Bidsplit is a product from Bridgesplit that enables people to pool their capital to purchase an NFT as a group. Anyone can create or join a Bidsplit to bid in an NFT auction hosted by Holaplex. Bridgesplit plans to add more marketplace integrations in the future.
The Bidsplit Lead is the user who “starts” a Bidsplit by depositing the first SOL to go towards the bid for a specific auction. There can be multiple Bidsplits for the same auction. Bidsplits can be discovered on the Bidsplit app or can be shared via the link to the Bidsplit.
Anyone can contribute to the Bidsplit and funds are controlled by a permissionless smart contract on the Solana blockchain and are not custodied by Bridgesplit or the Bidsplit lead.
Once the Bidsplit has had enough deposit for a minimum bid (based on the current auction bid), the Bidsplit Lead and only the Bidsplit Lead may choose to place the bid. Once the bid is placed, it cannot be retracted and each Bidsplit may only place one bid. Funds can only be added before a bid is placed and funds can only be withdrawn before a bid is placed or after a failed auction. This means that if the group chooses to bid again in the same auction must bid with new funds in a new Bidsplit. They can retrieve old funds only after the failed auction
Once a Bidsplit successfully wins an auction for an NFT, all contributors receive a pro rata share of the NFT via Bridgesplit’s Fractionalization product. To calculate your number of shares, divide the amount deposited by the total bid multiplied by the total number of shares. The default number of shares is 100,000. An example of fraction distribution is below.
Amount Deposited
Shares Received
100 SOL
20 SOL
80 SOL
200 SOL
10 SOL
90 SOL
500 SOL
In the event a Bidsplit loses an auction, all contributors may reclaim their contribution upon the conclusion of the auction
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