Space condition
The Platform provides an ecosystem built on spaces that act as independent seller on the Platform.
Spaces managed by space manager provide a showcase for exhibiting exceptional art created by handpicked, talented artists and to allow them to promote and showcase their artists.
When subscribing to a space, a space contract is created. A space contract is a business relationship between a seller and the space. It defines the duration of the relationship and the commission rate applied to sales on the first or second market.
Sales made through the Platform are contracted directly between the buyer and the seller. As such the Platform is not considered as a reseller of the artworks proposed by the seller.
Monumental is however not responsible for the commercial success of each of the spaces managed by space managers.
Under the Collaboration Agreement between the space manager and Monumental and regarding artworks to be promoted and sold on the first or second market, the space manager may use the Platform in order to:
Select artist/collector to become Member or guest of his space
Grant access to artist/collector to become Member or guest of his space
Identify artist /collector by ensuring the artist is who they claim to be
Inviting artist and collector to become space members or guests via direct invitation from their profile during the defined period
Ensure that artworks are consistent by considering the characteristics of those with the artist approach of the space and more generally the Platform
Certifying the ownership of artworks in digital format that will be published in his space
In relation to the first market (primary sale), certifying artworks are:
- original, they were not the object of previous sales on other platform or marketplace, since newly created through the Platform
- Certifying artworks are unique, artworks were or will not be associated to no other NFTs
Negotiate directly with artist fees and commission that will be applied during the artwork’s sale on first and second market (secondary sales).
Ensuring all displayed artwork are legal and adhere to Monumental terms and conditions
Ensuring that any content made available by the space manager on the Platform
- does not contain scenes of evident and/or gratuitous violence (physical or even moral)
- is not false and/or unlawful or obscene, indecent, abusive, intimidating, defamatory, discriminatory
- does not violate privacy nor intellectual property rights
By subscribing to a space, you acknowledge the space conditions where you are applying to:
- The start and end period defined on that space
- Commission fees for member and guest that have been set
Payment within a space
Any payment envisaged by the Collaboration Agreement and the space contract shall occur through Ether (i.e. the crypto-currency of the Ethereum network).
If any Artwork is sold on the space managed by the space manager during the term of this space contract, the full commission, agreed between the space manager and the artist, will be automatically paid into the space’s booking account of the space manager.
The Seller’s wallet will be credited by means of the smart contract with the sale price less the fees, commissions and royalties applied in the contract sale. Applied royalties will be credited to the creator of the Content.
Conversely the Buyer’s wallet will be debited by means of the smart contract for the entire amount of the transaction including applied fees.
For more information, please refer to Selling and Buying Artwork and Commission and Fees sections.
Platform liability
Monumental undertakes to use its best endeavours to ensure uninterrupted access to the Platform. However, due to the very nature of the Internet, uninterrupted access and the absence of errors in data transmission cannot be guaranteed. Monumental is under no obligation to produce a sale of the Artwork.
Termination
Monumental may terminate forthwith the Collaboration Agreement and suspend or limit the use of the Platform, if there are well-founded reasons to believe that it is being used inadequately with respect to the Monumental’s code of conduct or there are well-founded reasons to believe that it is being used unlawfully and/or illegally by the space manager.
In the event where a space manager wishes to terminate managing his space, he can request his termination upon thirty (30) days’ notice. Whithin this period notice the space manager will need to ensure that all active on-going sales and publishing contracts on his space are terminated or deactivated. Any Artists belonging to the deactivated space would find themselves published on the space belonging to the Platform by default.
The space manager will require additional fees or commission beyond those negotiated with the seller during the term of the space contract. This is not taken into account when organising special limited-time events outside a normal sale.
If a space appears to be inactive or even abandoned by its manager, Monumental gives itself the right to terminate the Collaboration Agreement with the implicated space manager.