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By default, collections are set to last for 14 days. If, after the 14-day period, a collection has not been completely sold out, the NFTs will be returned to their respective owners. In this scenario, any collectors who have made purchases from the collection will receive a refund of their funds.
Yes, if a collection has a significant portion of NFTs already sold at the end of 14 days, then the artist will have the option of extending the duration of the collection for an additional 7 days.