NFT companies that failed to acknowledge an obscure 1997 law may be obligated to refund European customers in full for past purchases.
All would-be Porsche NFT owners were required to agree to Terms of Service that would waive a so-called right of withdrawal in order to mint their NFTs this week. While most customers had likely never heard of such a right, it was clearly important enough for the German auto manufacturer to include.
Something caught my eye on the Porsche NFT mint page that might just change the entire game for everyone.
And no one is talking about it… 👇🧵 pic.twitter.com/Vd4Mzidvhk
— Paul | Top Dog Studios (@darkp0rt) January 25, 2023
UPDATE: I’ve e-mailed Yuga asking for a refund on my Otherdeed NFT: https://t.co/pAcMqKKJtf
— Paul | Top Dog Studios (@darkp0rt) January 26, 2023
One such Yuga customer, London-based Paul Price, requested a refund for an Otherdeed purchased last May. Yuga denied the request, stating Yuga’s Otherdeed policy offered no warranties or right to refunds.
I decided to e-mail @yugalabs and ask them for a refund on my Otherdeed NFT, which I believe is my statutory right under UK law.
They replied! 👇
And of course, I asked ChatGPT to write the e-mail for me 😉 https://t.co/7jIYLZyZaK pic.twitter.com/DJfYQqT3xk
— Paul | Top Dog Studios (@darkp0rt) January 26, 2023
SEC vs BAYC? Here’s What Legal Experts Say It Means for NFTs
Now, as these companies enter a second consecutive year of unprecedented financial strain, the rules and regulations of traditional finance and commerce look like they’re finally starting to catch up.