Terms of Service

1Who we are#

Artefracts is a studio that produces original artworks, divides them into capped numbered editions, and sells access to those editions through a machine that deals one fragment per box.

Contact: @ArteFracts

2Eligibility#

You may use Artefracts only if:

• you are 18 or older;
• you are legally permitted to do so where you live;
• you are not in a jurisdiction we exclude. Artefracts is not available in Great Britain. We may add or remove jurisdictions at any time and will publish the current list here.

We may ask you to confirm your age or location, and we may refuse or reverse access if we believe you have misrepresented either.

3What Artefracts is — and what it is not#

It is: a game of chance with published odds, in which each box yields exactly one graded, numbered certificate recording ownership of a fragment of a real artwork held by the studio.

It is not:

• an investment, a fund, or a security;
• a promise that anything you buy will hold or gain value;
• a means of storing value;
• regulated financial advice of any kind.

Expected value is below the box price and we publish it. At the time of writing, a $25 box has an expected value of $18.50. The difference funds the studio, the vault, and the physical programme. Buy boxes because you want the objects, not because you expect a return.

4Wallets and accounts#

You interact with Artefracts using a blockchain wallet you control. We never hold your private keys and cannot recover them. If you lose access to your wallet, you lose access to everything in it, and we cannot help you.

You are responsible for everything done through your wallet. If you believe it has been compromised, stop using it immediately.

5Buying a box#

• Boxes are priced in USDG. The price is shown before you buy.
• Payment is made by blockchain transaction. Network fees are yours.
• A purchase is final once the transaction confirms. There is no cooling-off period, because the outcome is generated immediately and cannot be un-generated. This is a permitted exception under consumer contract rules for goods made to order and for gaming outcomes.
• If a draw is not settled within seven days, you may reclaim the full purchase price from the contract yourself. That mechanism is on-chain and does not require us.

6Odds and fairness#

We publish the exact probability of every class before you open anything, and the probabilities live on-chain.

Outcomes are produced by commit-reveal: we commit a chain of secret seeds on-chain before any draw exists; your browser contributes a seed we cannot know in advance; the result is derived from both. We cannot choose your outcome, and you can verify any draw yourself. The method is documented at /docs.

We may change the published odds for future draws. Any change takes effect on-chain and is visible before it applies. We cannot change the odds of a draw already made.

7What a certificate is#

A certificate is a non-fungible token in your wallet recording: the work, your edition number, your share count, the value at mint, and the draw that produced it.

Holding a certificate gives you:

• the recorded claim to that fragment of that work, within its stated edition;
• the right to sell it back to the desk on the published terms;
• the right, when redemption opens, to claim the corresponding physical card.

Holding a certificate does not give you: title to the underlying physical artwork, any right to possess it, any share of studio revenue, any voting right, or any entitlement to dividends or distributions.

8The desk#

• The desk is a standing offer to buy any unredeemed certificate at 80% of its published mark, paid immediately.
• The mark is our published valuation. We set it, we publish it, and we change it only by publishing the change.
• The desk price follows the mark. If the mark falls, the desk price falls.
• We may suspend the desk if we are unable to operate it safely — for example during a security incident. Any suspension will be announced, with a reason.

The desk is not a market. It is a floor we choose to provide, and while it is open we honour it.

9Redemption and physical items#

• When redemption opens, you may claim a physical card for a certificate you hold.
• Redemption is permanent. On claiming, the certificate locks to the physical card and can no longer be sold to the desk or transferred separately. One number, one card, for good.
• Physical items are produced to order. Delivery times and shipping costs are shown before you confirm.
• Because each card is made to your specific edition number, redemption is not cancellable once production begins.
• Damaged or lost-in-transit items are replaced where the carrier confirms the loss. Contact us within 30 days.
• Physical cards contain an NFC chip that links to the certificate’s page. We do not guarantee that link will work with every device forever.

10The vault#

Physical artworks underlying the editions are held by the studio. We will publish the custody arrangement for any work not produced by us.

We are responsible for keeping them safe and honestly described. We are not responsible for market movements in what they are worth.

11$FRACTS#

$FRACTS is a separate token. You do not need it to use Artefracts. Boxes are bought in USDG.

Holding $FRACTS may confer product benefits we publish from time to time. It is not a share, not a claim on any artwork, not a right to revenue, and not a promise of profit. Any benefit may be changed or withdrawn on notice. Trading tokens carries risk of total loss.

Where we describe how token fees are used — including any allocation to acquiring works — that description is a statement of studio policy, executed by us manually and published for scrutiny. It is not a contractual obligation to any holder.

12Things you must not do#

• Use the site if you are under 18 or in an excluded jurisdiction.
• Attempt to manipulate, reverse, front-run, or interfere with draws or settlement.
• Automate purchases in a way that degrades the service for others.
• Use funds that are not lawfully yours.
• Misrepresent Artefracts, its odds, or its terms to others.
• Attempt to access systems, keys, or data you have no right to.

We may suspend or terminate access, refuse redemption, and retain evidence where we reasonably believe any of these has occurred.

13Risk#

• This is chance. Most boxes yield common fragments. You may spend money and receive nothing you value.
• Nothing is guaranteed to hold value. Marks are our valuations, not market prices.
• Blockchain transactions are irreversible. Mistakes cannot be undone.
• Smart contracts can contain flaws. Ours are tested and their source is published; that reduces risk, it does not remove it.
• Preview periods use test networks and no real funds. Nothing acquired on a test network has value or carries over.

Only spend what you would be comfortable losing. If gambling is causing you harm, stop, and see our responsible play page for support organisations.

14Intellectual property#

We own the artworks, the site, the brand, and everything on it unless stated.

Holding a certificate or a physical card gives you a personal, non-exclusive licence to display and share images of your own item, including commercially in the ordinary course of reselling it. It does not transfer copyright, and it does not permit you to reproduce the work as a product, mint derivative tokens of it, or present it as your own.

15Availability#

We do our best to keep everything running, but we do not promise uninterrupted service. We may take the site down for maintenance, and we may pause the sale of new boxes at any time. We will not pause settlement of boxes already opened — if you have paid, your draw completes or you are refunded on-chain.

16Liability#

Nothing here limits liability for death or personal injury caused by our negligence, for fraud, or for anything else which cannot lawfully be limited.

Subject to that: we are not liable for indirect or consequential loss, for loss of profit or expected value, for losses arising from your own wallet security, from network failures, from third-party services, or from changes in what anything is worth. Our total liability to you for any claim is limited to the amount you paid us in the twelve months before the claim arose.

17Changes#

We may change these terms. Material changes will be announced on the site with a new version number and date. Changes apply from publication and do not alter draws or redemptions already completed. If you do not accept a change, stop using the site.

18Complaints#

Write to us at @ArteFracts with the detail of what happened. We will acknowledge within five working days and aim to resolve within thirty. If we cannot resolve it, you retain whatever rights the law gives you.

19Law#

These terms are governed by the law of the place where the studio is established, and its courts have exclusive jurisdiction. If you are a consumer, this does not deprive you of protections available under the law where you live.