FAQ

The Basics

What is an NFT?
NFT stands for Non-Fungible Token. This is a smart contract hosted on a blockchain, such as the ERC-721 standard on the Ethereum blockchain. It is built using the same kind of programming as cryptocurrency. As a digital certificate, an NFT allows buyers of an item to prove ownership. It can be digital items, real-world collectibles, in-game items, and artworks.
What is a Phygital NFT?
A Phygital NFT at Clubrare is an NFT that backs a physical item. The NFT provides benefits in the metaverse and is intrinsically tied to a physical item, verified and assured by ClubRare. Anyone can create a Phygital NFT to sell a physical item, from individuals to global brands.
Can I create NFTs without selling them?
Yes.
What is the MPWR token?
$MPWR is the utility token of ClubRare Metaverse. With $MPWR, community members can earn unique rewards, buy and sell, in the metaverse, and gain special status in ClubRare Universe.****
For more information, please visit: https://docs.clubrare.xyz/mpwr-features
What is the AGOV token?
With AGOV, the community votes on treasury spending, determines policies and brand partnerships, and can trade exclusive NFTs. AGOV stands for “Answer Governance”. For more information, please visit: https://docs.clubrare.xyz/what-is-clubrare-universe
What is the Lazy Leo Club?
The Lazy Leo Club is an exclusive membership-based NFT collection. With each Leo providing unique abilities across ClubRare Universe, collectors are more engaged than ever. Learn more about Lazy Leo Club and our ClubRare Universe here: https://docs.clubrare.xyz/what-is-clubrare-universe

Marketplace Rewards

What are trading rewards?
You can earn trading rewards when buying or selling any NFTs on ClubRare (excluded private listings). Rewards are distributed once daily. Claim period not available between 10:00AM - 12:00PM EST.
What are listing rewards?
List your phygital item and get rewarded with $MPWR.

Marketplace Buyers

What kind of products will ClubRare be offering for auction?
ClubRare will be collaborating with brands to drop limited-edition and exclusive real-world items on the ClubRare Marketplace. ClubRare will also permit the sale of both new and pre-owned rare goods.
Can we introduce non-ClubRare products?
Yes - ClubRare users and AGOV holders are able to register their redeemable NFTs on ClubRare.
What does “minting” mean on ClubRare?
In general, 'minting' simply refers to the creation of an NFT. At ClubRare, if the minted NFT is categorized as “phygital”, then it is attached to an authenticated physical item to prove ownership between the real-world and the blockchain.
What kind of guarantee is offered for auctioned items?
When buying a phygital NFT, the buyer can see whether it is a direct sale from the seller, or if it is authenticated by ClubRare. All direct sale products are sold as-is.
I became the owner of an NFT sold by ClubRare. What do I do now?
The Phygital NFT is digitally connected to a physical product. During the claiming process, you may choose to have the physical item securely stored in one of our authentication centers. The NFT itself would be the blockchain representation of this physical item. Or, you can elect to have the item shipped to you.
If I want you to secure the item, is there a storage fee?
If the goods are valued at USD $5000 or more, they must be stored with heightened security. Therefore, storage fees may be incurred, determined as needed.
What is required to have the physical item redeemed and shipped to me?
The redeemer should email us. We will collect your name, address, email address, tax resale certificate (if applicable), shipping preferences, and other information within our privacy policy. Once documentation and payment are confirmed, the product will arrive with an appraisal report.
Do I need to complete KYC to redeem?
Yes, ClubRare can deliver the product after confirming the recipient's identity. This is a safety procedure to verify that there is no purpose of tax evasion and illicit profit has not been paid for the product following related laws such as the Anti-Money Laundering Act. The recipient's information shall be kept only for the purpose of the above, following the relevant statutes, and may be kept for more than one year. The period may vary under the applicable statutes.
What is your refund policy?
There is no refund according to the principle of auction. The sale of NFTs on other platforms after the initial sale at ClubRare is not within the jurisdiction of ClubRare.
If I participate in a bid shortly before the time ends, will time be extended?
No. The ClubRare auctions will end without a time extension. Please proceed with caution.
Can I immediately upload the winning bid on ClubRare and other auction platforms?
As of now you are able to list the winning bid on other platforms such as OpenSea. We are working on implementing a way for users to upload on the ClubRare platform.
After participating in the bid, can I cancel a bid before the auction is complete?
Unfortunately, you will not be able to cancel. However, if someone makes a higher bid, your cryptocurrency used for the bid will automatically be returned to you and you can participate in bids again at any time.
Is there any OpenSea integration?
Yes. You can also check out ClubRare products on OpenSea!

Marketplace Creators

As a creator, how do I get my physical goods authenticated?
Do I have to authenticate my item?
Yes, If your item is a luxury item like Yeezys, Rolex, or Nike (Limited Edition), we highly recommend authenticating your item. Authenticity provides trust in our community and ease with shopping.
What if I don’t want to Authenticate my physical item?
If your item is not authenticated then your item could potentially not be listed. To avoid this, please authenticate your item.
After I authenticate my item, what happens?
Once authenticating is completed, your item will receive an approval notification via email approval, and your NFT will receive a Certificate of Authenticity that will remain with the NFT. After approved in your pending items, mint your item and sell your goods! If your item does not get approved, kindly email us at [email protected] to support you better.
What if the physical item I have is ineligible for authentication?
Please feel free to contact us at [email protected] still, and we can see if our authenticating partner will be able to further assist depending on the available resources.
How soon will my item get authenticated?
Items authenticated will depend on image quality. The better the image quality faster we can process your item!

Staking

What is NFT LP?
On Uniswap v3, liquidity provider (LP) positions are represented as NFTs (ERC-721 tokens) instead of the fungible ERC-20 tokens on Uniswap V1 and V2.
Can I stake more than one NFT LP?
Yes! Select your NFT id and your set!
How many locking periods are available?
Users can select a non-lock-up period if they like but can also lock their NFT LP for 3, 6, 9, and 12 months.
When will I be able to claim my rewards?
Rewards are available to claim after the locking period is done!
Are Market Fee Rewards included with NFT LP?
Yes! Users will get ⅓ of the Market fee rewards when user stake!