Terms &
conditions
Terms and Conditions for Luxury Watch Tokenization
These terms and conditions (“terms”) govern the purchase, transfer, management, custody, and sale of co-ownership interests (“WATCHn Tokens”) in luxury watches through the Wilda websites and apps (the “Platform”) operated by Wilda with its registered office at 10, rue de la Paix, 75002 Paris, France (“Wilda”, “we”, “our” or “us”) by users of the Platform and owners of WATCHn Tokens (“buyer”, “co-owners”, “you” or “your”).
1. General Conditions
Eligibility
Account Registration
Compliance
Amendments
Limitation of Liability
Dispute Resolution
Governing Law
These terms and conditions are governed by the laws of the jurisdiction in which Wilda operates.
2. Selection of a Watch
Decision Process for Buying a Watch on the Market
- Token holders (WATCHn) and watch resellers (including Wilda) can propose the purchase of a watch.
- This proposal is subject to a vote by WATCHn token holders. If the majority approves:
- Wilda (or another actor) can proceed with the acquisition and resale of the watch in the form of tokens.
- Wilda (or another actor) can proceed with the acquisition and resale of the watch in the form of tokens.
- The watches are stored in a secure vault and insured.
- Each watch is divided into 100 to 150 tokens of equivalent value. The minimum purchase is one token.
3. Token Purchase / Primary Market
How Users Buy a Watch
- Expert: Purchase in Crypto:
- The user pays in cryptocurrency (USDC). The smart contract mints the corresponding WATCH1 (WATCH2, WATCH3, etc.) tokens and sends them to the user’s wallet, limited to available tokens.
- The user pays in cryptocurrency (USDC). The smart contract mints the corresponding WATCH1 (WATCH2, WATCH3, etc.) tokens and sends them to the user’s wallet, limited to available tokens.
- Mainstream: Purchase in Fiat
- Users connect with their email or via social login. A wallet is automatically and transparently assigned to them.
- They pay in € via bank transfer, credit card, Apple Pay, or Google Pay. The smart contract mints the corresponding tokens and sends them to the user’s wallet, limited to available tokens.
4. Token Resale / Secondary Market
How Users Resell Their Tokens
- Wilda creates a liquidity pool with two tokens (USDC / WATCHn) or a multi-token pool (USDC / WATCH1 / WATCH2 / WATCH3) on Uniswap or Balancer.
- The pool ensures limited liquidity with a lower limit of 50% and an upper limit of 100% of the estimated watch value.
- Expert Sale (Crypto)
- The expert user can connect with their wallet and swap their WATCHn tokens for USDC.
- The expert user can connect with their wallet and swap their WATCHn tokens for USDC.
- Non-Expert Sale
- The non-expert user can connect to the Wilda interface, which offers a simplified interface to swap WATCHn tokens for USDC.
5. Token Purchase / Secondary Market
How Users Buy Tokens on the Secondary Market
- Expert Purchase (Crypto)
- The expert user can connect with their wallet and swap their USDC for WATCHn tokens.
- The expert user can connect with their wallet and swap their USDC for WATCHn tokens.
- Non-Expert Purchase
- The non-expert user can connect to the Wilda interface, which offers a simplified interface to swap USDC for WATCHn tokens. (Advanced: Requires USDC)
6. Token Transfer
How Users Transfer Their Tokens
- Expert Transfer (Crypto)
- The expert user can transfer their tokens to another wallet.
- The expert user can transfer their tokens to another wallet.
- Non-Expert Transfer
- The non-expert user can connect to the Wilda interface, which offers a simplified interface to transfer their tokens to their own wallet or a third-party wallet.
7. Borrowing a Watch
Token Holders Borrowing a Watch
8. Buying a Tokenized Watch by a Token Holder
How a User Buys a Tokenized Watch
A holder of at least 15% of WATCHn tokens can propose to buy the watch associated with their tokens. The purchase price must be equal to or greater than the estimated price on [WatchCharts](https://watchcharts.com/).
Other WATCHn token holders can make a higher bid within 7 days of the first bid’s publication.
The bidder must stake their tokens. The highest bid is accepted.
The proposal must be approved by a majority vote of WATCHn holders. The proposer cannot participate in the vote.
The winning bidder must transfer the amount for the remaining tokens within 7 days. If they fail, their tokens will be burned, and the other holders will be proportionally revalued. The second highest bid will be accepted.
The buyer bears all costs (secure shipping, etc.) and must undergo KYC and AML procedures.
9. Liquidation of a Watch at the End of the Holding Period
How Token Holders Liquidate a Watch
Token holders can propose a watch sale, including the minimum sale price and auction duration, for a vote.
The minimum price must be equal to or greater than the estimated price on [WatchCharts](https://watchcharts.com/).
If proposed less than 2 years after token commercialization, the minimum price must be 20% higher than the token issuance price.
If approved by vote, the watch is auctioned at the minimum price in cryptocurrency. The buyer bears all costs (shipping, customs, etc.).
10. Watch Sale
How a Token Holder Sells a Watch and Redeems Tokens
Token holders of a sold watch, whether repurchased by another token holder or liquidated at the end of the maximum holding period, can exchange their tokens for the USDC received from the sale. They no longer have ownership or rights to the watch from the sale date.
For non-experts: Conversion from USDC to fiat (via Transak or Ramp) can be offered.
11. Fees
How a Token Holder Sells a Watch and Redeems Tokens
- 6% fee at the purchase of the watch.
- 2% annual fee.
- 20% fee on the resale profit.
