Is an NFT refund as easy as returning an item of clothing? – If you’ve been scrolling through Twitter today, you may have come across Paul @darkp0rt’s tweet claiming to have found an opportunity for unfortunate buyers of a Porsche NFT to get a refund on their purchase. But is all this really true?
What does the law say about remote purchases?
first, There is, in fact, the right of withdrawal associated with the purchase of goods at a distance.
The rule is defined by Article L.221-18 of the Consumer Code which, in its first paragraph, states:
“The consumer has a period of fourteen days to exercise his right to withdraw from a contract concluded at a distance, after examination by phone or outside the premises, without having to justify his decision or incur other costs. Other than those provided for in Articles L. 221-23 and L.221 -25″.
To take a simple example: you buy a Boulanger coffee maker from the brand’s website. As you are Unable to test the product or even visualize it clearly before buying, The law gives you the possibility to return it free of charge and for a refund within fourteen days.
If the seller does not clearly offer the possibility of taking advantage of your right of withdrawal, systems (Article L.221-20 of the same law) Plans to extend the last period to twelve months for consumers who have been reported poorly (or not done).
We will return to this in a few lines.
But then, can we go back with Porsche NFTs?
It’s not that simple.
Unlike a lot of NFT projects that have started, Porsche is a big company, which has a dedicated legal department and is listed on the stock exchange. It is therefore logical that the manufacturer takes care of its image and tries, at best, to respect the regulations.
So it was planned, during Mint Buyers expressly waive the exercise of their right of withdrawal.
When they do, it is impossible for them to request a refund later.
On the question of whether the waiver of this right was lawful. The answer is provided by Article L.221-25 of the Consumer Code, according to which:
If the consumer wishes to perform the provision of services or a contract mentioned in the first paragraph of the article L. 221-4 It begins before the end of the withdrawal period mentioned in Art L. 221-18The professional collects his express request by any means for contracts concluded remotely and on paper or through a permanent medium for contracts concluded outside the premises.»
Anyone who has already acquired a video game online, regardless of the platform used (Nintendo, Eshop, Steam, PSN) will have already checked a similar box acknowledging the waiver of their right to opt out so that the game is immediately made available through the platform.
Briefly, While the right of withdrawal works relatively well for physical products purchased online, it is difficult to enforce on most digital purchases because of this disclaimer.
What about Web 3 projects that don’t teach their clients?
Again, things are not as simple as they seem.
As explained above, logic dictates that consumers who have been cheated by bad information can be compensated within one year of purchasing the good.
But then, does that mean that I can get compensation for all the NFTs who lowest price Exactly flirting with the Earth?
God forbid that you dash your hopes, but this is not certain.
First, unless the companies are based in Europe like Porsche or Renault, It can be difficult to get conviction from small foreign companies Based anywhere in the world. Subpoenas before foreign courts, in addition to being costly, are often a source of legal risks.
Secondly, even if the buyer could prove the primacy of French and European law in a case of this kind, Terms may conflictArticle L.221-28is still from consumer law.
Thus, the seller can assert one of the exceptions provided by law to the right of withdrawal:
- the consumer’s waiver of his right of withdrawal;
- IThe price of the purchased commodity depends on fluctuations in the financial markets that are beyond the control of the professional (which is undoubtedly the case of NFTs purchased using volatile cryptocurrencies);
- The acquisition took place during a public auction.
While it cannot be ruled out that some companies missed the consumer protection law mark when offering and selling their collections, It is possible that these same companies have valid legal arguments against consumers who may feel aggrieved. as they appear The latest news related to NFTsAnd The NFT market has been very volatile lately.
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