{"id":405,"date":"2021-08-02T20:45:00","date_gmt":"2021-08-02T20:45:00","guid":{"rendered":"https:\/\/www.1stdibs.com\/about\/?page_id=405"},"modified":"2022-01-22T16:43:24","modified_gmt":"2022-01-22T16:43:24","slug":"nft-terms-of-use","status":"publish","type":"page","link":"https:\/\/www.1stdibs.com\/about\/nft-terms-of-use\/","title":{"rendered":"1stDibs NFT Terms of Use"},"content":{"rendered":"

These 1stDibs NFT Terms of Use (the \u201cNFT Terms\u201d) constitute Additional Terms as defined in the 1stDibs <User Agreement>.\u00a0 By participating in the NFT Marketplace (as defined below), you agree to be governed by these NFT Terms.\u00a0\u00a0<\/span><\/p>\n

1stdibs.com and its related sites, products, services, mobile applications, and tools (individually and collectively, the \u201cSite\u201d) are owned and operated by 1stdibs.com, Inc., a Delaware (USA) corporation (\u201c1stDibs,\u201d \u201cUs\u201d or \u201cWe\u201d). These NFT Terms govern your (\u201cCreator(s),\u201d \u201cCollector(s),\u201d \u201cOwner(s),\u201d collectively \u201cUser(s)\u201d or \u201cYou\u201d) use of and conduct on the NFT Marketplace within the Site.\u00a0<\/span><\/p>\n

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  1. The NFT Marketplace.<\/b><\/li>\n<\/ol>\n

    The NFT Marketplace is a decentralized application and digital art marketplace operating on the Ethereum blockchain.\u00a0 The NFT Marketplace uses specially-developed smart contracts (\u201cSmart Contracts\u201d) that enable Creators to sell their digital creations to Collectors, and for Collectors to further sell such creations, on a peer-to-peer digital marketplace.\u00a0 Collectors may also proudly display their collected digital artwork on the NFT Marketplace.<\/span><\/p>\n

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    1. NFT Terms.<\/b><\/li>\n<\/ol>\n

      1stDibs provides Users with access to and use of the NFT Marketplace subject to your compliance with these NFT Terms and the 1stDibs\u2019 privacy policy, available at:\u00a0<\/span>https:\/\/www.1stdibs.com\/about\/privacy-policy\/<\/span><\/a>. Your use of the NFT Marketplace constitutes your express agreement to these NFT Terms and our privacy policy. If you do not agree to these NFT Terms or our privacy policy, you may not access or use the NFT Marketplace.<\/span><\/p>\n

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      1. The Role of 1stDibs.<\/b><\/li>\n<\/ol>\n

        (a) The role of 1stDibs is expressly limited to making the NFT Marketplace available and maintaining it for Creators, Collectors, and Users. 1stDibs is an intermediary and not an agent or fiduciary for any Creator, Collector or User for any purpose. 1stDibs is not responsible for the actual sale of any digital artwork and does not control the information provided by Creators, Collectors, or Users, nor their acts or omissions. 1stDibs is independent from the Creator, Collector and User, and no partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created by the operation of the NFT Marketplace by 1stDibs.<\/span><\/p>\n

        (b) The Smart Contracts and the NFT Marketplace facilitate User collection of NFTs, but 1stDibs and its affiliates, the NFT Marketplace, and the Smart Contracts are not the custodians of any User-owned NFT.\u00a0 The User understands and acknowledges that the Smart Contracts do not give 1stDibs custody, possession, or control of any NFT or cryptocurrency at any time for the purpose of facilitating transactions.\u00a0 You affirm that you are aware and acknowledge that 1stDibs is a non-custodial service provider and has designed this NFT Marketplace to be directly accessible by the Users without any involvement or actions taken by 1stDibs or any third-party.<\/span><\/p>\n

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        1. Registration and Account Access.<\/b><\/li>\n<\/ol>\n

          (a) Registration will be required in order to use the NFT Marketplace. Registrants are required to provide certain information such as a valid email address, and to select a password to be used to create and access their accounts. This password and other registration details should be kept safe and not shared with anyone. Registrants may voluntarily provide additional information in the registration process to personalize their accounts. Registrants may access their accounts to view their profile information as well as transaction information by clicking the icon on the home page of the Site after logging in.\u00a0 Registrants may be required to provided additional personal information such as name and address in order to participate in or complete auctions on the NFT Marketplace.\u00a0<\/span><\/p>\n

          (b) Registrants must also connect a MetaMask electronic wallet to their NFT Marketplace account in order to participate in auctions on the NFT Marketplace.\u00a0 MetaMask is an electronic wallet, which allows you to purchase, store, and engage in transactions using the native Ethereum cryptocurrency, ETH. You will not be able to engage in any transactions on the NFT Marketplace other than through MetaMask. The NFT Marketplace will only recognize you as a User, and you will only be able to interact with the NFT Marketplace, if your Ethereum electronic wallet is connected and unlocked through your MetaMask account. There is no other way to sign up as a User, or to interact directly with the NFT Marketplace.<\/span><\/p>\n

          (b) Users may cancel their registration and account at any time. For your security, requests to terminate accounts must originate from the registered email account with 1stDibs addressed to support@1stdibs.com. Under no circumstances will a cancellation request received via the phone or otherwise be accepted.<\/span><\/p>\n

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          1. Eligibility to Use the Site.<\/b><\/li>\n<\/ol>\n

            Users must be 18 years of age or older to use this Site. This Site is not directed at children under the age of 13 and does not knowingly collect information from such minor children.<\/span><\/p>\n

