Step-by-step guide

Note: As of 1/21/2022, this product has been sunsetted. You can still access the contracts to withdraw, sell, or distribute any remaining funds.

Check out koop.xyz.

What is Koop?

Koop allows people to collectively purchase NFTs. Anyone can create or join a Koop to split the cost of an NFT that’s on sale at a fixed price.

Start a koop

1. Click on “Start a Koop.”
2. Fill in details: OpenSea link, token name, and koop name.
3. Make the koop either “public” or “private”. “Public” means that anyone join. “Private” means that only those with the shareable link can join.

Add funds

Once you find a koop, you must add funds to it. Click the “Deposit” button to input your desired contribution in ETH. You will be able to withdraw your stake at any point in time before the item is purchased.

• Funds contributed to a koop and NFTs transferred to a koop are controlled by a smart contract and are not custodied with any single person.
• After a koop successfully acquires an NFT, all contributors whose ETH were used in the purchase are given ERC-20 tokens proportional to their contribution.
• When targeting an OpenSea listing at a fixed price, a koop accepts only the amount of ETH required to purchase the NFT at that price. As soon as the koop has enough ETH, it can buy the item instantly.

Joining a koop costs gas, since you’re sending funds to a contract address.

Invite friends

Invite your friends by sharing the link to the koop. You can share it in your group chat, Discord, Twitter, etc..

Complete purchase

Once the koop has raised the full amount needed to acquire the target NFT, anyone can complete that action by clicking on “Purchase”. The smart contract will then acquire the NFT from OpenSea using the funds raised by the koop.

Submit Relist Proposal

1. Once a koop acquires its target NFT, the koop can decide when to relist and at what price.
2. Users can make decisions in our chat feature.
3. More than 50% of voting points must agree to a proposal.
4. Once approved, the koop must click the “Execute Relist” button.

Vote

1. Token holders can vote on what price they’d be willing to sell the acquired NFT at any time.
2. There is a one week countdown on each proposal.
3. If the majority of voting power says Yes (51%), the proposal is executed immediately. If 50% of the voting power votes no, it is immediately closed.
4. 60% of voting points need to be present for a proposal to pass. We currently support immediate resale proposals on OpenSea.

Claim returns

Claim your profits on the “Your Koops” page.

Propose a new NFT

After an asset is resold, the koop can decide to stay together or disband.

1. To stay together, users can submit a proposal to purchase a new item. If approved by the majority, a crowdfund is started.
2. Members who vote no have the chance to withdraw their stake in the koop.
3. It is important to note that staying together will lower the gas fees.

Reputation

Voting alongside the consensus is rewarded. Your voting weight is based on your ETH contributed and your reputation as an NFT investor. Reputation is determined by the number of proposals you’ve submitted that have passed and that also returned a net positive return to the Koop.Points act as a signal on which koops to join and which users to trust. There are three tiers:

Gold 🥇 — 30 proposals

Silver 🥈 — 20 proposals

Bronze 🥉 — 10 proposals

Points are set on a concave dividend rate, in which going from 0 points to 5 is worth more than going from 10 to 20. You can find reputation badges under member profiles.