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.
What is a real-time, 24-7 card 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 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 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 - 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.
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 “Player Collection”?
Player Collections enable you to buy an interest in all of a player’s available cards rather than a single card alone. We spread your buy order proportionally across those cards based on their prices relative to the total value of the Collection so that you end up with an equal percentage interest in each card. If you’re familiar with financial markets, you can think of this like an “Index” for a specific player on Dibbs.
For example, consider a Collection consisting of three cards: Card 1 (current price $100), Card 2 (current price $200) and Card 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 card. So if you buy $6 (net of fees), you would effectively be placing a $1 order for Card 1, a $2 for Card 2 and a $3 order for Card 3, resulting in a 1% interest in each card. Again, if you’re familiar with financial markets, you’ll recognize this as an analog to market-cap-weighted indices.
What is a “Drop”?
A Drop is a card that is being offered for the first time. If you’re familiar with the stock market, it’s like an IPO, but for a card.
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 card, 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 a “Card Token”?
When we receive a physical sports card, we create a digital representation of that card so that it can then be instantly traded on our platform either as a whole card or as fractional interests.
This digital representation utilizes a blockchain technology called an NFT (Non-Fungible Token).
Specifically, Card Tokens are non-fungible ERC-1155 Digital Assets that exist and are transferable on the Ethereum network. Card Tokens are then fractionalized for trading using smart contract technology. Fractions of Card Tokens may be represented by fungible ERC-20 Digital Assets.
Where do you keep the physical cards?
Physical cards are held by a third-party custodian. If you hold 100% of a Card Token you can choose to take possession of the physical card by surrendering the Card Token to the custodian and requesting an IRL shipment.
All cards 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 card?
Some cards have a lockup period that can range from 12-24 months, while others can be bought-out completely at any time.
Assuming that there is no lockup period, there are two ways this can happen:
- Where we only hold a single physical version of the card in our vault, you may be able to buy the card with a User Buyout:
- You must obtain 75% or 0.75 Card Tokens
- You then pay a premium of 33% over "Market Price" for the remaining Card Tokens to complete the buyout
- Where we hold more than one physical version of the card in our vault:
- You must obtain 100% of the card or 1.0 Card Tokens
- No premium is required; you acquire the card interests at market prices
A User Buyout can only be exercised by the first user to acquire 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, 2) the 30-day volume weighted average price as calculated by Dibbs (“VWAP”), and 3) the 90-day VWAP.
What happens once I buy an entire card? Can I have the physical card?
Once you buy out 100% of a specific card, you can choose to have the physical card shipped to you.
You can also move the Card Token off of Dibbs using a compatible blockchain wallet, which can then in turn be traded on compatible marketplaces. If a third-party then purchases the Card Token (an NFT) from you, the terms of the smart contract will enable the new owner to choose physical shipment to their own address.
Please see the User Agreement for more details.
Can I sell my cards on Dibbs if they are not currently on the platform?
Although you cannot at present, we are working on a seller dashboard and portal that will enable us to accept cards from new sellers. Stay tuned!
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. On Dibbs, that asset is a card (or, more accurately, the Card Token which digitally represents ownership in the physical card).
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 cards. Those ownership interests will vary by card.
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."