Not just about water...
I just came back from business trip in Delaware setting up facility to go live next week... floor tiles were being laid down, walls built, ceiling tiles being put up all around me while I was stuck in an IT closet. Even after the walls were done and most of the ceiling tiles up and they swept most of the dust away, I couldn't walk the floor without leaving the area without a layer of drywall dust on the hair on my forearms (and being an asian guy, i dont have hair on my arms!!) or white dust on my phone... my brand new N20U!

Was bothering me while working lol.
I'm certain there is no way a Fold could survive in that floor. No doubt dust would have found it's way into every crevice of that phone.
I admit looks like a very fun phone to have as a novelty if you have the money to blow or have a spare. But for some, it's a no go until it gets an IP rating.