Frequently Asked Questions
ARTSPLIT is an art trading technology company that makes it possible to buy into investment-grade African art by blending digital technology and the experience of a global network of art experts. With ARTSPLIT, you are given accessibility to a well-curated selection of iconic African artworks, where you can have full ownership, or own shares of prestigious African artworks, tradeable in real time on the ARTSPLIT app.
The ARTSPLIT app is an art trading and social platform. It is an interactive space that provides users with access to sign-up, participate in live auctions, bids, trades, and portfolio management as well as access to invest and lease African artworks. The app also provides social engagement functions as community building amongst users.
Installation may be done as shown below
For Android Devices
Search for ARTSPLIT in the Google Play Store and install the application.
For Apple Devices
Search for ARTSPLIT in the Apple Store and install the application.
For Web Browsers Visit https://artsplit.com
For Android Devices
Search for ARTSPLIT in the Google Play Store and install the application.
For Apple Devices
Search for ARTSPLIT in the Apple Store and install the application.
For Web Browsers Visit https://artsplit.com
You can create an ARTSPLIT account by downloading our App or registering using social logins i.e., Google or Facebook, or enter your preferred name, email address, and password.
• For users who have already signed up for the latest version of the mobile app, input your username and password to log in.
• For a new user, click the “Sign Up” link to complete the process. On the “Create Account” page, insert your information, including your email and desired password.
• A user has the option to log in with a Google or Facebook account using the single sign-on feature on the app.
• Alternatively, mobile users who have signed into the app before can consequently use their biometrics for future sign-in attempts.
• For a new user, click the “Sign Up” link to complete the process. On the “Create Account” page, insert your information, including your email and desired password.
• A user has the option to log in with a Google or Facebook account using the single sign-on feature on the app.
• Alternatively, mobile users who have signed into the app before can consequently use their biometrics for future sign-in attempts.
There are no documents required. You can open an ARTSPLIT account using social logins i.e., Google or Facebook, or enter your preferred name, email address, and password.
All government-issued document is accepted.
No worries, inputting your BVN is optional
To validate your account, you need to
1) Complete your phone number and email address verification.
2) Complete your Basic and advanced KYC verification by uploading a government-issued document.
1) Complete your phone number and email address verification.
2) Complete your Basic and advanced KYC verification by uploading a government-issued document.
1. You may not be receiving your OTP because your SMS mailbox is full.
2. If you do not receive your OTP after 30 seconds, please click on the 'Resend OTP' button and the OTP will be resent to your mobile phone.
3. If you still cannot receive the OTP, please contact our Customer Experience unit via Mail at [email protected] or via +2349088962169 or 012271694 for further assistance.
2. If you do not receive your OTP after 30 seconds, please click on the 'Resend OTP' button and the OTP will be resent to your mobile phone.
3. If you still cannot receive the OTP, please contact our Customer Experience unit via Mail at [email protected] or via +2349088962169 or 012271694 for further assistance.
The user is required to download the ARTSPLIT app from the Play Store. Access to trade, list of works, fund your account pages and more are only accessible after a user has registered by creating an account with a password.
Click on Forgot password. You will be directed to enter the email account used to register on ARTSPLIT mobile app. In the email, you will get a notification link with OTP to reset your password will be shared.
On ARTSPLIT, you can invest in artwork either in the primary or secondary market.
• Primary Market - Create/View/Search Art Listings in different art categories and bid on different art categories.
• Secondary Market - Buy/Sell/View/Search traded arts in different asset categories, trade cancellation, top offers, trading chart filtering, and asset percentage growth.
Socials - Create/View/Delete Posts, Like/Comment on posts, search/view/follow/unfollow masters, creators & splitters’ timelines.
• Primary Market - Create/View/Search Art Listings in different art categories and bid on different art categories.
• Secondary Market - Buy/Sell/View/Search traded arts in different asset categories, trade cancellation, top offers, trading chart filtering, and asset percentage growth.
Socials - Create/View/Delete Posts, Like/Comment on posts, search/view/follow/unfollow masters, creators & splitters’ timelines.
• The primary market is where ARTSPLIT opens an initial public trade offering of artworks on the ARTSPLIT platform to all its users. The users would have the ability to place bids on these offerings/artworks. The highest bidder pays to own the work either in splits (in the case of a split contract) for a specified period . The bid duration can be between 10 to 30 days.
