FAQ (English)

[NFT]

NFT? And Redeemable NFT?

As you all know, NFTs are very active in trading now. NFT stands for Non-Fungible Tokens like ERC-721 (a smart contract standard) tokens which are hosted on Ethereum’s own blockchain. In general, NFTs are unique digital items such as collectibles, artworks, or game items.

But in ClubRare, NFTs are not just digital items. These particular NFTs are linked to the physical products, and the physical products can be delivered to or directly picked up by the NFT owners upon request.

The remaining time of BID seems to be slightly out of sync.

'Time' in the ClubRare service is based on 'block', so there may be 2-3 minutes difference from the actual remaining time. The time may vary slightly depending on the Ethereum blockchain circumstances. Be careful!

Can I create NFTs without selling them?

From October, you can do it right away! At this point, you create NFTs and you decide when to sell them.

What kind of products will be introduced under the name of ClubRare?

ClubRare will mainly be introducing pre-owned products that are popular in the market, from limited-editions to luxury items.

If so, are there any products that are not introduced under the name of ClubRare?

Yes, there are! From October to November, ClubRare users or AGOV holders can register their Redeemable NFTs on ClubRare. We will update the method soon, so please wait. 👀

What does “minting” mean on ClubRare?

In general, 'minting' simply means to create an NFT. But creating an NFT on ClubRare is a little different. As mentioned earlier, on ClubRare, NFTs are linked to physical products. So if someone creates an NFT on ClubRare, it means the NFT is connected to a physical product.

Is there something I should know about the products in advance?

Most of the ClubRare products are pre-owned, so conditions of the products may vary, ranging from a perfect condition that can be offered as a gift to someone to a used condition suitable for me to use. The product's condition may vary significantly depending on various factors such as aging, damages, recovery, repair, and wear patterns. The products are sold as they are. Please be advised that these product conditions are not the grounds for a refund.

[Redeem]

I became the owner of NFT created under ClubRare's name. What do I do now?

ClubRare's NFT is connected to the physical product. If you want, you can enjoy the effect of investing only in the product's value without having to manage and care about the actual product yourself, because you can sell the NFT to the person who wants the product. You can also receive the physical product upon request.

If you want to receive the actual product after purchasing the NFT, send us an email at [e-mail].

How do I use ClubRare tokens to redeem?

The token owner ("Redeemer"), who chooses to redeem the token, should email us at [e-mail]. We will provide the recipients with an online form that includes their name, address, email address, tax resale certificate (if applicable), shipping preferences, and other KYC information required to ship the goods to them. ClubRare products are not sold or exchanged to prohibited individuals.

If the redeemer does not have any remaining payments to ClubRare, the redeemer should complete the KYC and send the token itself to the address provided by ClubRare. After that, ClubRare can ship the goods to the redeemer, or the redeemer can pick up the goods if ClubRare states that Pick-up is possible. The product will arrive with an appraisal report. ClubRare has no obligation to the redeemer until all of the above conditions are met.

Do I need to complete KYC to redeem?

Yes, ClubRare can deliver the product after confirming the recipient's identity. This is a safety procedure to verify that there is no purpose of tax evasion and illicit profit has not been paid for the product following related laws such as the Anti-Money Laundering Act. The recipient's information shall be kept only for the purpose of the above following the relevant statutes and may be kept for more than one year. The period may vary under the applicable statutes.

What is the process of delivery?

Due to various environmental factors, delivery will only be carried out in South Korea in 2021. However, from October 2021, you can visit a designated place in South Korea to redeem your product in person. Please be advised that the 2021 delivery schedule in South Korea starts from August 24 in the metropolitan area and from September 21 outside the metropolitan area.

Is there a storage fee?

If the goods are expensive ($5000 or more), they must be stored securely in a secure location. Therefore, storage fees may be incurred. But in 2021, we do not charge storage fees for the products stored in ClubRare. Storage fees may be incurred from 2022, but we will update the detailed schedule later.

Can I make a refund?

There is no refund according to the principle of auction. The sale of NFTs on other platforms after the initial sale at ClubRare is not within the jurisdiction of ClubRare.

[Bid]

If I participate in the bid 10 minutes before the auction ends, will the time be extended by 10 minutes?

No! The current ClubRare auctions will end without a time extension. Be careful!

Can I immediately put the winning bid on ClubRare and other auction platforms?

ClubRare service is now being prepared! I think it will be possible in October-November. But you can put the winning bid on other platforms like OpenSea!

After participating in the bid, can I cancel it before the auction is successful?

You cannot cancel. However, if a participant with a higher bid appears, your cryptocurrency used for the bid will automatically be returned to you. You can participate in bids again at any time with the returned cryptocurrency.

Is there any OpenSea integration?

Yes. You can also check out ClubRare products on OpenSea!

Selling an NFT on Clubrare

1. Select your NFT page in [My Item-Collectibles] page.

   
2. Fixed Price sale

   

   1. Select [Fixed Price].

   2. Select the price.

   3. Click the [Put on Sale] button. Once the transaction is complete, the sale begins. (In this case, this sale includes Clubrare's Service Fee.)

3. Auction sale

   

   1. Select [Auction].

   2. Select [Minimum Bid price]

   3. Select [Expiration Date]. (The time may vary slightly depending on the blockchain circumstances. Be careful!)

   4. Click the [Put on Sale] button. Once the transaction is complete, the auction begins. (In this case, this sale includes Clubrare's Service Fee.)

If you have any other questions, please contact the email [e-mail]