Asset Redemption & Shipping
Redemption is now live for all Courtyard and Sneaks NFTs.
To start the process, please fill out and submit all required information via the appropriate link below. Redeem a Courtyard NFT: https://courtyard.io/redeem Redeem a Sneaks NFT: https://sneaks.world/redeem Please note that as indicated above, Courtyard and Sneaks are two separate entities. Users will be required to complete separate redemption processes depending on what is being redeemed. After submitting, you will need to go through our KYC process and pay for shipping and taxes. The NFT will be put in escrow until the item gets delivered to your address. Once the item is delivered, Courtyard will burn the associated NFT.
All redeemed assets are shipped via a trusted carrier and fully insured in transit. We will provide a cost estimation for shipping and redemption taxes with an invoice prior to executing the redemption.
No. As long as a user keeps the NFT, Courtyard will maintain custody of the physical asset in the Brink's vault. If a user decides to receive the physical asset, we will burn the corresponding NFT.
Should a user want to re-create an NFT for an asset that has already been redeemed in the past, we would create a brand new NFT that is not associated with the original.
You will not be able to burn your Courtyard NFT by interacting directly with Courtyard’s smart contracts or by sending it to the null address. The redemption process, once available, includes some legally necessary procedures to follow on our website.
Our secure storage partner Brink's is active in 150+ countries and has delivery partners in many of the remaining ones. Feel free to contact us if you have any concerns regarding the ability to ship to your country and location. A list of countries where shipping is allowed can be found here.
Users who wish to redeem their NFT to receive the physical asset will have to pay a shipping fee and customs fees or sales taxes depending on their country of residence.
Shipping varies by state and country around the world. Our vault is located in the central United States, and all packages are fully insured in transit. To estimate the shipping costs associated with redeeming your asset within the US, see Domestic Shipping Rates.
Customers in the United States are required to pay sales tax like they would pay on any regular physical item purchase in their Zip Code.
The sales tax is based on the monetary value of the last sale of the asset. This value is calculated using the price of ETH in USD at the time of the transaction, given that it corresponds with the actual value of your purchase. When compiling the invoice, we look at the last time the asset was sold and calculate the price paid in USD based on the amount of ETH paid and the ETH to USD market exchange rate at the exact time of the last transaction on-chain. We use that amount to calculate the taxes we charge the customer and remit to the states. Courtyard does not make any money on taxes we charge to customers.
Additionally, even when the sale of assets occurs between 2 users and is not sold by the platform itself, we are required to collect sales taxes and remit them to the states where the redemption takes place. This is the same process that is followed on eBay, Amazon, and many other online marketplaces in line with the South Dakota v. Wayfair Supreme Court Decision. To estimate your sales tax, enter your Zip Code and price paid in USD of your asset(s) here.
Customers outside of the US are required to pay customs & import taxes in line with your individual countries import taxation laws. See here for a list of countries/regions and associated import and customs taxes.
This will depend on your shipping location and country given the shipping distance and potential customs paperwork that might be required. Packages in the United States will generally arrive within 3-5 business days of invoice processing, while shipping outside of the US may take longer depending on general shipping timelines to your country. If receiving your package as quickly as possible is important to you, please let us know and we can provide priority shipping for an extra charge.
Once you have redeemed your product, we will provide shipment tracking information to you so your package is visible every step of the way.