NFT OWNER’s RIGHTS
This document describes the rights of an owner from time to time (“you”) of a non-fungible token (the “NFT”) linked to a digital image of an artwork (the “Artwork”) made by Marina Abramović (the “Artist”).
- Location of NFT Certified Content. The digital image of the Artwork and any other content (such as this brief statement) to which the NFT is linked is stored on a distributed system for storing and accessing files, websites, applications, and data known as the Interplanetary File System (“IPFS”). You may download and save a copy of the digital image of the Artwork to protect you from the unlikely event that anything were ever to happen to the IPFS network or the IPFS address specified within the NFT that takes you there.
- Included Rights. The only rights you have are to own the NFT and to use, copy, and display the Artwork:
- for your own personal, non-commercial use; and
- as part of a marketplace that permits the purchase and sale of the NFT, provided that the marketplace cryptographically verifies each NFT owner’s rights to display the Artwork to ensure that only the actual owner can display the Artwork; or
- as part of a third-party website or application that permits the inclusion, involvement, or participation of the NFT, provided that the website/application cryptographically verifies the NFT’s owner’s rights to display the Artwork to ensure that only the actual owner can display the Artwork, and provided that the Artwork is no longer visible once the owner leaves the website/application.
It is important that you understand that the owner of the intellectual property rights in the Artwork (in this case, the Artist) is granting you a licence to use the Artwork, and not transferring complete and unrestricted 'ownership' to you of any intellectual property rights in the Artwork.
- Restrictions on Licence to Artwork. You may not, nor permit any third party to do or attempt to do any of the following without express prior written consent from the copyright owner (in this case, the Artist), in each case:
- modify the Artwork in any way or making new creative works based on your NFT;
- use the Artwork for any commercial purposes, including, without limitation, merchandising, advertising, marketing, or selling any third-party product or service, or displaying the work online or in a physical location;
- use the Artwork 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;
- use the Artwork in movies, videos, or any other forms of media, except to the limited extent that such use is expressly permitted in these licence terms; or
- attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Artwork.
- Copyright Law. If you do anything with the Artwork without permission from the copyright owner (in this case, the Artist), you risk being in violation of copyright law, as applicable (the“Copyright Law”), and you acknowledge and agree that such unpermitted use or exploitation may result in infringement of the intellectual property and/or contractual rights of the Artist or other third parties, which is prohibited by law. All of the rules and regulations delineated in the Copyright Law apply to the content of your NFT in much the same way as they are applied to tangible, physical works of art.
- Sale/Transfer. You are free to sell or otherwise transfer this NFT at any time; provided, you acknowledge and agree that all of the rights granted herein (including, without limitation, any additional rights that may have been granted prior to such sale or transfer, if any), shall automatically cease and shall irrevocably transfer in full to the applicable purchaser or transferee and you shall no longer be entitled to claim any such rights or otherwise avail yourself of any other benefits of ownership stated in these terms.
- Resale Royalties. You acknowledge and agree that the rights embedded in this NFT are subject to a resale royalty of 12.5% as specified in the NFT metadata and that the percentage of that resale royalty will need to be paid out of any amount paid when you sell or transfer this NFT. You agree that you will only conduct such sale or transfer of this NFT via a marketplace that recognizes these terms and that will automatically send that resale royalty to the Artist (5%), Hero Grants (2.5%), CIRCA (2.5%) and the applicable marketplace (2.5%).