Further Information on NFTs

 

In what currency will I be bidding?

The auction will be conducted and invoiced in British Pounds (GBP).

 

What forms of payment are accepted?

You can pay for this NFT Lot in GBP or in Ether. If you wish to pay for this NFT Lot in  Ether you must satisfy the Cryptocurrency Conditions set out in our Additional Conditions of Sale applicable to Cryptocurrency Payments.

 

You acknowledge and agree that the price of Ether can be volatile and subject to upward and downward movements. You acknowledge that the conversion rate between these Accepted Cryptocurrencies and GBP will change during and after the auction until the Lot is paid for. Phillips does not offer cryptocurrency conversion functionality during the auction.  Bidders are responsible for making their own currency conversion calculations when bidding in the auction.

 

How much will I have to pay?

If you are the successful bidder on an NFT Lot, you must pay the total purchase price for the Lot (calculated as described in the Conditions of Sale plus network and other fees required to transfer the NFT to your Digital Wallet Wallet as described in the Additional Conditions of Sale Applicable to NFT Lots).
 
If you elect to pay for an NFT Lot in Ether and satisfy our Cryptocurrency Conditions (see above), the GBP purchase price as shown on your invoice will be converted automatically into Ether using the Coinbase Commerce rate of exchange at the time the buyer accesses the Coinbase Commerce platform to make payment using the QR code or link we will issue to you.

 

Are resale royalties payable to the artist on re-sales of the NFT?

If resale royalties are payable to the artist on subsequent resales of the NFT, this will be stipulated in the NFT Lot’s smart contract.  Where they exist, re-sale royalties will be a percentage of the re-sale price of the NFT. It is therefore important that you review (or seek professional help to review) and understand the operation of the NFT’s smart contract (including any rights and restrictions contained in the smart contract) before bidding.

 

Depending on where the NFT Lot is re-sold, additional artist resale royalties and transaction duties may apply to the transaction under applicable law. These would be additional to and not in substitution for any resale royalties imposed by the NFT’s smart contract.

 

BY REGISTERING TO BID YOU ACKNOWLEDGE AND AGREE AS FOLLOWS

• You are bidding for yourself and not on behalf of anyone else

• If you are the successful bidder, you will be buying the NFT only.  You will not be buying the digital artwork asset identified by the NFT.  For further details please read the Additional Conditions of Sale for NFT Lots

• You have a wallet capable of supporting and accepting the NFT token type listed in the NFT Lot description

• You can only pay for the Lot in Ether if you satisfy the Cryptocurrency Conditions set out in our Additional Conditions of Sale applicable to Cryptocurrency Payments. These include requirements for you to make payment:

  • from a single digital wallet registered in your name maintained on one of the following platforms:

    • Coinbase Custody Trust;

    • Coinbase, Inc.;

    • Fidelity Digital Assets Services, LLC;

    • Gemini Trust Company, LLC; or

    • Paxos Trust Company, LLC;

  • using funds obtained from legal activities and belonging to you. 

 

We cannot accept cryptocurrency payments:

• from digital wallets hosted on other exchanges or self-hosted wallets;

• from multiple digital wallets; or

• if you are resident in or otherwise subject to the laws of a country or territory which has banned or restricted payments in cryptocurrency (such as the People’s Republic of China);or 

• you fail to satisfy our client identification and verification checks or other vetting procedures; or

• other circumstances exist which would expose you or Phillips to potential legal or regulatory actions or fines by completing the transaction in cryptocurrency.

 
If we cannot accept payment from you in cryptocurrency for these or other reasons, you must make payment in GBP.
 
For the full terms and conditions which apply to the sale of this Lot, please read the Conditions of Sale for Online Only London Auctions, the Additional Conditions of Sale applicable to NFT Lots, the Additional Conditions of Sale applicable to Cryptocurrency Payments.