Terms & Conditions
TERMS & CONDITIONS OF VAULTX
Last updated
TERMS & CONDITIONS OF VAULTX
Last updated
Operator: MonsterX Labs Pte. Ltd. (“MonsterX”) Business Address: 531 Upper Cross Street #02-11, Hong Lim Complex, Singapore Platform: VaultX (the “Platform”) – Contact: admin@monsterx.io
1. General Provisions
1.1 Scope and Applicability These Terms & Conditions (“Terms”) govern the legal relationship between VaultX (operated by MonsterX) and its users (both buyers and sellers, collectively “Users”) who access, browse, or use any services, features, or content provided on the Platform. By using the Platform, you agree to be bound by these Terms.
1.2 Definitions
“Platform”: The VaultX website () and any related services, including any mobile application or web feature.
“NFT”: Non-Fungible Token, a unique cryptographic token representing digital certificates of authenticity or proof of ownership on blockchain.
“Physical Artwork”: Physical creations (paintings, sculptures, etc.) offered on the Platform, backed by an NFT issued through VaultX.
“Seller”: Any artist, gallery, or entity listing Physical Artwork for sale via the Platform.
“Buyer”: Any User purchasing Physical Artwork (and/or associated NFT) via the Platform.
“User”: Any individual or entity that accesses or uses the Platform in any manner.
1.3 Acceptance of Terms By visiting or using the Platform, Users acknowledge they have read, understood, and agree to be legally bound by these Terms. If you do not agree, you must not use the Platform.
1.4 Changes to the Terms VaultX may modify these Terms at any time. Material changes will be communicated via the Platform, and continued use of the Platform after such notification constitutes acceptance of the updated Terms.
2. Services of VaultX
2.1 Overview VaultX provides an online marketplace for buying and selling Physical Artwork accompanied by NFT certificates of authenticity. Buyers and Sellers connect to facilitate transactions. Sellers can list artwork, while Buyers can submit purchase offers or bids.
2.2 Blockchain Integration
MetaMask or Compatible Wallet: Users must have a compatible crypto wallet (e.g., MetaMask) for sign-up, log-in, and NFT transactions.
Transaction Fees: Users may incur blockchain network (“gas”) fees for minting or transferring NFTs. VaultX does not control these fees.
2.3 No Guarantee of Value VaultX is not responsible for the market value or fluctuation of Physical Artwork. Market conditions and prices can be volatile and are determined by external factors.
2.4 No Legal, Financial, or Tax Advice VaultX does not provide legal, financial, or tax advice. Users should consult professionals regarding any legal or financial implications.
3. User Accounts and Obligations
3.1 Registration
Users must provide accurate and complete information during registration.
Users represent they are at least 18 years of age and have the legal capacity to enter binding contracts.
3.2 Account Security
Users are responsible for safeguarding their account credentials, including private keys for their crypto wallets.
VaultX is not liable for unauthorized access due to lost credentials, phishing, or other user-side vulnerabilities.
3.3 Prohibited Activities Users must not:
Violate any local, state, national, or international law or regulation.
Post or transmit harmful, fraudulent, obscene, or infringing content.
Attempt to disrupt the Platform’s operation or engage in malicious activities.
Use the Platform in any manner that could harm VaultX or its Users.
3.4 KYC/AML Requirements VaultX may request identity verification for compliance with anti-money laundering (AML) or know-your-customer (KYC) regulations. Failure to comply may result in restricted access or account termination.
4. Listings and Contracts Between Users
4.1 Listings by Sellers
Sellers provide descriptions, images, and other relevant information for the Physical Artwork.
Sellers guarantee the accuracy and authenticity of listed items.
Each listing also corresponds to an NFT that attests to the authenticity of the Physical Artwork.
4.2 Offers and Purchases
By placing an order, Buyers commit to purchase the listed item at the agreed price.
A binding contract is formed between Buyer and Seller when the order is accepted or executed on the Platform.
VaultX merely facilitates the transaction as a marketplace operator and is not a party to the sales contract.
4.3 Shipping and Delivery
Sellers are responsible for the proper packaging, shipping, and delivery of the Physical Artwork to Buyers.
