the 30-day volume weighted average price on the Dibbs Platform as calculated by Dibbs (“VWAP”); and 3) the 90-day VWAP on the Dibbs Platform.
How do I list my own cards?
We are working on a seller dashboard and portal for new sellers, but for now we are not taking on any new sellers. With that being said, stay tuned for updates on enabling new sellers!
How can I be sure that my personal information is secure?
The Dibbs Security Team uses a number of high-level measures to protect your account, to promote a safe and secure experience on Dibbs.
Here are some of those security measures:
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 access them again. We use trusted third-party integrations to access information about your bank account, such as your account number and available balance.
You can secure access to your mobile app using TouchID, FaceID, or a custom PIN code. We also offer two-factor authentication with an external authenticator app or via SMS.
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."