Jubilee is a platform for forgiving debt through the perpetual redistribution of luxury personal property, and for sharing the proceeds earned thereof with friends. Whereas traditional lenders foreclose on bare necessities when the borrower is unable to make interest payments, with Jubilee, the interest payment and a sharable royalty are included in the next buyer's larger payment. Simply put: everyone is a steward until established otherwise, and anything you buy can be taken away by anyone spending more than you.
Debt existed before money, yet most financial inventions hold shared ownership, secession, and crypto up as ideals. Though well-intended, these are a red herring for the have-nots. The helpful thing is to redefine default as a failure to share: sellers should always reserve the right to take things back, buyers should always reserve the right to a full refund plus applicable profit, and then neither party should lose money. All such transfers should contain the interest payment and a sharable royalty.
Debt collection—only in this case and only for commodities that belong to the upper half of Maslow's hierarchy of needs—is both redistributive and a way of paying off less just debts.
Sharable future proceeds (sfp) are a resale royalty that must be reassembled by an object's steward before its legal title can be transferred. Sfp can be traded (through an entanglement), and are equalized on both sides to ensure reciprocal outcome.
Post an artwork that you own and would like to sell. 10% of its price is converted to sfp. They cost nothing, and are yours until you trade them.
Jubilee is for all art lovers who would like to create a better culture.
Becoming a steward on Jubilee is different from what you are used to, but may feel the same at first. When you normally buy a piece of art, you get to keep it. With us, you are its steward, and the art can be taken away by anyone who spends more than you. As a steward, you have options available for retaining possession of the piece, but your right-to-keep is usually taxed. You can either:
- Pay more up front and hope no one else outspends you,
- Sign in when your six month grace period is up, and increase the piece’s price above what you think others might pay in exchange for an annual 6% Buyout Prevention Fee, or
- Outbid new offers by paying a larger Buyout Prevention Fee equal to the difference between your price and their offer + $25.
In all cases, the initial amount you spent is treated as a deposit, and is returned along with any applicable profit when the art is successfully transferred to the next steward in line.
When you find an artwork you like, fill out the bidding form and add your shipping details. The seller will approve, deny, outbid, or ignore your offer. If approved, you will be asked to complete payment. When payment goes through, the seller will mail the artwork to the shipping address you provided in the first step. We handle legal filings and enforcement. When you receive the shipment, mark the item as received, and it will be added to your profile. After six months, you are given the option to increase the piece’s purchase price, and then directed to a portal to make a recurring annual payment worth 6% of this new price (i.e., a Buyout Prevention Fee). If you do not make these payments on time, the artwork's purchase price will drop back to the standard value (what you spent + 25%).
Others may place bids on an artwork you currently hold. Any offer that meets either the standard value or the higher purchase price you subsequently set (whichever applies to the current situation) must be outbid by paying a larger Buyout Prevention Fee, or honored. If no action is taken, the piece is automatically flagged as 'missing,' and we begin an investigation.
Stewards are free to obtain profit from display of the artwork, so long as they do not lend it, use it as collateral, or cause it to be changed or damaged. Copyright remains with the artist. You are not free to sell the artwork outside of Jubilee unless you also manage to acquire all of its sfp.
80% of every sale goes to the seller, 10% is distributed among the sfp holders, and 10% goes to Jubilee. If the seller and sfp holder are the same person (as is the case with all newly posted art), then they get the full 90%. Buyout Prevention Fees are split 70/30% between sfp holders and Jubilee. Stewards who resell their artwork get their initial deposit back in full so long as they do not resell the artwork for less than its listed price. Read our Payments Policy
for more detail.
The seller picks the initial price of an artwork. Every subsequent sale increases the price by 25%. Price increases beyond this are voluntary attempts to gain or keep possession.
Stewards are free to add a frame (or change it if it was included in the purchase), but must have their framer submit a receipt to firstname.lastname@example.org
. The price paid will be added to the default price increase.