Shipping costs, insurance, and any applicable customs duties or taxes are the responsibility of the Buyer, unless otherwise agreed.
4.4 Transfer of NFT Once the sale is concluded and payment is verified or secured (e.g., via a smart contract escrow):
The NFT is transferred from Seller’s wallet to Buyer’s wallet, recording the change of ownership on the blockchain.
The NFT functions as a digital certificate of authenticity and proof of ownership for the Physical Artwork.
5. Payment Processing and Fees
5.1 Payment Methods
Payments may be facilitated through various methods (e.g., credit/debit cards, crypto payments) as provided on the Platform.
VaultX may use third-party payment gateways for fiat or crypto transactions.
5.2 Transaction Fees
VaultX may charge service fees or commissions to Sellers and/or Buyers.
Blockchain (gas) fees apply to NFT transactions and are borne by the respective transacting parties.
5.3 Escrow
In certain cases, VaultX may offer an escrow-like service via smart contracts. Funds remain locked until both parties meet their obligations.
VaultX is not a bank, does not provide deposit services, and any escrow mechanism is facilitated by automated smart contracts without VaultX’s direct custody of funds.
6. Intellectual Property Rights
6.1 Ownership of Platform Content All proprietary content on the Platform (e.g., logos, text, images, designs, and software) is owned by or licensed to VaultX. Users must not copy, distribute, or exploit this content without explicit permission.
6.2 Artwork and NFTs
Sellers are responsible for ensuring they have the right to mint NFTs linked to their Physical Artwork.
Sellers grant VaultX a non-exclusive, worldwide, royalty-free license to display images and descriptions of listed Artwork for marketing and promotional purposes, for as long as the Artwork is listed on the Platform.
6.3 Third-Party Infringement If you believe any content on the Platform infringes your intellectual property, please contact admin@monsterx.io with details.
7. Liability and Warranties
7.1 Platform Availability VaultX strives to keep the Platform operational, but does not guarantee uninterrupted access or error-free service. Downtime may occur due to maintenance, technical issues, or events beyond our control.
7.2 Disclaimer of Liability
VaultX is not responsible for the authenticity, condition, or legality of the Physical Artwork listed by Sellers.
VaultX does not guarantee the value, quality, or fitness for a particular purpose of any Artwork or NFT.
Users assume all risks associated with blockchain technology (e.g., transaction failures, hacking, private key loss, protocol changes).
7.3 Limitation of Liability To the maximum extent permitted by law:
VaultX’s aggregate liability is limited to direct damages up to the amount of fees paid by the User to VaultX in the preceding 12 months.
VaultX is not liable for indirect, incidental, special, consequential, or punitive damages.
7.4 Indemnification Users agree to defend, indemnify, and hold VaultX harmless from and against any claims, damages, or losses arising from or related to the User’s breach of these Terms, misuse of the Platform, or violation of any law or regulation.
8. Right of Withdrawal (if Applicable)
Depending on your jurisdiction, you may have a legal right to cancel certain purchases. Please consult your local regulations. Physical Artwork purchased from Sellers may not be subject to the same return policies as standard consumer goods, especially once authenticity has been verified or the NFT is transferred. Sellers may offer specific return/refund policies at their discretion.
9. Termination
9.1 Term and Termination These Terms remain in effect until terminated by either party. Users may delete their account at any time. VaultX may suspend or terminate accounts for violations of these Terms or applicable laws.
9.2 Effect of Termination Upon account deletion or termination:
All licenses and rights granted to you in these Terms terminate immediately.
Outstanding transactions or escrow processes may still proceed or be canceled according to these Terms.
10. Final Provisions
10.1 Governing Law These Terms and all related disputes are governed by the laws of Singapore, without regard to its conflict of law provisions.
10.2 Dispute Resolution Any disputes arising out of or related to these Terms shall be subject to the exclusive jurisdiction of the competent courts in Singapore, unless otherwise required by applicable consumer protection laws.
10.3 Severability If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions remain in full force and effect.
10.4 No Waiver VaultX’s failure to assert any right or provision under these Terms does not constitute a waiver of such right or provision.
10.5 Contact For questions or concerns about these Terms, please contact admin@monsterx.io.
Effective Date: December 1st, 2024