• For split contracts, a minimum of 10% (10,000 units) out of 100% (100,000 units) of splits of the artwork is put up in the primary market for auction/bidding, while the remaining 90% remains with the owner of the artwork who put it up for listing. The primary market, therefore, refers to the activities around the auction process.
• For split contracts, a minimum of 10% (10,000 units) out of 100% (100,000 units) of splits of the artwork is put up in the primary market for auction/bidding, while the remaining 90% remains with the owner of the artwork who put it up for listing. The primary market, therefore, refers to the activities around the auction process.
• The secondary market is the trading section on ARTSPLIT that allows users easily transfer ownership (split contracts) of artworks they have won in the primary market (during the bidding/auction process) to other users who are willing to own them. It takes place after auctions are concluded from the primary market.
• ARTSPLIT transfers the artwork to the (splits) portfolio of the winner(s) of the bid who then can re-trade or sell it to other users on the ARTSPLIT platform whenever they want and at whatever price they want and/or for the highest available price that is on the market as defined by potential buyer (s) or bid (s) or bidder (s). All the bids that happen in the primary market can all move to the secondary market for re-trading and portfolio asset management based on the discretion of the owners. The secondary market is the free market where owners can trade and re-trade all the assets within their portfolio whether it is the units or the lease.
• ARTSPLIT transfers the artwork to the (splits) portfolio of the winner(s) of the bid who then can re-trade or sell it to other users on the ARTSPLIT platform whenever they want and at whatever price they want and/or for the highest available price that is on the market as defined by potential buyer (s) or bid (s) or bidder (s). All the bids that happen in the primary market can all move to the secondary market for re-trading and portfolio asset management based on the discretion of the owners. The secondary market is the free market where owners can trade and re-trade all the assets within their portfolio whether it is the units or the lease.
This is a term used in the secondary market to represent the last known value of an artwork on the ARTSPLIT app. This is the last price that the artwork was last sold on the platform. When an artwork is listed on ARTSPLIT for the first time and auctioned in the primary market, the market price of the artwork will be determined at the end of the bidding by • Multiplying each users bid amount by their desired number of units to get the total amount spent by the user • Adding up all total amounts spent by each user who has won the bid to get a cumulative total amount bided for the artwork • Dividing this cumulative amount by the total number of units won in the bidding process for that artwork to get the market price. The market price determined above will then form the current value of a unit of the artwork when traded in the secondary market. However, if the artwork is already traded in the secondary market, then the market price of the artwork becomes the last price at which a seller sold a unit of the artwork to a buyer. This value fluctuates relative to the forces of demand and supply in the secondary market and determines the total value of a user’s portfolio.
You can bid for an artwork in the auction, which is on the primary market, this is located on the explore page. Simply select your preferred artwork; input the number of splits you are keen on and the value you would like to buy them at. For full ownership of an artwork, you need to select the artwork that has 100K splits available for auction and bid for all 100k splits. When the auction closes and if you are the highest bidder, you will be notified that you have won the bid for the artwork.
• Alternatively, you may bid for part ownership of an artwork. This is also known as split contract wherein several people may co-own the same artwork. After the auction on the primary market end, you may continue to bid on the primary market for a lease contract. If you win the bid, you may opt to have physical custody of the artwork subject to T&Cs relating to this process of physical custodianship. If you are not the winner of the lease contract you may opt to re-trade your splits in the secondary market for lease or financial gain. This takes place by selling all the splits and opting, to withdraw received funds.
Currently, ARTSPLIT is operating from South Africa, Ghana, and Nigeria.
This is a representation of a user’s assets on the ARTSPLIT platform. Artworks that users own in ARTSPLIT are recorded here and their value is determined by the market price of each artwork. Hence, the value is subject to fluctuation based on trading activities in the secondary market.
This is a representation of a user’s assets on the ARTSPLIT platform. Artworks that users own in ARTSPLIT are recorded here and their value is determined by the market price of each artwork. Hence, the value is subject to fluctuation based on trading activities in the secondary market.
This is a representation of a user’s assets on the ARTSPLIT platform. Artworks that users own in ARTSPLIT are recorded here and their value is determined by the market price of each artwork. Hence, the value is subject to fluctuation based on trading activities in the secondary market.
On the ARTSPLIT platform, there is only one method of payment. This is through using the funds that are in your ARTSPLIT wallet. A user, through a KYC-verified bank account, funds the wallet.
