Terms of Service
Fanable Terms of Service Last Updated/Effective Date: 12.06.2024
1. Introduction
Welcome to Fanable, operated by Ethernal Labs, Inc. d/b/a Fanable (“Fanable,” “we,” “us,” or “our”). These Terms of Service (“Terms”) govern your access to and use of our mobile app, website, web app, and other services (collectively, the “Services”). By accessing or using the Services, you agree to comply with these Terms.
Fanable offers a dynamic marketplace where users can buy, sell, and trade high-end collectibles. All collectibles are securely stored in a Brink's-operated vault, and ownership is transferred via blockchain technology. Users also benefit from innovative features like our Buyback Program, which allows eligible collectibles to be sold back to Fanable for added liquidity and flexibility.
Please read these Terms carefully, as they affect your legal rights. If you do not agree to these Terms, you must not access or use the Services. Fanable is available only to residents of the United States.
2. Definitions
User: Any individual accessing or using the Services.
Ownership Title: A blockchain-based certificate representing ownership of a physical item stored in our vault.
Vault: A secure facility operated by Brink's, where physical collectibles are stored.
Transaction: Any sale, purchase, or trade conducted via the Services.
3. Account Registration and Eligibility
Eligibility: The Services are available only to U.S. residents aged 18 or older.
Account Setup: You must create an account and provide accurate, up-to-date information.
Account Security: You are responsible for all activity on your account and must keep your login details secure.
Additional Verification: We may require additional information or documents to comply with laws or address suspicious activities.
4. Services Offered
Fanable offers a marketplace for high-end collectibles. All items are stored in a secure Brink's vault. Ownership of these items is transferred via a blockchain system. Users can buy, sell, and trade these collectibles without taking physical possession, unless explicitly requested.
a. Selling Collectibles
Ownership: Sellers certify that they own the items listed for sale and have the right to transfer ownership.
Vault Storage: All items listed are stored at the Brink's vault and remain in storage unless redeemed by the buyer.
Ownership Title Transfer: The ownership of collectibles is transferred through blockchain when a transaction is completed.
b. Buying Collectibles
Purchase and Payment: Once a purchase is made, the transaction is binding, and no refunds will be issued unless otherwise stated.
Non-Redemption: Buyers may keep items stored in the vault indefinitely and continue trading the ownership titles without taking possession of the physical items.
c. Vault Storage and Delivery
Vault Security: Items are securely stored in a Brink's vault. Fanable is not responsible for any damage, theft, or loss except in cases of gross negligence by Brinks.
Item Redemption: Users may request the physical delivery of items by paying applicable fees for shipping and handling. Fanable reserves the right to verify your identity and ownership before releasing the items.
d. Buyback Program
The Buyback Program allows users to sell eligible collectibles directly back to Fanable at a percentage of the Fair Market Value (FMV). This feature provides flexibility and liquidity, especially for items acquired through curated drops.
How It Works
1. Eligibility: • Only collectibles purchased through Fanable’s curated drops or mystery cases are eligible for the Buyback Program.
2. Offer and Valuation: • Fanable evaluates the collectible’s FMV using data from trusted sources such as eBay, GoCollect, TCGplayer, and Heritage Auctions. • An instant buyback offer is generated after the collectible’s contents are revealed or acquired through a drop.
3. Offer Validity: • Offers range from 70% to 90% of FMV and are valid for seven (7) days from the time they are issued.
4. Acceptance and Payment: • Users who accept the offer will have the agreed amount credited to their Fanable wallet immediately.
5. Finality: • Once a buyback offer is accepted, the transaction is final, and ownership of the collectible is permanently transferred to Fanable.
6. Important Notes
• Offers not accepted within the seven-day validity period will expire and cannot be reinstated.
• Collectibles physically redeemed from the vault are ineligible for the Buyback Program.
• Fanable reserves the right to adjust buyback percentages based on current market trends and conditions.
d(i) Originator Royalty Program
The Originator Royalty Program incentivizes users to submit collectibles to the vault by granting a 2% royalty on all subsequent resales of those collectibles on the Fanable marketplace. This program encourages participation in the platform ecosystem and rewards originators for their contributions.
