![]() ![]() When You purchase or otherwise accept ownership of the NFT, You acquire all right, title, and interest in and to the NFT, including, the right to sell, transfer, assign, donate, or otherwise dispose of ownership of the NFT, subject to the terms and conditions of this Agreement. ALSO, THIS AGREEMENT, ALONG WITH ANY OTHER TERMS AND CONDITIONS REFERRED TO IN IT, INCLUDE YOUR RELEASE OF ALL CLAIMS FOR ANY DAMAGES AGAINST SELLER AND CERTAIN THIRD PARTIES THAT MAY ARISE OUT OF OR ARE OTHERWISE RELATED TO YOUR PURCHASE, USE, OR ACCEPTANCE OF OWNERSHIP OF THE NFT. BY PURCHASING, USING, OR OTHERWISE ACCEPTING OWNERSHIP OF THE NFT, YOU AGREE, ON BEHALF OF YOURSELF AND ANY OTHER PERSON OR ENTITY THAT YOU REPRESENT, TO RESOLVE ALL DISPUTES THROUGH BINDING INDIVIDUAL ARBITRATION, WHICH MEANS THAT YOU WAIVE ANY RIGHT TO HAVE THOSE DISPUTES DECIDED BY A JUDGE OR JURY, AND THAT YOU WAIVE YOUR RIGHT TO PARTICIPATE IN CLASS ACTIONS, CLASS ARBITRATIONS, OR REPRESENTATIVE ACTIONS. (LIMITATION OF LIABILITY), AND AN ARBITRATION CLAUSE AND CLASS ACTION WAIVER IN SECTION 9. THIS AGREEMENT CONTAINS VARIOUS LIMITATIONS AND EXCLUSIONS OF LIABILITY IN SECTIONS 6. If You do not accept those terms and conditions, You must not accept ownership of, or otherwise use or interact with, the NFT, and are hereby prohibited from doing so. By purchasing or otherwise accepting ownership of the NFT, You agree to the terms and conditions of this Agreement and any other terms and conditions referenced in it. As used in this Agreement, "You" and its variants, including "Your," refers to: (a) the person who is the initial purchaser of the NFT and (b) any persons to whom ownership of the NFT is transferred by the initial purchaser or any subsequent owner, whether by sale, donation, inheritance, or other operation of law. This NFT PURCHASE AND LICENSE AGREEMENT (Agreement) is a legal agreement between (Seller) and You and is intended to govern Your purchase and use of non-fungible token collection] (the NFT). The template agreement is currently live on LexisNexis and is available below. To help clarify those complexities (and others), we’ve drafted a template agreement that can serve as a starting point for those looking to offer NFTs to the general public. Clearly defining the intellectual property included within a given NFT and striking an appropriate balance between a purchaser’s and seller’s rights is therefore essential in complex NFT-related transactions. The unique nature of NFTs, which includes both the artwork and images that are available for public viewing and the underlying code based on blockchain technologies, blurs the lines between traditional purchase, sale, and license agreements. ![]() NFTs continue to play a major role for brands in the entertainment, collectible, art, and sports industries, despite recent crypto challenges. ![]()
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