Virtual Currency Policy

1. Introduction

Welcome to BrickVerse's Virtual Currency Policy! In this document, we outline the rules and regulations governing the virtual currency known as "Cubes" within the BrickVerse ecosystem. Please read this policy carefully, as it contains important information regarding the use, administration, and governance of Cubes.

2. Ownership and Administration

BrickVerse reserves all authorities, rights, and administrative control over Cubes, including but not limited to the creation, distribution, and management of this virtual currency. By participating in transactions involving Cubes, you agree to abide by the terms and conditions set forth in this policy.

3. Transaction Fees

For transactions involving Cubes, BrickVerse imposes a Developer Exchange Tax (DevEx Tax) as follows:

• BrickVerse will not charge any percentage of the transaction amount (0%) as a direct transaction fee of your Cubes.

• However, BrickVerse will retain a minimum percentage of the Cubes' valuation converted to USD as follows:

  • Tier 0 Membership (No membership): 50%

  • Tier 1 Membership: 40%

  • Tier 2 Membership: 30%

  • Tier 3 Membership: 10%

  This is entirely automatic, the amount your have in your DevEx balance is amount already calculated you have avaliable to fully withdraw.

4. Developer Exchange Tax (DevEx Tax)

The Developer Exchange Tax (DevEx Tax) is designed to account for the conversion of Cubes into real-world currency (USD) and to support the BrickVerse ecosystem's sustainability. The respective percentages mentioned in section 3 will be withheld from the Cubes' valuation when exchanging them to USD. Please note that the DevEx Tax remains constant during the time of the transaction and does not fluctuate.

5. BrickVerse's Rights

BrickVerse retains the authority to grant, revoke, or regulate the distribution and withdrawal of Cubes. We also reserve the right to evaluate each user's eligibility for a DevEx withdrawal to USD. The criteria for determining a user's fitness for withdrawal to USD will be detailed in the DevEx Portal.

6. Success of DevEx Withdrawals

BrickVerse does not guarantee the success of a DevEx withdrawal. Success may depend on various factors, including the user's compliance with our terms and conditions, their history within the BrickVerse platform, and their adherence to the DevEx Portal's guidelines.

7. DevEx Valuation Variations

DevEx Valuation and associated taxes may vary based on market conditions, platform performance, and other variables. It is important to recognize that the valuation and taxes applied to Cubes at the time of a transaction may differ from one transaction to another.

8. Currency Valuation and Market Dynamics

Cubes' valuation within the BrickVerse ecosystem is subject to market dynamics and may fluctuate over time. Users should be aware that the value of Cubes may change due to factors such as supply and demand, user activities, and economic conditions. BrickVerse is not responsible for any potential changes in the valuation of Cubes and will not compensate users for such fluctuations.

9. Transparency and Accountability

BrickVerse is committed to maintaining transparency and accountability in all virtual currency operations. We will provide users with access to their transaction histories and detailed records of any DevEx Tax applied. Users will have the ability to review their transactions and DevEx Tax calculations to ensure fairness and accuracy.

10. Legal Compliance

BrickVerse operates within the boundaries of applicable laws and regulations. Users are expected to comply with these laws when using Cubes. Any violations may result in the suspension or termination of your account and may be reported to the relevant authorities, if necessary.

In conclusion, the introduction of Cubes as our virtual currency adds a new dimension to the BrickVerse experience. While we strive to create a fair and user-friendly environment for our community, it is essential for users to understand and accept the terms and conditions outlined in this policy. By participating in transactions involving Cubes, you contribute to the growth and development of the BrickVerse platform and support the vibrant community that has made it possible. We look forward to building a prosperous and exciting virtual world together. If you have any further questions or concerns, please do not hesitate to reach out to our dedicated support team.

11. Exchange Rates

The current rates is:

100 Cubes = $1 USD

1 Cube = $0.01 USD

In simple terms, when you receive Cubes in BrickVerse, you can use them right away for various transactions. However, if you wish to convert them into real-world currency (USD) through DevEx, you'll need to wait for one week after receiving them. It's important to note that whether you spend your Cubes during the eligibility period or not, the amount you spent will be deducted from your DevEx Balance or pending balance. When you sell items and receive Cubes for them, you'll get the full amount based on the item's sale. The only part you'll lose is a percentage of the Cubes' value due to DevEx taxes when you decide to cash them out into USD.

Currency purchased & earned from membership is not eligible for Developer Exchange, only currency you made from transactions.