Its Possible To Get A Full Refund Of Your NFT After Minting

This is an information a lot of people were not aware of, this information was brought to a lot of people’s attention during the Porsche NFT minting. Before minting this NFT, you have some terms and conditions you had to agree to before you would be allowed to mint the NFT. The Porsche brand must have messed up in their Web 3.0 research but they made sure they checked the box of some of the rules governing online purchases and one of them is waiving your withdrawal rights. But I think this rule only applies to those living in the UK and other European countries.

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What is this withdrawal right? This is the right to withdraw from the transaction even after it has been transacted, this is because of a rule that was made in the year 1997, that allows any products that is being transacted virtually(not in person) to have a return policy within 14 days of purchase. Now within that 14 days of purchase if you minted an NFT and its under the law, if the NFT goes below the minting price, even if it goes to zero, you can withdraw the transaction and return the NFT and have your funds refunded. a lot of people didn’t know about it and of course, waive that right, a lot of other NFT projects didn’t know about this so didn’t even put the option to waive the right.

If companies refuse to offer a refund, you can sue them for violating a selling regulation which is a distant selling regulation and they could be fined or penalised far more than the minting cost. Lots of NFT projects will refuse a refund because they didn’t know this regulation existed, but an NFT enthusiast and twitter user exposed this on twitter showing the public how this is possible and why it is possible on this tweet. But I guess with this information being made public now, a lot of NFT projects will be cautious about this and a lot of people will get to return their NFTs if they go below their minting prices.

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