YES, your withdrawal limit is dependent on your current KYC status
No, there are no charges incurred.
The upgrade is done automatically, but you can go to the play store/IOS and click on upgrade if there is any upgrade available.
Using the same KYC-approved bank account details already in your profile, go to your account, go to profile, select view wallet, and click on withdraw. In the withdraw section, you indicate the desired withdrawal amount and click on withdraw. If a user wants to withdraw, they can do so using one of these five currencies –US Dollars, GBP, Euros, Cedis, and Naira. A user in the US, England, Europe, Ghana, or Nigeria can withdraw down into their account in these countries using Worldpay or through VBank in Nigeria or Stanbic Bank in Ghana.
You can transfer funds from your wallet balance to any registered ARTSPLIT user.
Notification is sent to your email and the platform once you place a bid and the status of your placed bid when the bidding auction is concluded.
This is a process of onboarding a new artwork onto the ARTSPLIT platform for auction on the primary market. This could either be for split contract auctions. There are two ways a user can list an artwork on ARTSPLIT’s platform. This is through uploading your entire artwork for sale (which would be quantified as 100k units/splits) or alternatively uploading for sale a portion of the artwork (a minimum of 10% will be required or a sum of 10k units/splits).
These sales go directly to the primary market where bidders will procure splits and acquire split contract/s for the portions/ units/ splits owned by the buyer.
See more details below.
Note that the listing process, requirements, and related terms and conditions differ for each listing type. After a user submits a listing request, ARTSPLIT will verify ownership of the artwork via several world standard checks and balances, including but not limited to provenance checks.
However, ARTSPLIT will arrange for the pick-up of physical artwork. Logistics and processing fees paid by the user are non-refundable. If the request for listing is successful, a timed auction is created on the platform. A bid for ownership by other users or potential buyers commences.
Splits can also be called units. This term is used by ARTSPLIT to represent a fraction of an artwork, which can be owned by a user through auction and is managed as an asset within their portfolio. A piece of investment-grade art listed is divided into 100,000 splits (units) and the minimum percentage of ownership that can be listed is 10% (10,000 Splits).
• Owned units refer to the total number of units of an artwork a user currently owns.
• Available units represent the total number of units put up for sale by different people who currently own units of the artwork.
• Owned units refer to the total number of units of an artwork a user currently owns.
• Available units represent the total number of units put up for sale by different people who currently own units of the artwork.
The duration for leasing an art depends on several variables subject to terms and conditions agreed upon by the lessor and lessee.
Prices of artwork vary depending on the market value of the artwork, you can find the prices listed under each artwork.
Please refer to the T&Cs on the kinds of images permitted on the platform.
There are no charges for posting an image. You are only charged for listing an artwork for auction.
Each artwork listed shows the name of the artist under the image.
You can reach a customer representative by sending an email to [email protected] or calling us at +2349088962169, 012271694, or +233 59 692 1424
Depending on the severity and nature of the damage, the artwork’s insurance guidelines will enable you to navigate the process here. However, you are more than welcome to send an email to [email protected] for issue resolution.
Our logistics partner will deliver the artwork to you subject to the procedure indicated in the listing process.
Yes, you can sell your artwork on the ARTSPLIT app by listing artwork.
You can buy into investment-grade art and profit from them, starting with as little as $10.
All financial information is encrypted and stored on our PCI DSS Level 1 compliant standards. PCI DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party. It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.
All split owners have a binding contract in adherence to all legitimized legal procedures, which also grants them legal ownership of the artworks. We will be happy to share this contract directly with you as well.
Regarding our Business Terms and ownership contracts, ARTSPLIT LIMITED is a private limited liability company incorporated under the Laws of the Federal Republic of Nigeria, Ghana, the United Kingdom, and the United States of America. The business registration process for South Africa is currently ongoing. We are legally registered for the authorized purchase and trade of investment grade artworks, where all artworks procured by us grant us legitimate ownership.?
With ARTSPLIT's model, the holding period is dependent on if the splitter decides to trade or hold on to their split assets, based on the market forces of demand and supply. The ARTSPLIT app facilitates the real-time/sale of your split ownership at any point in time.
