“Art” means any art, designs, drawings, traits, layers, and other design elements that may be associated with a Licensed NFT that you own.
“Content” means text, images, audio material, video material, audio-visual material, or other forms of media.
“Licensed NFT” Means a non-fungible token, i.e the Free digital version of the item that you Own and was originally minted on this Site. “NFT” means any blockchain-tracked, non-fungible token.
“Own” or “Ownership” means, with respect to a Licensed NFT, a Licensed NFT that you have purchased through the Website or otherwise rightfully acquired from a legitimate source, where proof of purchase was recorded on the applicable blockchain and ownership of the Licensed NFT can be proven.
“Owner” means someone who has rightful and legal Ownership of a Licensed NFT.
2. Intellectual property
Unless otherwise stated, TRV and/or its licensors and affiliates own the intellectual property rights published on this website, including all text, data, graphics, photographs, images, audio, video, trademarks, service marks, trade names and other information, visual or other digital material, software (including source and object codes) and all other content or any description available on the Site or available via a link from Site to a page created by TRV on another website (collectively, the "TRV Content"). The TRV Content is the sole property of TRV and/or its licensors, affiliates, or third-party service providers.
You acknowledge and agree that TRV and/or its licensors and affiliates own all legal rights, title, interest in the Art associated with any Licensed NFTs, and all intellectual property rights, including but not limited to, trademark and copyright rights, therein. Any rights provided to you upon purchase or ownership of a Licensed NFT are limited to those expressly stated herein. TRV reserves all rights and ownership to the Licensed NFTs and Art not specifically granted to the User in this Agreement.
3. User Ownership
Upon you assuming Ownership of a Licensed NFT and accepting the Terms and Conditions of this Agreement, TRV shall grant you a non-exclusive, worldwide, royalty-free license to
1. use, display, or otherwise enjoy the Art of your Licensed NFT for your own personal use
2. sell or transfer your Licensed NFTs to another party pursuant to Section 7 of this Agreement; and
3. use your Licensed NFT as part of a third-party website or application which permits the inclusion, involvement, and/or participation for your Licensed NFTs, provided that the website or application cryptographically permits and verifies each NFT owner’s rights and ownership to display the Art and the website or application ensures only the actual owner can display the Art.
You understand and agree that these rights are licensed solely to the rightful and legal Owner of the Licensed NFT. Your licensed rights to the Licensed NFT will terminate upon the rightful and legal sale or transfer of your Licensed NFT in accordance with Sections 7 and 8 of this Agreement and the new Owner, upon their acceptance of the Terms and Conditions of this Agreement, shall receive these licensed rights.
6. Restrictions to Use
You understand and agree that this license does not permit the ability to create any physical or digital merchandise. The creation and minting of any new NFTs which are derivatives of your Licensed NFTs are expressly prohibited.
You understand and acknowledge that you may not, nor permit any third party to do or attempt to do the foregoing without the express prior written consent from TRV:
1. associate, in any way, your Licensed NFT with lewd behavior, illegality, hatred, intolerance, cruelty, vulgarity, pornographic or other “adult-only” material, discrimination, or otherwise harmful material to the Art and The Residency’s Brand;
2. or attempt to trademark, copyright, or otherwise attempt to acquire additional intellectual property rights in your Licensed NFT.
You have the limited right to transfer or sell your Licensed NFTs on an NFT Trading Platform, provided that the transferee or purchaser understands and accepts the terms of this Agreement and the terms of the NFT trading platform applicable Terms & Conditions and that prior to the transfer, you have not breached this Agreement or the Terms & Conditions of the NFT Trading Platform.
TRV is not responsible for any transactions between you and a third party, including using any NFT Trading Platform to transfer your Licensed NFTs. TRV shall have no responsibilities or liability with respect to any transfer you enact on any of these NFT Trading Platforms.
8. Termination of License.
The licensed rights granted to you in Section 5 of this Agreement shall automatically terminate if you perform any of the following actions:
1. you sell, trade, donate, or otherwise transfer your Licensed NFT in any manner;
2. you breach any terms of this Agreement or any Terms & Conditions for the designated NFT Trading Platform; or
3. you engage in or initiate any legal actions against TRV and/or any of their affiliates, and each of their respective officers, directors, members, affiliates, agents, or employees.
Upon termination of your licensed rights, you must immediately cease and desist all activities and rights granted to you from Section 5. This includes ceasing all activities involving the Licensed NFT for your own personal use.