How It Works 1. Submission and Initial Sale: • Upon submission to the vault, the user becomes the originator of the collectible. • The first sale of a collectible is treated as a standard transaction with seller fees applied and no royalties earned.
2. Subsequent Resales: • Originators earn a 2% royalty on each resale of their collectible within the Fanable marketplace.
3. Termination: • Royalty payments cease when the collectible is physically redeemed from the vault.
Key Benefits
• Ongoing Revenue: Originators earn passive income from all resales until the collectible is redeemed.
• Automation: Royalties are automatically calculated and credited to the originator’s Fanable wallet.
• Enhanced Value: Every subsequent sale increases the originator’s earnings without additional effort.
Important Notes
• The Royalty Program applies exclusively to collectibles submitted by the originator.
• Royalties do not apply to collectibles acquired through curated drops or secondary marketplace purchases.
• Once a collectible is redeemed, it exits the Fanable marketplace, and royalties are no longer applicable.
d(ii) Drops (Mystery Cases/Blind Boxes)
Fanable’s curated drops offer users the chance to purchase mystery cases or blind boxes containing randomized collectibles. These drops provide an engaging and unique way for collectors to expand their collections.
How It Works
1. Purchase: • Users can purchase up to ten (10) cases per transaction. • Each case contains a randomized collectible from predefined rarity tiers.
2. Reveal or Keep Sealed: • Users can choose to open the case to reveal its contents or keep it sealed for resale.
3. Post-Reveal Options: • Revealed collectibles can be listed for sale, redeemed for delivery, or held in the vault.
Rarity Tiers
• Grail: Exceptionally rare and highly sought-after collectibles.
• Chase: High-value items with notable appeal.
• Tier 1, 2, and 3: Collectibles of varying rarity and value.
Important Notes
• Fanable does not guarantee specific outcomes, values, or rarity of items in mystery cases.
• Purchases of drops are final and non-refundable.
• Items acquired through drops are eligible for the Buyback Program at 70-90% of FMV.
d(iii) Collectible Submissions
Overview
The Collectible Submission process allows users to send their graded collectibles to Fanable for secure storage, digitization, and participation in the marketplace.
How It Works
1. Submission Options: • Users can use a prepaid shipping label provided by Fanable to send their collectibles. • Alternatively, users may ship collectibles directly from other marketplaces (e.g., eBay), but Fanable will not cover these shipping costs.
2. Submission Guidelines: • Users submit collectibles to the vault following platform guidelines, which include requirements for condition and authenticity checks.
3. Storage and Digitization: • Once received, collectibles are securely stored in a temperature-controlled Brink’s vault. • A Digital Ownership Certificate (DOC) is created to represent the collectible on the blockchain.
4. Insurance: • All collectibles are fully insured for their declared value while stored in the vault.
5. Armored Transport: • Collectibles valued at $50,000 or more require armored transport for both submission and redemption to ensure the highest level of security.
6. Post-Submission Options: • Submitted collectibles can be listed for sale, held in the vault, or redeemed by the user at any time.
Important Notes
• Only collectibles graded by approved companies (e.g., CGC, PSA, Beckett) are eligible for submission.
• Non-compliant submissions will be returned to the sender at their expense.
• Fanable is not responsible for shipping issues that occur before collectibles are received at the vault.
• Redemption of collectibles may incur shipping fees, which will be calculated based on the destination.
5. Fees and Payments
Transaction Fees: Fanable may charge transaction fees for sales made on the platform. These fees are disclosed before a transaction is completed.
Payment Processing: All payments are handled through third-party providers such as Stripe.
Taxes: Sales tax will be addressed in a separate agreement, and users are responsible for any tax obligations arising from their transactions.
6. User Responsibilities and Acceptable Use
By using the Services, you agree to the following:
Prohibited Conduct:
You will not list counterfeit, illegal, or prohibited items.
You will not manipulate the marketplace, interfere with transactions, or engage in fraudulent activities.