Given the current rise in the prominence of African art, especially with the appreciation of the works of African masters and contemporary African artists, there is growing interest from buyers and collectors, driving exponential demand, and changing the economics of investing in African Art. Despite significant volatility across asset classes, art price performance delivered an average of 15% return for post-war and contemporary art in 2020, with these projections expected to grow in subsequent years as Artwork assets returns have remained consistently on an upward trend.
Regarding the valuation of artworks before they are entered into auction for splits on the app, our methodology covers:
The last price sold
Commercial performance of the work over the last 5 auctions
Market performance of similar artists and works
Art sales index data, which is submitted to ARSPLIT curatorial board, who reviews, and
Commercial performance of the work over the last 5 auctions
Market performance of similar artists and works
Art sales index data, which is submitted to ARSPLIT curatorial board, who reviews, and
Users may fund their wallets and may choose not to immediately utilize the funds in the purchase of splits or other options available on the platform. Incentives are offered on these idle funds to users.
Ans.
This is a certain amount in the user’s wallet, but it is not accessible due to the bid the user placed on the primary or secondary market. This fund will remain inaccessible until the bidding process after which the fund will either be debited if the bid is won or released if the bid is not won or canceled.
The following documents are needed to create a company account on ARTSPLIT:
Intent to enter a business relationship with relevant VFD Group.
Proof of residential address of signatories and partners.
Identity of holders of shares amounting to 5% and above total ownership of the company which must be traced down to the individual behind any corporate shareholding.
Intent to enter a business relationship with relevant VFD Group.
Proof of residential address of signatories and partners.
Identity of holders of shares amounting to 5% and above total ownership of the company which must be traced down to the individual behind any corporate shareholding.
The minimum withdrawal amount is as explained below:
Customers can make a withdrawal of up to $5000 outrightly into a VBank account.
A customer with another bank account can only make a maximum withdrawal of an equivalent sum of 1 million naira (in dollars).
The customer will have to make the withdrawal in bits.
For example, a customer with another bank account registered on ARTSPLIT that wants to make a withdrawal of $1500 will not be able to make a withdrawal unless the amount is split into smaller bits like $1000 & $500"
Customers can make a withdrawal of up to $5000 outrightly into a VBank account.
A customer with another bank account can only make a maximum withdrawal of an equivalent sum of 1 million naira (in dollars).
The customer will have to make the withdrawal in bits.
For example, a customer with another bank account registered on ARTSPLIT that wants to make a withdrawal of $1500 will not be able to make a withdrawal unless the amount is split into smaller bits like $1000 & $500"
All ARTSPLIT artworks are fully insured.
All financial information is encrypted and stored on our PCI-DSS Level 1 compliant standards. PCI-DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party. It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.
With ARTSPLIT, owners can sell their work in full (100%), or in splits, (minimum of 10% ownership of the artwork), keep ownership of their work, and still benefit from the trade of their work on our platform.
Artwork appreciation.
Benefits of buying low in the primary market and the option of selling high in the secondary market.
ARTSPLIT provides engagement opportunities for our Private Collector’s Community, including the following services:
African art-based financing
African art acquisition financing
Art Insurance
African art data and intelligence resources
Art cataloging
Gallery and display facilities.
Benefits of buying low in the primary market and the option of selling high in the secondary market.
ARTSPLIT provides engagement opportunities for our Private Collector’s Community, including the following services:
African art-based financing
African art acquisition financing
Art Insurance
African art data and intelligence resources
Art cataloging
Gallery and display facilities.
ARTSPLIT LIMITED is a private limited liability company incorporated under the following laws:
i. The Federal Republic of Nigeria
ii. The Republic of Ghana
iii. The United Kingdom
iv. The United States of America. v. South Africa (Now Live)
• ARTSPLIT is legally registered for the authorized purchase and trade of investment grade artworks, where all procured artwork grants us legitimate ownership
i. The Federal Republic of Nigeria
ii. The Republic of Ghana
iii. The United Kingdom
iv. The United States of America. v. South Africa (Now Live)
• ARTSPLIT is legally registered for the authorized purchase and trade of investment grade artworks, where all procured artwork grants us legitimate ownership
For listing on the ARTSPLIT app, a minimum of 10% and a maximum of 100% investment value of the artwork is required. For bidding, any amount from the bid start-up price is required.
The payout or return of your investment will commence once a customer wins a lease and finalizes the lease contract. The payout depends on the percentage of splits owned by the customer and the value will be added to the customer's wallet balance.
