Redeeming and Shipping

Dive into the redemption and shipping process

Is it possible to redeem the physical asset and have it sent to me?

Every collectible featured on Phynite is redeemable exclusively by its owner, at anyplace and anytime. Moreover, the redemption process is designed to be straightforward and swift.

Can I own the digital asset through the marketplace and have the physical asset with me at the same time?

No. At Phynite, your physical collectibles are securely stored in Crozier Fine Arts’ vault for as long as you hold the digital asset. When you choose to claim your item, we will permanently burn the corresponding digital asset (CBNFT).

Additionally, should you wish to create a new digital asset for a previously redeemed item, we will provide you with a completely new and unique digital asset, distinct from the original.

What locations are available to redeem the physical asset?

Currently, Phynite offers redemption of physical assets exclusively within the United States. However, we're excited to announce that in the near future, our services will expand, allowing users worldwide to redeem their physical assets, regardless of their location.

What fees are associated with the redemption process?

Users looking to redeem their physical asset will be responsible for covering shipping costs, as well as any customs duties or sales taxes, which may vary based on their country of residence.

  • Shipping Fees: Shipping costs can differ based on location. At Phynite, we're currently delivering to users within the United States. You'll be informed of all shipping fees associated with the redemption process at the time of checkout.

  • Sales Tax: For Phynite customers in the United States, sales tax is applied just like it would be for any standard physical item purchase, based on their Zip Code. This applies whether the payment is made using USDC, which has a 1:1 ratio with the US dollar, a credit card, or direct USD payments. The tax is calculated on the monetary value of the asset's most recent sale, determined by the amount of USDC used, or the equivalent value in USD at the time of transaction. When preparing the invoice, we use the last sale price of the asset in USDC or its USD equivalent to compute the sales tax. This amount is collected by Phynite and remitted to the respective states. It's important to note that Phynite does not profit from these taxes. Additionally, this process is consistent even for transactions that take place directly between two users, without the platform's direct involvement. Phynite is responsible for collecting and remitting sales taxes for these transactions, in line with the tax regulations followed by other online marketplaces like eBay or Amazon. This ensures compliance with state tax laws for all asset redemptions, maintaining transparency and legality in all transactions.

Last updated