Common Questions

What is it?

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.

How does it work?

Contributors can add funds to a Bidsplit until a bid is placed by the Bidsplit creator or the auction ends. Funds are held in a smart contract until the bid is placed. If the Bidsplit is successful, contributors can claim a pro rata share of the NFT, fractionalized by the Bridgesplit protocol. If the Bidsplit is unsuccessful, contributors can withdraw funds.

How do I start a Bidsplit?

The Bidsplit creator is the user who starts a Bidsplit by providing the link to the auction, deciding on the fractional token ticker and name, and depositing the first SOL to go towards the bid for a specific auction.There can be multiple Bidsplits for the same auction.

How do I join a Bidsplit?

Bidsplits can be discovered on the Bidsplit app or can be shared via the link to the Bidsplit. Anyone can contribute to the Bidsplit.

Where do my funds go?

Funds are controlled by a permissionless smart contract on the Solana blockchain and are not custodied by Bridgesplit or the Bidsplit lead.

Can I withdraw my funds?

Contributors can withdraw funds from a Bidsplit until a bid is placed by the Bidsplit creator.

Can our Bidsplit bid multiple times?

Currently, after a bid is placed, the funds are locked until the Auction concludes. No new bids can be placed, so you'll need to start a new Bidsplit to bid again. In future versions we expect to support multiple bids.

What happens if we win?

After a successful Bidsplit, contributors can redeem their fractions of the NFT from the Bidsplit page.

How much of the NFT do I get?

Contributors receive a pro rata share of the NFT (fractionalized with a supply of 10,000), meaning a user that contributed 10 SOL to a 100 SOL bid would receive 1, 000 shares(10 %).

What happens if we lose?

In the event a Syndicate loses an auction, all contributors may reclaim their contribution upon the conclusion of the auction.

What are the fees to use Bidsplit?

There is a 0.1 SOL fee to create a Bidsplit and Bidsplit receives 1.5% of a winning bid, 0.5% of a losing bid
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Outline
What is it?
How does it work?
How do I start a Bidsplit?
How do I join a Bidsplit?
Where do my funds go?
Can I withdraw my funds?
Can our Bidsplit bid multiple times?
What happens if we win?
How much of the NFT do I get?
What happens if we lose?
What are the fees to use Bidsplit?