. For split owners, the customer will have to sell the splits in the secondary market.
. Liquidate his wallet balance and notify ARTSPLIT through the customer support team of his request to exit from ARTSPLIT.
. For a customer whose lease contract is still running, a penalty for the bridge in the contract will suffice.
. Liquidate his wallet balance and notify ARTSPLIT through the customer support team of his request to exit from ARTSPLIT.
. For a customer whose lease contract is still running, a penalty for the bridge in the contract will suffice.
This is calculated as shown below:
Market Value = Bid Amount X No of units= Total amt spent by User
Addition of all Total amt spent by Users = Cumulative total amt
MARKET VALUE = Cumulative total amt spent /
Total number of Units won
Market Value = Bid Amount X No of units= Total amt spent by User
Addition of all Total amt spent by Users = Cumulative total amt
MARKET VALUE = Cumulative total amt spent /
Total number of Units won
There are 7 currencies available for withdrawal on ARTSPLIT which are:
1. US Dollars,
2. GBP,
3. Euros,
4. Cedis
5. Naira
6. RWF
7. ZAR
A user in the US, England, Europe, Ghana, or Nigeria can withdraw
down from their app fund in these countries into their local currency
account. However, if a user is not in any of these countries, the user
will need to withdraw into a domiciliary account that reflects any of
the seven currencies above.
1. US Dollars,
2. GBP,
3. Euros,
4. Cedis
5. Naira
6. RWF
7. ZAR
A user in the US, England, Europe, Ghana, or Nigeria can withdraw
down from their app fund in these countries into their local currency
account. However, if a user is not in any of these countries, the user
will need to withdraw into a domiciliary account that reflects any of
the seven currencies above.
You can connect with a customer representative through the help and support tab under account settings in the app or on the support tab on the website.
For more information about ARTSPLIT, you can connect with us by Using our live chat option on the web/app Sending an email to [email protected]
Calling us at +2349088962169, +234 012271694 or +233 59 692 1424
WhatsApp on +2349088962169
For more information about ARTSPLIT, you can connect with us by Using our live chat option on the web/app Sending an email to [email protected]
Calling us at +2349088962169, +234 012271694 or +233 59 692 1424
WhatsApp on +2349088962169
Your referral earnings will be automatically transferred to your wallet balance on the last day of the month
No, the value in the referral wallet cannot be withdrawn, until it is transferred to the primary wallet.
Three new referrals must have completed their Basic & Advanced KYC verification for the referee to earn $1.
• A new user must have completed a purchase of $50 on any artwork on the ARTSPLIT platform for the referrer to earn $5
• For Artwork purchases $10 of 0 and above, the referral will earn $10
• Please note subsequent purchases do not apply
• A new user must have completed a purchase of $50 on any artwork on the ARTSPLIT platform for the referrer to earn $5
• For Artwork purchases $10 of 0 and above, the referral will earn $10
• Please note subsequent purchases do not apply
The Lessee shall pay an insurance fee of 0.99% of the Lease Price which shall be deducted from the wallet balance of the Lessee on the Platform.
Logistics fee will apply accordingly based on location
Collateral: 30% cash as Collateral (that will yield 2.5% interest annually)
Or
30% portfolio balance as Collateral
Or
A non-refundable comprehensive insurance plan for at least 5% of the value of the artwork.
Logistics fee will apply accordingly based on location
Collateral: 30% cash as Collateral (that will yield 2.5% interest annually)
Or
30% portfolio balance as Collateral
Or
A non-refundable comprehensive insurance plan for at least 5% of the value of the artwork.
Within a 90-day period, a user will be designated an active user if:
• The user has made a deposit in their wallet or,
• The user has funded his account, placed a bid or trade or,
• The user has an asset in their portfolio or,
• The user has referred someone or,
• The user has made a post on the app's timeline in the past 7 days.
It is therefore agreed that any user with any mix of the above conditions is considered an active user.
• The user has made a deposit in their wallet or,
• The user has funded his account, placed a bid or trade or,
• The user has an asset in their portfolio or,
• The user has referred someone or,
• The user has made a post on the app's timeline in the past 7 days.
It is therefore agreed that any user with any mix of the above conditions is considered an active user.
Yes, you will be charged an insurance fee of 0.99% on the reserved units at the reserved price.
