STORYLOOM Creator Exchange Terms of Use

The Storyloom Creator Exchange Program (also known as CreatorEx) is a program that allows Storyloom Creators to exchange their Earned Virtual Currency for real money. While any eligible user can use Storyloom to learn to create literary experiences to enjoy with their friends, and even earn some Virtual Currency, only some Creators will be able to meet the requirements (described below) to convert the Virtual Currency to hard currency through CreatorEx. Reaching this level of success typically requires a lot of time and talent. It may also require you to hire others to help you or to spend money to promote the experiences you create. 

  1. 1.Acceptance of Terms

Below are the terms and conditions that govern CreatorEx (“the CreatorEx Terms”). These CreatorEx Terms are part of the Storyloom Terms of Service and General Terms of Service and End User License Agreement, which define some of the capitalized words used below. You must agree to the Terms of Use, which include these CreatorEx Terms, to participate in CreatorEx.

  1. 2.CreatorEx Eligibility Requirements

Eligibility to participate in CreatorEx is solely up to Storyloom, and the requirements may be changed by Storyloom at any time by updating the CreatorEx Terms. To participate in CreatorEx you must meet all the following minimum requirements (“the CreatorEx Eligibility Requirements”):

    1. Be at least 18 years of age or older;

    2. Have at least the equivalent of $100 USD Earned Virtual Currency (defined below) in your account;

    3. Have a Storyloom-verified email address;

    4. Have a valid Storyloom Creator Account;

    5. Have an IRS form W-9 (for U.S. taxpayers) or W-8 (for non-U.S. taxpayers) on file with either Storyloom and or a Storyloom’s Third Party Payer Services Partner, or both, as requested;

    6. Comply with the Ongoing Service Requirements for Creators (described below); and

    7. Be in complete compliance at all times with the Storyloom Terms of Service and General Terms of Use and End User License Agreement which include these CreatorEx Terms and the Storyloom Content Guidelines. By way of example, the following will disqualify you from CreatorEx: scamming, phishing, false advertising, attempting to exchange Virtual Currency for real currency other than through CreatorEx, and any other illegal or unethical activities as Storyloom deems.

  1. 3.Amount eligible to cash out

We will determine how much you are eligible to Cash Out by totaling the amount of Virtual Currency earned (over the lifetime of the account) and subtracting the amounts previously paid out to you through CreatorEx.  A processing fee of 5% charged by the Third Party Payer Services Partner shall be deducted from the sum to be paid out to you. 

  1. 4.Earned Virtual Currency

“Earned Virtual Currency” only includes Virtual Currency you have earned in complete compliance with the Storyloom Terms of Service and General Terms of Service and End User License Agreement, which includes the Storyloom Content Guidelines, through the Services from either (a) virtual items (such as clothing for an avatar) that you created or (b) virtual experiences that you created (such as a virtual book). Virtual Currency acquired in other ways such as Virtual Currency obtained from a discretionary bonus, a purchase of Virtual Currency, or trading/selling virtual goods that you did not create) are not Earned Virtual Currency.

  1. 5.Ongoing Service Requirements for Creators

To participate in CreatorEx, you must meet the “Ongoing Service Requirements for Creators,” which are to provide an on-going services that complies with the Storyloom Terms of Service, including the Storyloom Content Guidelines, and any instructions you receive from Storyloom. As part of this requirement, you must do the following:

    1. Work with Storyloom Editorial and Publishing Team and Storyloom Creator Success Team to resolve any issues involving the Storyloom Terms of Service and Storyloom Content Guidelines; and

    2. Comply with Storyloom’s Editorial and Publishing Team or Moderation requests for legal compliance, such as removing content that has been accused of violating intellectual property laws or any other content Storyloom in its sole discretion decides is inappropriate.

