The standards our curators use to grade items, and what sellers must follow when writing item descriptions. If you're a buyer, this also helps you understand the condition terms used in each listing.
The state of the box is the single biggest value factor for collectible figures.
Never taken out of the box, and the box itself is flawless — no dents, no tears.
Unopened, but the box has small dents or tears (commonly called "box damage").
Out of the box, and possibly displayed. The original box (if any) is sold separately or thrown in as a bonus.