Yes, you can share artwork from the primary market to your timeline on the ARTSPLIT app
Yes, you can share artwork from the primary market with other platforms.
You will be able to confirm trends on the graphical representation and the analysis section on the artwork under secondary market to know if you are at a profit or loss percentage on an artwork.
Yes, you can view transaction history for a specific artwork on your portfolio via the history Button on the artwork view page.
Yes, you will be receiving an in-app notification when new artwork is being auctioned on the ARTSPLIT app.
You can search for other users under the timeline by simply typing their names in the search button under the timeline in the top right-hand corner of your screen.
Yes, you will be able to view previous posts from searched users and even like or comment as long as the user has not deleted the post.
You can cancel a bid offer by simply selecting the artwork, clicking on the bid tab, then clicking on 'CANCEL BID'.
You can buy/sell splits on the secondary market section under the trade tab on the ARTSPLIT app.
There is a timer on all available artworks during an auction to show you the days and time remaining for an auction to end.
Yes, you will be able to view other bids from other users under the bid section of an artwork.
The artwork will be moved to the secondary market
The artwork will be moved to the secondary market
No, you will not be able to extend or renew the lease duration.
Yes, if the 3rd party agrees, and signs all required legal documents for the lease agreement
Traded works on the ARTSPLIT app are either listed directly by ARTSPLIT sources from reputable auction houses and art dealers/collectors or Users/Partners (collectors, galleries, etc.) can also list their works provided they meet to meet the listing criteria as specified by the ARTSPLIT Curatorial Board.
Yes, you can. At the Open Market, you can buy artwork directly from the artist and own it.
• Similarly, in the Primary Market, you can buy all available splits of artwork and own it outright by ensuring that your bid for all 100,000 available units is the highest at the end of the auction.
• Similarly, in the Primary Market, you can buy all available splits of artwork and own it outright by ensuring that your bid for all 100,000 available units is the highest at the end of the auction.
The Lease contract makes it possible for you to have physical custody of the work for a specified period. Once the lease auction is concluded, the winner of the lease can either have the work delivered at their preferred location or hold and manage the lease rights in their portfolio and maybe sell in the secondary market depending on the market demand.
• Please note that to gain custodianship, insurance, or security deposits
will apply.
• You can visit www.artsplit.com for more information.
• Please note that to gain custodianship, insurance, or security deposits
will apply.
• You can visit www.artsplit.com for more information.
Artworks are always available for auction on the ARTSPLIT app with new artworks uploaded for auction fortnightly.
The secondary market has recorded a steady rate of trade with the value of the artwork increasing by a minimum of 20% across the different artworks when. With “buy and sell” offers matched and trade transactions being closed out.
Prices of artwork vary depending on the market value of the artwork. The Curatorial Board first conducts due diligence and provenance checks on every artwork, historical prices by which the artist has sold in previous auctions, availability of works, and other available data points which then inform the recommended reserve price for the primary market guaranteeing price discovery for the artwork ahead of it moving to the secondary market. However, once the work gets to the secondary market, the forces of demand and supply kick in and inform the new value/price based on the trades.
We have a team of curatorial experts that conduct due diligence on every artwork before the listing is approved, using global best practices. A provenance check is carried out on every artwork which must meet the stipulated criteria before the work is approved. Some of the criteria include Source, Artwork History, Provenance Document & Certification of Authentication, Relevance, Media Features, Legal Jurisdiction, and Value Retention.
There are no hidden charges, all the applicable charges are displayed for your information at the point of payment. If you win an artwork for lease and decide to utilize physical
custodianship, please note that the following cost may apply including logistics, insurance, or security deposit which will be shared with the user.
The interest of 2.5% Annually would be generated on your Wallet balance.
Purchase Support is a new feature on our ARTSPLIT app that gives eligible customers access to additional funds for a given time to bid in the Primary Market. These funds are paid back after the agreed period with interest.
The following are the conditions for a user’s wallet to yield interest:
A maximum of two withdrawals, once you make a third you are no longer eligible.
Basic and Advanced KYC verification on the ARTSPLIT App must be completed.
All active ARTSPLIT App users with an average credit balance will earn interest on their wallet balance including users with an Overdraft limit
50% of your portfolio balance because that's the collateral
A maximum of two withdrawals, once you make a third you are no longer eligible.
Basic and Advanced KYC verification on the ARTSPLIT App must be completed.
