Part of “Welcome to Troop!”
What fees does Troop charge?
Zero — we currently don't charge any fees. As we continue to make Troop more useful and reliable, we may introduce a small fee in the future to help fund product development.
How does Troop compare to PartyBid?
While some mechanics are similar, the use case is different. We are huge fans of PartyBid and how they have made it possible for groups of hundreds of contributors to beat out even the largest whale at public auctions. However, PartyBid's emphasis on large, public, on-chain auctions didn't address our needs around buying NFTs on OpenSea with our friends. That is what Troop aims to address.
How does Troop compare to Fractional?
Troop was built on top of the Fractional protocol — so any NFT acquired by a hunt benefits from the security of their vaults, as well as their mechanisms for pricing, listing the NFT for sale, etc. From an application standpoint, however, Fractional is focused on the use case of “IPOing your NFT”, where the owner of a popular NFT fractionalizes it and shares a percentage of it (e.g. 10%) to anyone who wants to buy it. Troop, on the other hand, is focused on the use case of people coming together to fully acquire a given NFT as a group.
How does Troop compare to multi-sig wallets?
We believe multi-sig wallets are not ideal for this use case. The key reasons being: (1) multi-sig wallets don’t integrate with NFT marketplaces, so you still need to trust someone in the group with all of the funds to manually buy and sell NFTs, (2) you have to manually execute payouts after you sell the NFT, which gets quite cumbersome when members have contributed different amounts and/or when new people have joined the group after some purchases, (3) one person doesn’t have the freedom to cash out their share of the NFT, (4) you don’t get ERC-1155 shares to showcase in your personal wallet.
How does Troop compare to a DAO?
You can think of a hunt as a “single-purpose DAO”. It’s a DAO whose sole purpose is to acquire that one target NFT. In the future we plan to add more social and community features to Troop.
Technically, how does Troop work?
During the hunt, we rely on smart contracts to secure your funds and ensure they can only be used to acquire your target NFT or be reclaimed by the original contributor. For fractionalization, we've partnered with Fractional and are leveraging their battle-tested protocol. Check out this Under the hood post by our CTO to learn more about the system.
Which NFTs can I buy using Troop?
Any ERC-721 NFT sold on OpenSea with a “Buy Now” price. We will soon launch support for other types of NFTs, other marketplaces, and other sales mechanisms. Let us know what you’d like us to prioritize in our Discord!
How should I choose which NFTs to buy?
That is entirely up to you and your group — whatever NFT speaks to you! If you are still a bit uncertain and need help, reach out on our Discord and someone in our community might have some suggestions. Moreover, you might like this post by Yeasty Dough on his framework for investing in NFTs.
What is a “private” hunt?
A private hunt is one that will not be showcased in Troop’s homepage until it successfully acquires the target NFT. That means that only people with the link to that hunt will be able to add funds to it using Troop’s UI.
Who can start a hunt?
Anyone!
How can I join a hunt?
Simply visit the hunt’s detail page, and click on the “Join the hunt” button. Then, choose the amount of ETH you’d like to contribute to the hunt and confirm the transaction.
What is the hunt expiration period?
This is the amount of time that the hunt has to raise funds. During this time, any funds added to the hunt are locked, and cannot be reclaimed. By default, the expiration period is 5 days.
What happens if the price of the target NFT changes?
If the price goes down, the amount being raised gets changed to the new price. However, if the price goes up beyond the max cap, the hunt will not accept new funds until the price drops below the cap. The expiry clock will still run, and you’ll be able to reclaim your ETH if the hunt fails.
What happens if someone else buys the target NFT before the hunt?
If the NFT is relisted below the cap, the hunt continues. Until then, the hunt will not accept new funds and the expiry clock will continue to run.
How do we decide when to sell the acquired NFT and at what price?
Your shares (which are ERC-1155 tokens) allow you to vote on which price you’d be willing to sell the NFT for. Once 50% shares or more have voted on a sale price, the reserve price is calculated using a weighted average, and the NFT is put up for sale at the reserve price in Fractional. See the fractional.art FAQ for further details.
How does buying out a fractionalized NFT work?
Anyone can buy out a fractionalized NFT by going to Fractional by making a bit at the reserve price. Once this happens, a 7-day on-chain auction is triggered. At the end of those 7 days, the highest bidder gets the NFT, and the partial owners get paid out proportional to their shares.
Where will our group’s NFT be listed for sale if we decide to sell it?
For now, NFTs will be listed in Fractional.art. We plan to support buying fractionalized on OpenSea and in Troop’s website in the future.
What happens if we fail to acquire the target NFT?
The hunt officially fails once the expiration period has elapsed. When that happens, the lockup on the hunt is lifted, and all contributors can reclaim the ETH they added to the hunt.
Which actions cost gas fees?
- Contribute to hunt (once per person)
- Complete purchase (only once per hunt)
- Fractionalize/first claim tokens (only once per hunt)
- Claim tokens: 120k gas (once per person)
Gas costs are dependent on how busy the Ethereum network is, as well as the Ethereum price. You can track this here: https://etherscan.io/gastracker
How do you handle airdrops for NFTs?
The smart contract holding the NFT (i.e. the hunt) will also receive and hold any airdrops sent to it.
How do I use the hunt’s NFT to get access to private channels on Discord?
This is not yet possible, as tools like CollabLand require an individual wallet to authenticate ownership of the full NFT.
How do I claim tokens or additional NFTs using the hunt’s NFT?
This is not yet possible, but we plan to support it in the future.
Where can I find Troop’s smart contracts?
- BountyFactory (Etherscan)
- Bounty (Etherscan)
- ERC721VaultFactory (Etherscan)
- Fractional protocol (Fractional.art)
What are your plans for protocol decentralization?
Troop plans to progressively decentralize the protocol to ensure long-term resilience & upgradability.
Will there be a TROOP token?
Yes. In true web3 fashion, we want to reward our community for using our product, and eventually become fully decentralized and community-owned. We don’t have a token yet, for now we want to perfect the core user experience, and then introduce tokenomics.
Where should I leave feedback?
We'd love to hear your thoughts on Troop and your ideas of how we can improve the product! Please message us in the #feedback-💚 channel in the Troop Discord.