Tokenization Terms
What a token is and is not, custody of the physical card, transfer, redemption and burn.
Most of this document is published below, including our Florida registration numbers in full. The sections marked “with counsel” are the ones a lawyer has to write — liability and jurisdiction — and we would rather name the gap than dress up placeholder text as a legal clause.
1 · What the token records
Tokenization is not live. Nothing described here is available yet, and no token has been issued. This document exists so the terms are public before the feature is, not after.
A token would record who holds title to one specific graded card, identified by its certification number. It is a record of ownership. It is not the card, it is not a share of anything, and it is not an appraisal.
2 · Custody of the physical card
The physical card stays sealed in our vault, insured, for as long as the token exists. It does not move when the token moves.
We hold it as custodian. It is not ours, it does not appear on our balance sheet, and it cannot be lent, pledged or used as collateral by us.
3 · Transfer
The token can be transferred to anyone. Whoever holds it holds the claim on the card.
We charge no commission on a transfer. The network charges its own fee, which is not ours and which we do not receive — an unqualified "no fees" would be untrue.
4 · Redemption and burn
The holder can redeem at any time. The token is destroyed and the physical card ships to them, insured, within 48 hours.
Redemption cannot be refused by us and does not expire.
5 · Network fees
Every on-chain action costs a network fee, paid by whoever initiates it, at whatever the network charges at that moment. We do not set it, mark it up or receive it.
6 · What we do not promise
With counsel. How the token is classified in law, and what may therefore be said about it. We will not state that conclusion ourselves, and tokenization does not open until a lawyer has.