All active ARTSPLIT App users with an average credit balance will earn interest on their wallet balance including users with an Overdraft limit
50% of your portfolio balance because that's the collateral
Yes, the interest would be paid monthly.
An eligible user will receive a notification stating eligibility and the amount eligible. The User will also see the Purchase Support button beside your Wallet Balance
The Purchase Support can only be used for Split bidding in the Primary Market.
Purchase support is available to increase the user’s bidding budget. i.e., A user owns 300$ in the Wallet and gets Purchase support of $30. The user could then make a bid totaling $330.
The user’s Portfolio balance is used as collateral and would be debited if the user default in repayment.
Purchase support repayment may be in (two) installments for the one-time option and two installments per month for the monthly option.
On getting Purchase Support, the user’s wallet is credited with the amount requested within 3-5 minutes of request. Kindly note that you will not be able to withdraw less than the amount requested. (For e.g., if you have a wallet balance of $300 and got Purchase Support of $30 with an interest of $0.42, you can only withdraw $299.58, if you request more than that amount you will get an insufficient balance message.
The purchase support value would remain available on the wallet if the user is eligible. Whether users choose to use it or not.
Copyright laws prohibit split owners from making copies of work.
No, ARTSPLIT is not connected to Blockchain technology as we deal mainly in physical arts to learn more, please visit ARTSPLIT.com
We have built our proprietary technology that allows our users to co-own artworks on the platform.
Security deposits and insurance applies ensuring that lessors are held liable for as long as they hold physical custody of the works.
Security deposits and insurance applies ensuring that lessors are held liable for as long as they hold physical custody of the works.
Royalties are payments made from one party (sometimes referred to as the "licensee") to another (the" licensor") for the right to make use of an asset. The asset can be virtually anything -- from music to tangible assets like minerals and oil to intellectual property like copyrights, trademarks and patents. Royalty payments are often calculated as a percentage of the revenue generated by the asset's use.
The first step to purchasing on MusicSplit is downloading the ARTSPLIT app, signing up, and creating an account. After which, you browse the explore page and preview your favourite artists’ projects before placing a bid to buy splits.
The project is added to your portfolio, and you will get your royalties depending on your split % ownership paid directly into your ARTSPLIT wallet.
Yes, anyone anywhere in the world may invest in MusicSplits listed on the ARTSPLIT app. You must download the ARTSPLIT app from your favourite app store on Google Play or iOS.
MusicSplit offers the opportunity to purchase future royalty revenue from a music project - Album, or EP.
Royalties will start to roll in monthly upon subscription on MusicSplit, after which they will begin to roll in at the end of every month and be paid directly into your ARTSPLIT wallet.
No, to participate in the MusicSplit auctions, you must be a verified user of the ARTSPLIT app. Once verified, you may bid freely on any of the projects listed for auction.
In the music industry, royalty rates are determined differently depending on the type of royalty involved. Sound recording royalties are typically negotiated with the record label involved and streaming platforms.
In general, music is relatively uncorrelated with the economy and interest rates. No one entity has total control over music pricing. It's an ongoing negotiation between labels/publishers and music retailers/services.
This depends on your industry and previous royalty stream performances.
On MusicSplit, you can sell royalties from your streaming income, including public performances and digital.
Yes, you can sell any percentage of your music royalty stream and keep the rest as you prefer. We will work with you to determine your funding needs and help you create the right plan for your situation on MusicSplit.
No, this is a sale of a portion of your royalty income in exchange for a lump sum payment of future earnings. It's preferable to a loan because it allows you to keep earning royalties on the percentage you don't sell and doesn't have predatory or confusing payback terms or interest rates.
From the initial consultation to the transfer of funds, the process takes about 1-2 months on average.
You must provide us with basic information such as your royalty stream details, the organisation that distributes your royalties, and a history of royalty statements.
There is no charge to list an auction on our platform. We only collect a commission after your auction ends, at a rate determined before listing.
Selling a portion of your royalty stream to private investors allows you to raise many years' worth of royalty payments upfront without giving up control over your future earnings or going into debt. It will enable you to diversify your risk (protecting you against potential royalty shortfalls in the future) and your income stream (allowing you to use the money to invest in new revenue streams).
The first official artist signed up on the platform is King Perryy, with others soon to be announced in due time.
They are typically investors and users of the ARTSPLIT app with interests in alternative assets, including Music.