Terms of Service Agreement

Last Updated: October 21, 2024

1. Acceptance of Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you ("you" or "User") and Collector Crypt Inc. ("Collector Crypt," "we," "us," or "our") regarding your use of our bidding and custody service (the "Service"). By accessing or using our Service, you agree to be bound by these Terms. If you do not agree to these Terms, you may not use the Service.

2. Service Description

Our Service enables users to place bids on e-commerce platforms using USDC deposits. Upon winning an auction, we complete the purchase on your behalf, receive and authenticate the physical item, create a digital ownership token (NFT), and securely store the physical item in our partner vaults until you choose to redeem it. By using our Service, you authorize us to act as your agent in executing these activities on your behalf.

3. Eligibility Requirements

To use our Service, you must be at least 18 years of age and have the legal capacity to enter into binding contracts. You must provide accurate and complete information when creating an account and maintain control over your cryptocurrency wallet. You agree to comply with all applicable laws and regulations while using our Service.

4. Deposits and Bidding

When placing a bid through our Service, you must deposit the full amount of your maximum bid in USDC to our designated escrow account. This deposit represents the highest amount you authorize us to bid on your behalf for a specific item. We will place bids up to, but not exceeding, your specified maximum amount. We do not provide bidding strategies or advice, and you are solely responsible for determining your maximum bid amount.

Your deposited funds remain fully protected in escrow throughout the bidding process. For winning bids, we will use these funds to complete the purchase and deduct applicable fees. For unsuccessful bids, we will return the full amount to your wallet after our review. We maintain sole discretion over the timing of fund releases to ensure proper transaction verification.

To maintain the highest level of protection for our users, we only facilitate bids on items located in the United States. This policy enables us to effectively handle any issues that may arise with purchases, including damage or fraud claims.

5. Fees and Transaction Processing

For winning bids, we charge a 1% success fee calculated from the final purchase price, plus shipping and handling fees, and insurance costs during shipping. These fees are deducted from your escrowed funds before completing the purchase. For unsuccessful bids, no fees are charged, and your full deposit will be returned to your wallet after our review of the bid results.

We strive to process all transactions promptly, typically beginning our review within one business day of bid resolution. However, specific processing times may vary based on our review requirements and verification needs.

6. NFT Creation and Physical Items

Upon winning a bid and receiving the physical item, we will authenticate it and create an NFT representing ownership of that item. This NFT serves as your proof of ownership and enables you to trade the item without physical movement. The physical item remains securely stored in our partner vaults until you choose to redeem it by "burning" your NFT.

Each NFT includes detailed metadata about the physical item, including:

  • High-resolution images
  • Authentication details
  • Condition reports
  • Transaction history
  • Storage location
  • Unique identifier

7. Purchase Protection and Dispute Resolution

In the event of issues with a purchase, including item damage or potential fraud, we will act on your behalf to seek resolution through the e-commerce platform's buyer protection programs. This includes:

  • Filing claims for items not received
  • Documenting and reporting items that don't match their description
  • Seeking refunds for damaged items
  • Pursuing resolution for fraudulent listings
  • Coordinating with sellers to remedy any issues

8. User Acknowledgments

You acknowledge that using our Service involves certain inherent risks, including but not limited to:

  • Market volatility affecting USDC value
  • Platform policy changes
  • Shipping delays
  • Regulatory changes affecting NFTs or digital assets

9. Company Rights and Limitations

We reserve the right to review all bid results before processing any fund movements, request additional information or verification, and modify our procedures as needed to maintain service integrity. We may also:

  • Delay processing to investigate suspicious activity
  • Request additional verification for large transactions
  • Hold funds pending resolution of any disputes
  • Take necessary steps to protect user interests

10. Intellectual Property

Collector Crypt retains all rights to our service, software, platform, and associated intellectual property. NFT metadata is provided under limited license. Users may not copy or modify our service. Third-party brand rights remain with their respective owners.

11. Privacy and Security

Your use of our Service is governed by our Privacy Policy, which is incorporated by reference into these Terms. We maintain appropriate security measures to protect your personal information and transaction data.

12. Dispute Resolution and Arbitration

Any disputes arising from or relating to these Terms or the Service shall be resolved through binding arbitration, rather than in court. You agree to waive any right to participate in class actions or class arbitrations. This arbitration agreement does not apply to intellectual property disputes or requests for emergency injunctive relief.

13. Governing Law

These Terms are governed by the laws of the State of Delaware, without regard to conflict of law principles. You agree to submit to the personal jurisdiction of the federal and state courts located in Delaware for any actions not subject to arbitration.

14. Modifications to Terms

We reserve the right to modify these Terms at any time. Continued use of the Service after any changes constitutes acceptance of the modified Terms. It is your responsibility to review these Terms periodically for updates.

15. Severability

If any provision of these Terms is found to be unenforceable, that provision will be modified to the extent necessary to make it enforceable or eliminated if modification is not possible, and the remainder of the Terms will remain in full effect.

Contact Information

For support or questions about these Terms, please contact us at: support@collectorcrypt.com