Allow us to delve into this with an illustrative example:"001 / 360: 720," signifying a limited edition merch product under a 3-year license.
The first number represents the unique and specific edition number for the merch. In this case, "001" stands for Edition number1, while "002" signifies Edition number 2, with the sequence ranging from "001" all the way to "720."
The second number denotes the total quantity of Premier Edition merch items available in the market at any given time, be it during the primary sales launch or in the secondary resale market. In our example,"360" signifies the overall count of Premier Edition items available for purchase during the licensing period.
The third number encompasses both Premier Edition items and "2nd Life" tokens. Here,"720" indicates the presence of 360 "2nd Life" tokens (where 360 equals 720 minus the total number of Premier Edition items). These"2nd Life" tokens are specifically designed to facilitate the acquisition of a new replacement merch and are accessible solely until the conclusion of the licensing period.
ArtXover Collectors are eligible to obtain a new Premier Edition merch product as a replacement when all of the following conditions are met:
All Premier Edition merch from the primary sales launch are completely sold out
Replacement tokens remain available
The licensing term has not yet expired
Returning to our earlier example, the total number of merch editions offered during the Primary Sales Launch of Premier Edition is 360, coupled with 360 replacement tokens. This signifies that as long as the entire stock of 360 Premier Edition products sells out before the 3-year term expires, current Premier Edition owners can procure a replacement merch while replacement tokens are still available.
ArtXover provides two distinct edition types for each limited edition merch:
A. Premier Edition: Holders of Premier Edition merch possess both resale and personal usage rights for the merch. The maximum number of Premier Edition merch products available in the market at any given time is predetermined and remains constant. Referring to our example, the maximum number of Premier Editions is 360.
B. Private Edition: Holders of Private Edition merch possess personal usage rights only. In the event that a collector chooses to acquire a new Premier Edition item as a replacement for their existing Premier Edition merchandise, the transaction results in the downgrade of their current Premier Edition to a Private Edition. The newly acquired merch item will be assigned a new GS1HK GTIN number and a unique limited edition number, effectively transforming it into a Premier Edition merch with both resale and usage rights.
No, once you have acquired a new replacement item from ArtXover to replace your lost Premier Edition merch item, the resale rights of the lost item have already been transferred to the new Premier Edition. Consequently, your current lost item is reclassified as a Private Edition, entailing usage rights only. Therefore, if you recover the lost item, it will be considered a Private Edition, with rights restricted to usage only. This policy ensures that ArtXover can maintain the total number of Premier Editions in accordance with the agreement made with our licensors when the project was initially launched to the market.
There are no restrictions on the frequency of reselling Premier Edition merch in the secondary market. However, only Premier Edition merch is permitted for resale. After each successful resale, sellers are required to promptly notify ArtXover by completing an ownership transfer form. This form should furnish comprehensive information about the transaction, including details regarding the new buyer and the transaction price. This procedure ensures that the ownership records on the public blockchain remain current.
For each successful resale transaction conducted in the secondary market, ArtXover levies an administrative fee applicable to both the buyer and the seller. In instances where the seller is selling at a loss relative to their original purchase cost, the administrative fee due from the seller is waived, and the fee is exclusively charged to the buyer. It is imperative to note that the administrative fee does not encompass any fees pertaining to online payment processing or bank charges, which are the sole responsibility of the respective buyer and seller. The precise administrative fee may vary foreach project, and collectors will receive advance notification prior to the commencement of resale activities.
After receiving your shipped merchandise, you have 7 business days to inspect it and request an exchange for any defects, following our Return and Refund Policy, which you can find here (https://www.artxover.com/policies/refund-policy).
After submitting your online registration, you'll receive a confirmation email, and within 30 business days, your details will be registered on the public blockchain. This officially recognizes you as the owner of your purchased item, with your ownership dating from your purchase. It is of utmost importance to ensure the accuracy of the information provided during this process, as once registered on the blockchain, the information becomes unalterable by any party, including ArtXover. Subsequently, you will be provided with a digital certificate of ownership for your reference.
The option to engage in the resale of your Premier Edition merch within the secondary market becomes accessible when all Premier Edition items have been sold out during the primary sales launch or after the license term expires.. Reverting to our earlier example, the total count of PremierEditions available during the primary sales launch is 360. Once all 360 copies have been sold, or after the license term ends, you are at liberty to proceed with the resale of your Premier Edition merch to another collector.
Regrettably, ArtXover cannot accommodate order cancellations or refunds subsequent to confirmation and receipt. Each merch item is meticulously tailored to your selected preferences, encompassing style, size, color, and limited edition number, rendering refunds an unviable option. In the event that you encounter any defects or damages with the merch upon receipt, ArtXover remains prepared to facilitate a replacement, subject to the submission of a request within 5 business days. Detailed information pertaining to this process is provided in our Return and Refund policy (https://www.artxover.com/policies/refund-policy)
The Collector ID assumes a pivotal role in the registration of ownership for your purchased merch on the blockchain. It serves as a unique identifier, akin to a passport number, distinguishing you from other collectors. This Collector ID is indispensable for facilitating future resale activities and is instrumental in establishing the provenance of sales transactions. Notably, the provision of your name is entirely optional. You may choose not to disclose your name, in which case it will be omitted from the public blockchain record.
Only your Collector ID, merchandise details, and other relevant information will be accurately documented. However, if you choose to publicly declare your ownership of the specific limited edition merch product, you have the option to register your name with ArtXover, and it will be meticulously recorded in the public blockchain.
We reserve the right to periodically update this FAQ without prior notice. We highly recommend that our valued customers regularly review this FAQ to stay informed about any revisions. It is crucial to supplement your knowledge of this FAQ with a comprehensive understanding of our Terms ofService. By continuing to interact with our website and utilize our services, you are implicitly expressing your agreement to adhere to our Terms of Service and any future changes that may be introduced.