INTELLECTUAL PROPERTY RIGHTS AND OWNERSHIP
This policy pertains exclusively to the LAO Mega collection, as released by Lazy Ape Official. It does not apply to, nor govern, any other collections or releases by Lazy Ape Official. The terms and conditions set forth herein are specifically tailored for the LAO Mega collection and should not be interpreted or applied to any other collection or product offered by Lazy Ape Official.
Ownership of the Non-Fungible Token (NFT)
As the purchaser, you acquire complete ownership of the underlying digital art piece associated with the NFT ("the Art"), which is uniquely tokenized on the Ethereum blockchain. This ownership is exclusively governed and transferred through Smart Contract and Ethereum Network protocols. No entity retains any capability to alter, revoke, or otherwise interfere with your ownership of the NFT.
License for Personal Use
Subject to your continuous adherence to these Terms, you are granted a non-exclusive, royalty-free, global license to use, replicate, and display the purchased Art. This license includes any derivatives that you opt to create or utilize, under the following conditions:
a. For your personal, non-commercial use.
b. Within marketplaces that enable the trading of your NFT, on the condition that these marketplaces utilize cryptographic verification to ensure each owner's rights to display the Art, guaranteeing that only the legitimate owners can exhibit the Art.
c. On third-party websites or applications that facilitate the inclusion, interaction, or participation of your NFT, provided these platforms use cryptographic verification of each owner's rights to display the Art, and ensuring the Art is no longer visible once the NFT owner leaves the platform.
Conditional License for Commercial Use
Subject to your continuous adherence to these Terms, you are granted a conditional, worldwide license to use, copy, and exhibit the purchased Art associated with the NFT for the purpose of creating derivative works ("Commercial Use"). This license is conditional upon the following terms to ensure responsible usage and the protection of brand integrity:
Content and Representation Guidelines
The NFT or related Art must not be modified or presented in contexts that depict hatred, intolerance, violence, cruelty, or anything that could be considered hate speech, offensive, or demeaning.
Restrictions on Third-Party Promotions
The NFT or related Art cannot be used to promote, advertise, market, or sell any third-party goods or services without express approval from the creator or governing entity.
Use of Names and Trademarks
Use of any specific names, logos, or trademarks associated with the NFT, including character names or other material related to the creator’s digital content, is restricted.
Combining NFTs
Combining your NFT with other NFTs or modified versions that you do not own is prohibited, except with explicit permission from the respective NFT owners.
Intellectual Property Rights
Attempts to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the NFT or related Art are not permitted.
Derivative Works and Merchandise
This license includes the right to use the Art in the production and sale of merchandise (e.g., T-shirts) featuring reproductions of the Art, provided all the above conditions are met.
Exclusive Revenue Rights
Notwithstanding any other provision in these Terms, it is explicitly agreed and acknowledged by the purchaser that the acquisition of the Non-Fungible Token (NFT) associated with the digital art piece ("the Art") does not entitle the purchaser to any form of revenue sharing or profit participation with any other individuals or entities who may hold similar, overlapping, or concurrent rights to the same Art.
Sole Financial Benefit
The purchaser agrees and acknowledges that their right to monetize, exploit, or derive revenue from the Art, whether through direct sales, licensing, commercial use, or any derivative works, remains solely for their benefit. No obligation for financial accounting, revenue sharing, or profit distribution arises towards any other individuals or entities who may assert concurrent ownership or rights to the same Art.
Acknowledgment of Independent Rights
This clause does not preclude other individuals or entities from exploiting their own rights to the same Art in a manner consistent with their respective ownership or licensing terms. However, such exploitation is independent of the purchaser's rights and does not create any financial obligation or relationship between the parties concerning revenue sharing or profit distribution.
Binding Agreement
The purchaser's agreement to these terms constitutes a binding acknowledgment that they have no expectation of revenue sharing from other parties with rights to the same Art, and they waive any claims to such revenue sharing that may arise under any jurisdiction's law.
Binding Acceptance Through Purchase
By the act of purchasing the Non-Fungible Token (NFT) associated with the digital art piece ("the Art"), the purchaser unequivocally acknowledges and agrees to be bound by all terms, conditions, licenses, limitations, and obligations as set forth in this agreement. The completion of the purchase transaction shall be deemed as the purchaser's express consent to all provisions of these terms.
Continued Acceptance by Holding
The continued holding of the NFT by the purchaser or any subsequent holder constitutes ongoing acceptance of these terms. Each holder, by retaining possession of the NFT, reaffirms their agreement to and compliance with all terms, conditions, and restrictions herein.
Responsibility to Review Terms
It is the responsibility of the purchaser and any subsequent holder of the NFT to review and understand the terms outlined in this agreement. Ignorance of the terms will not exempt the purchaser or any subsequent holder from their responsibilities and obligations under this agreement.
Acknowledgment of Full Understanding
The purchaser and any subsequent holder, by engaging in the transaction and holding the NFT, affirm that they have fully read, understood, and accepted these terms in their entirety. This acceptance is binding and irrevocable, encompassing all aspects of ownership and use of the Art associated with the NFT.