Updated on: July 15th, 20231. Definitions.
2. Tech Misfits NFT License.
- "Tech Misfits Collectible" or "Collectible" refers to digital artworks created by Company and distributed as NFTs
- "NFT" means any blockchain-tracked, non-fungible token, such as those conforming to the ERC-721 standard.
- “Art” means any art, design, and drawings associated with the Collectible that you Own.
- “Own” means that you have purchased or otherwise rightfully acquired a Collectible through the Tech Misfits Marketplace or the Tech Misfits website, where proof of such purchase is recorded on the relevant blockchain or payment processor.
- “Extensions” means third party designs that: (i) are intended for use as extensions or overlays to the Art, (ii) do not modify the underlying Art, and (iii) can be removed at any time without affecting the underlying Art.
- “Purchased Collectible” means a Tech Misfits digital artwork or "NFT" that you Own.
- “Third Party IP” means any third party patent rights (including, without limitation, patent applications and disclosures), copyrights, trade secrets, trademarks, know-how or any other intellectual property rights recognized in any country or jurisdiction in the world.
The Tech Misfits NFT License (this “License”) clarifies a user’s rights as the owner of a Tech Misfits non-fungible token (“Collectible”). Tech Misfits (“Company”) created this License to ensure that Collectible owners enjoy broad and meaningful rights in the art associated with their Purchased Collectible while protecting the rights and revenue of Company.
- 2.1 Ownership. You acknowledge and agree that Company (or, as applicable, its licensors) owns all legal right, title and interest in and to the Art, and all intellectual property rights therein. The rights that you have in and to the Art are limited to those described in this License. Company reserves all rights in and to the Art not expressly granted to you in this License.
- 2.2. General Use. Subject to your continued compliance with the terms of this License, Company grants you a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy, and display the Art for your Purchased Collectibles, along with any Extensions that you choose to create or use, solely for the following purposes: (i) for your own personal, non-commercial use; (ii) as part of a third party website or application that displays your Collectible, provided that the website/application cryptographically verifies each Collectible owner’s rights to display the Art for their Purchased Collectible to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased Collectible leaves the website/application.
- 2.3. Commercial Use. Subject to your continued compliance with the terms of this License, Company grants you a limited, worldwide, non-exclusive, non-transferable license to use, copy, and display the Art for your Purchased Collectibles for the purpose of commercializing your own merchandise that includes, contains, or consists of the Art for your Purchased Collectible (“Commercial Use”), provided that such Commercial Use does not result in you earning more than Three Hundred Thousand Dollars ($300,000) in gross revenue each year. For the sake of clarity, nothing in this Section 2.3 will be deemed to restrict you from (i) owning or operating a third party website or application that permits the display of Collectibles generally, provided that the third party website or application cryptographically verifies each Collectible owner’s rights to display the Art for their Purchased Collectibles to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased Collectible leaves the website/application; or (ii) earning revenue from any of the foregoing, even where such revenue is in excess of $300,000 per year.
- 2.4 Restrictions. You agree that you may not, nor permit any third party to do or attempt to do any of the foregoing without Company's express prior written consent in each case: (i) modify the Art for your Purchased Collectible in any way, including, without limitation, the shapes, designs, drawings, attributes, or color schemes (your use of Extensions will not constitute a prohibited modification hereunder); (ii) use the Art for your Purchased Collectibles to advertise, market, or sell any third party product or service; (iii) use the Art for your Purchased Collectibles in connection with images, videos, or other forms of media that depict hatred, intolerance, violence, cruelty, or anything else that could reasonably be found to constitute hate speech or otherwise infringe upon the rights of others; (iv) use the Art for your Purchased Collectibles in movies, videos, or any other forms of media, except to the limited extent that such use is expressly permitted in Section 2.3 above or solely for your own personal, non-commercial use; (v) sell, distribute for commercial gain, or otherwise commercialize merchandise that includes, contains, or consists of the Art for your Purchased Collectibles, except as expressly permitted in Section 2.3 above; (vi) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Art for your Purchased Collectibles; or (vii) otherwise utilize the Art for your Purchased Collectibles for your or any third party’s commercial benefit.
- 2.5. Termination. The restrictions in Section 2.4 will survive the expiration or termination of this License.
- 2.6. Additional Terms The purchase, sale, and exchange of Tech Misfits Collectibles must adhere to the restrictions set forth in our Terms and Conditions. By using this website and all Company Services (including the Platform, Marketplace, Collectibles, and all Company Materials) you are accepting sole responsibility for any and all transactions involving Tech Misfits Collectibles you own or purchase. You agree to adhere to all Terms, the Code of Conduct, and the Tech Misfits NFT License.