This Lot is sold subject to the Online-Only Auction Conditions of Sale, Hong Kong, the Additional Conditions of Sale applicable to NFT Lots and the Additional Conditions of Sale applicable to Cryptocurrency Payments, in addition to the following supplemental terms:

 

Further Information on NFTs

In what currency will I be bidding?

 

The auction will be conducted and invoiced in Hong Kong dollars (HKD).

What forms of payment are accepted?

 

You can pay for an NFT Lot in HKD or in one of the cryptocurrencies accepted by Phillips (Bitcoin or Ether).  If you wish to pay for an NFT Lot in Bitcoin or 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 Bitcoin and Ether can be volatile and subject to upward and downward movements. You acknowledge that the conversion rate between these Accepted Cryptocurrencies and HKD 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 for the Online-Only Auction) plus network and other fees required to transfer the NFT to your Digital Wallet).

 

If you elect to pay for an NFT Lot in an accepted cryptocurrency (Ether or Bitcoin) and satisfy our Cryptocurrency Conditions (see above), the HKD purchase price as shown on your invoice will be converted automatically into the applicable accepted cryptocurrency using the Coinbase Commerce rates 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 or Bitcoin 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 licit activities and belonging to you.

 

We cannot accept cryptocurrency payments:

 

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

• from multiple digital wallets

• if (i) 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 (ii) 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 HK dollars.

 

Please view the full Online-Only Auction Conditions of Sale, Hong Kong,  Additional Conditions of Sale applicable to NFT Lots and the Additional Conditions of Sale applicable to Cryptocurrency Payments, all of which apply to the sale of this Lot.