You will not attempt to bypass security measures, access unauthorized accounts, or use automated bots.
Compliance: You agree to comply with all applicable U.S. laws and regulations regarding the use of the Services.
7. Intellectual Property
Fanable’s Content: All content on Fanable, including logos, designs, and software, is the property of Fanable or its licensors and may not be used without permission.
User-Generated Content: By submitting content to Fanable, you grant us a non-exclusive, royalty-free license to use, display, and distribute your content in connection with the Services.
8. Dispute Resolution and Arbitration
Dispute Resolution: Any disputes arising out of or relating to the use of the Services will be resolved through binding arbitration in accordance with U.S. law. You waive your right to a jury trial.
Arbitration Opt-Out: You may opt out of the arbitration clause by notifying Fanable in writing within 30 days of registering your account.
9. Privacy
Fanable is committed to protecting your privacy. Please review our Privacy Policy for details on how we collect, use, and share your personal information.
10. Modifications to the Terms
Fanable reserves the right to modify these Terms at any time. Any changes will be communicated via email or posted on the website. Your continued use of the Services constitutes acceptance of the revised Terms.
11. Limitation of Liability
To the fullest extent permitted by law, Fanable is not liable for any indirect, incidental, special, consequential, or punitive damages arising from the use of the Services. In no event shall Fanable’s aggregate liability exceed the total amount paid by you to Fanable in the six months prior to the claim.
12. Termination
Fanable reserves the right to suspend or terminate your account at any time for violating these Terms or engaging in prohibited activities.
13. Governing Law
These Terms are governed by and construed in accordance with the laws of the State of New York.
14. Contact Information
If you have any questions or concerns about these Terms, please contact us at: contact@fanable.io
15. Account Closure and Handling of Remaining Funds and Ownership Titles
1) Account Closure by User Request: If you request to close your account, Fanable will take the following steps:
i) Confirmation of Request: We will confirm your request via email or other verified communication methods to ensure the request's authenticity.
ii) Instructions for Balance and Ownership Titles: You will receive detailed instructions for withdrawing any remaining funds or transferring any Ownership Titles associated with your account.
iii) Timeframe for Action: You must take appropriate action to withdraw funds and transfer assets within 60 days of the request confirmation date.
2) Account Closure by Fanable: Fanable reserves the right to close your account for reasons including, but not limited to, violations of this Agreement, inactivity, compliance with legal obligations, or at our sole discretion where reasonably necessary. In such cases:
i) Notification of Closure: Fanable will notify you via email or other communication methods on record, providing a timeframe for you to act on your remaining funds or assets.
ii) Immediate Suspension: Fanable may suspend your account access immediately to prevent further use, pending closure.
3) Unclaimed Funds and Ownership Titles: If you do not withdraw your funds or transfer your assets within the specified timeframe:
i) Funds: Any unclaimed funds may be handled as follows:
a) Retained in your account for an additional 60 days after the initial timeframe.
b) After this period, Fanable reserves the right to deduct administrative or handling fees and transfer the remaining funds to a designated holding account or as required by applicable laws.
c) In compliance with escheatment laws, unclaimed funds may eventually be transferred to the appropriate government authority.
ii) Ownership Titles and Assets: Any ownership titles or assets in your account may be managed as follows:
a) Retained by Fanable in a holding account under your name.
b) If deemed necessary, Fanable reserves the right to burn, transfer, or otherwise act on the assets after 60 days to comply with legal or operational requirements.
c) Fanable is not responsible for any loss in asset value due to delays in action or your failure to respond.
4) Reinstatement of Closed Account: If your account has been closed, either by request or due to Fanable's actions, it cannot be reinstated. You may be required to create a new account to reaccess the Service. Any funds or assets previously forfeited or transferred in compliance with this provision will not be restored to you.
5) No Liability for Unclaimed Property: Fanable is not liable for any loss or damages arising from your failure to withdraw funds or transfer assets within the provided timeframe. It is your sole responsibility to ensure the timely management of your account's financial and ownership holdings.
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