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            1. NFTs and The Ethereum Blockchain.<\/b><\/li>\n<\/ol>\n

              (a) All artwork ( \u201cArtwork(s)\u201d or \u201cWork(s)\u201d) on the NFT Marketplace is represented by a unique cryptographic token exclusively minted by an approved Creator (or minted by 1stDibs at the direction of such Creator). \u00a0Each NFT ( \u201cToken(s)\u201d, \u201cNon-fungible token(s)\u201d, or \u201cNFT(s)\u201d) is minted by a Creator using the Smart Contracts based on a Creator\u2019s original Artwork.\u00a0 NFTs are forever tracked and stored on the Ethereum blockchain, providing the Collector of an NFT with a permanent record of authenticity and ownership.<\/span><\/p>\n

              (b) Transactions that take place on the NFT Marketplace are managed and confirmed via the Ethereum blockchain. The User understands that your Ethereum public address will be made publicly visible whenever you engage in a transaction on the NFT Marketplace.\u00a0 We neither own nor control MetaMask, Coinbase, Google Chrome, the Ethereum network, or any other third party site, product, or service that you might access, visit, or use for the purpose of enabling you to use the various features of the NFT Marketplace (\u201cLinked Sites\u201d). In no event shall we be liable, directly or indirectly, to anyone for any loss or damage arising from or occasioned by the creation or use of the Linked Sites or the information or material accessed through these Linked Sites. You should direct any concerns to that website\u2019s administrator or webmaster. We reserve the exclusive right, at its sole discretion, to add, change, decline or remove, without notice, any feature or link to any of the Linked Sites from the Site and\/or introduce different features or links to different users.<\/span><\/p>\n

              (c) All User transactions on the NFT Marketplace, including without limitation minting, tokenizing, bidding, listing, offering, purchasing, or confirming, are facilitated by Smart Contracts existing on the Ethereum network and are initiated though one or more Smart Contracts at the sole discretion and at the complete risk of the Users.\u00a0\u00a0<\/span><\/p>\n

              (d) NFT Marketplace transactions utilize experimental smart contract and blockchain technology, including non-fungible tokens, cryptocurrencies, and decentralized or peer-to-peer networks and systems. Users acknowledge and agree that such technologies are experimental, speculative, and inherently risky. Users acknowledge and agree that the Smart Contracts may be subject to bugs, malfunctions, timing errors, hacking and theft, or changes to the protocol rules of the Ethereum blockchain (i.e., “forks”), which can adversely affect the Smart Contracts and may expose you to a risk of total loss, forfeiture of your digital currency or NFTs, or lost opportunities to buy or sell NFTs. 1stDibs assumes no liability or responsibility for any such Smart Contract or related failures, risks, or uncertainties. The User acknowledges the risk of Smart Contracts and agrees to be bound by the outcome of any Smart Contract operation by invoking, calling, requesting, or otherwise engaging with the Smart Contract, whether or not the Smart Contract behaves as the User expects.<\/span><\/p>\n

              (e) Users hereby take full responsibility and liability for the outcome of any transaction they initiate, whether or not the Smart Contracts, the NFT Marketplace, or other market participants behave as expected or intended. Users hereby represent that they are knowledgeable, experienced and sophisticated in using blockchain technology and in initiating Ethereum-based transactions.<\/span><\/p>\n

              (f) The Ethereum network requires the payment of a transaction fee (a \u201cGas fee\u201d) for every transaction that occurs on the Ethereum network, and thus every transaction occurring on the NFT Marketplace.\u00a0 The value of Gas fee changes, often unpredictably, and is entirely outside of the control of 1stDibs or the NFT Marketplace.\u00a0 The User acknowledges that under no circumstances will a contract, agreement, offer, sale, bid, or other transaction on the NFT Marketplace be invalidated, revocable, retractable, or otherwise unenforceable on the basis that the Gas Fee for the given transaction was unknown, too high, or otherwise unacceptable to a User. Users also acknowledge and agree that gas is non-refundable under all circumstances.<\/span><\/p>\n

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              1. Auctions and Fees.<\/b><\/li>\n<\/ol>\n

                (a) Users can make offers on NFTs offered by Creators (primary sales) or Collectors (secondary sales) through the Site. Collectors may only offer for secondary sale Items first sold in primary sales on the NFT Marketplace, and may remove Items from being offered for secondary sale at any time prior to such Item receiving a bid in excess of the Reserve Price.\u00a0 Offers on the NFT Marketplace are legally binding, revocable offers to purchase the NFT capable of immediate acceptance by the Owner of the Item.\u00a0 By making an offer, the Collector agrees to temporarily send and lose control over an amount of offered ETH to a Smart Contract.\u00a0 The Smart Contract is configured to hold the offered ETH until either the offer is accepted by the Owner of the Item, a higher offer is received, or the offer is revoked.\u00a0 The Owner of the Item has the unilateral authority to accept the bid.<\/span><\/p>\n

                (b) An Auction for an artwork is configured to automatically go live once a bid is received equal or greater to a public Reserve Price established by the Owner. Once the Reserve Price is met, the Auction commences and is configured to last for approximately 24-hours. If a bid is placed within the last 15 minutes of an Auction, the auction time is extended by 15 minutes from the time of the bid in order to accommodate last minute bids. The NFT goes to the highest bidder at the end of the Auction.\u00a0<\/span><\/p>\n

                (c) Every transaction on the NFT Marketplace is subject to Fees collected to support the Creators and the NFT Marketplace.\u00a0\u00a0<\/span><\/p>\n

                For Items sold by Creators (primary sales): <\/span><\/p>\n