These terms and conditions of use (“Terms”) are entered into between Swapbox Tech Limited (BVI Company No. 2099877 ) (“Swapbox”, “we” or “us”) and you (“you” or “User”). Swapbox is the operator of this website (“website”) app, platform and related services made available under the Swapbox name including the marketplace available on the platform (together, the “Platform”). In these Terms, the User means (as applicable) a person using any part of the Platform in any capacity, including a person using the Platform as a trader, buyer, seller or a person browsing or accessing the Platform. We do not provide any investment, financial, legal, regulatory, accounting, tax or similar professional advice on the Platform. Blockchain, cryptocurrency, tokens, trading Non-Fungible Tokens and related transactions involve a high degree of risk and there is always the possibility of loss, including the loss of digital currency, NFTs, tokens and assets. Swapbox is not responsible for any costs, taxes, losses or damages a User incurs as a result of or in connection with using the Platform or buying, selling and/or trading NFTs on the Platform. Users acknowledge that buying, selling, and trading tokens and NFTs is significantly risky and is unregulated by any central or government authority. Users warrant that they understand the risks associated with access to or use of this Platform and any goods, services or products offered or made available or used in connection with this Platform.
Use of Platform
For the purpose of these Terms, “NFT” means Non-Fungible Tokens and/or related digital creations and/or digital assets (including all materials associated with those Non-Fungible Tokens, card packs, metaverse access cards and/or related digital assets). The Platform will provide the ability for Users to:
Users will need to connect their Blockchain Wallet to the Platform (“Registration”) to buy, sell, and/or trade NFTs on the Platform.
When Swapbox, its Partners or any other Seller is creating a Listing, that Seller has discretion as to sale price or the starting auction price of the NFT. Swapbox does not make any representations as to the value of the Listing regardless of its sale price. Swapbox and its Partners will be Sellers on the Platform. The Buyer and Seller of a Listing on the Platform may incur a platform fee payable to Swapbox of the total sale price of the Listing sole on the Platform (“Service Fee”). Swapbox may receive Service Fees each time a Listing is sold or traded on the Platform. Swapbox may deduct the Service Fee direct from the sale proceeds paid or payable by a Buyer or Seller for a Listing before the sale proceeds are transferred to or made available to the Buyer or Seller. The Service Fee paid to or deducted by Swapbox is non-refundable. In addition, fees or commissions or margins may be imposed and varied by Swapbox on the Platform. Such fees will be payable in the amount, the manner and as and when determined by Swapbox. The fees payable for using the Platform may be amended at the sole and absolute discretion of Swapbox at any time. Swapbox intends to advise of any amendments to the fee by posting the amended fee on the website. Swapbox reserves the right to introduce new fees or amend existing fees for use of the Platform at any time at its discretion.
All transactions on the Platform, including without limitation buying, selling and trading, are facilitated by smart contracts existing on the blockchain. The blockchain requires the payment of a transaction fee (“Gas Fee”) for every transaction that occurs on the blockchain, and thus every transaction occurring on the Platform. The Platform may at times build on other networks to connect blockchain networks and address scalability issues on the current blockchain. While this may reduce the value of Gas Fees, the value of Gas Fees changes is unpredictable and are entirely outside of the control of Swapbox or the Platform. Users acknowledge that under no circumstances will a contract, agreement, offer, sale, bid, or other transaction on the Platform 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 Fees are unequivocally non-refundable under all circumstances.
Transfer of Ownership of NFTs
Ownership of the NFT will be transferred from the Seller to the Buyer when the Buyer has paid the purchase price of the NFT in full and otherwise on the terms specified by the Seller. All of the intellectual property rights in the NFT are owned by its Partners (and/or Swapbox or third-party licensors) and will remain with its Partners (and/or Swapbox or third-party licensors) even after ownership is transferred from the Seller to the Buyer. Transfer of ownership to the Buyer is affected when it appears in a Buyer’s Blockchain Wallet. After a sale has occurred, the Seller will no longer be able to withdraw the NFT from their Blockchain Wallet. By using the Platform, each Buyer and Seller agrees that:
All transactions involving the purchase and sale of a Listing are final.
Payment for trading NFTs