  1. 6.Cash Out

A “Cash Out” is an option to exchange your Earned Virtual Currency for U.S. dollars at the “Current Exchange Rate for Cash Out” set forth below, which rate is subject to change at any time by Storyloom by updating the CreatorEx Terms. If you satisfy all the CreatorEx Eligibility Requirements, Storyloom will decide in its sole discretion whether to offer you a Cash Out and how much you are eligible to receive in a Cash Out. Under normal circumstances, a Cash Out will total the amount of Earned Virtual Currency you obtained over the lifetime of the account minus all Earned Virtual Currency previously exchanged by you through CreatorEx. A processing fee of up to 5% charged by the Third Party Payer Services Partner shall be deducted from the sum to be paid out to you. Payouts do not include federal, state, local, value added, sales, use, excise or similar taxes. Storyloom will have no obligation to pay any taxes or fees related to the cash out and/or based on your gross or net income or receipts, personal property taxes, franchise taxes or any interest or penalties arising from Creator/Writer’s failure to pay taxes, file returns or provide tax information as required under applicable law or regulation, or to pay or withhold taxes. We reserve the right to review activity on accounts to assess the validity of Earned Virtual Currency balances, and to deny payment to any user that has violated the Storyloom Terms of Use and Content Guidelines. The following additional limitations apply to Cash Outs:

    1. The Current Exchange Rate is $1.00 U.S. Dollars per Earned Virtual Gold Bar or Diamond Currency. Virtual Gold Coin is valued at $0.10 U.S. Dollars but is not eligible for Cash Out until converted into Virtual Gold Bars or Virtual Diamonds and the minimum Cash Out threshold has been met.

    2. You are not allowed to initiate a Cash Out more than once a month.

    3. Eligibility to Cash Out is reviewed after you submit a request to Cash Out.

    4. When you initiate Cash Out, Storyloom will perform a close review of activities on your account to confirm that you earned Virtual Currency in compliance with Storyloom Terms of Use and Storyloom Content Guidelines. We are not able to predetermine your eligibility for Cash Out.

  1. 7.Acknowledgements and Further Agreements

In order to participate in CreatorEx, you further acknowledge and agree to the following:

    1. Clicking the “Cash Out” button does not guarantee that you are eligible to, in fact, Cash Out. When you click that button, Storyloom will then determine whether you meet the CreatorEx Eligibility Requirements and whether to provide a Cash Out at Storyloom's discretion.

    2. Prior to any payments being made, Storyloom requires you to have an IRS form W-9 (for U.S. taxpayers) or W-8 (for non-U.S. taxpayers) on file with Storyloom or its Third Party Payer Services Partner. All payments made to U.S. users (other than for certain limited exceptions due to reporting requirements) will be reported to the IRS and to you using a form 1099. Payments made to non-U.S. users will not be reported to their home countries.

    3. Transaction fees are assessed on each payment (which will be deducted from any amounts that would otherwise be owed to you hereunder). These fees are charged by our CreatorEx Third Party Payer Service Partner (Storyloom does not assess any fees in addition to those charged by our provider), and vary depending on payment method chosen.

    4. You are responsible for any income taxes that may be owed due to a Cash Out. Storyloom considers the Cash Out payments to be payments for the approved services you have provided. All participants (whether you live in the US or elsewhere) are responsible for ensuring that all payments received are reported to the proper taxing authorities. Income that minors earn can impact their parents’ tax returns.

    5. Storyloom reserves the right to modify, amend, or cancel the CreatorEx program, add, remove, or modify the CreatorEx Eligibility Requirements, and change the Current Exchange Rate for Cash Out, all at any time and for any reason by updating the CreatorEx Terms. The existence of the CreatorEx program today in no way creates an obligation for us to continue the program in the future, nor does it guarantee that Earned Virtual Currency can be exchanged in the future. We reserve the right to review activity on accounts to assess the validity of Earned Virtual Currency balances, and to deny payment to any user that we feel has violated the Terms or the Content Guidelines of our program.