This Sale&Purchase Agreement of NFT (“Agreement”) between you as a Community Member and WECOM FZE rules your participating in a marketing program of NFT (as defined below). ECOM FZE IS NOT A BROKER, FINANCIAL INSTITUTION, OR CREDITOR. THE SERVICES ARE ADMINISTRATIVE ONLY. YOU BEAR FULL RESPONSIBILITY FOR VERIFYING THE IDENTITY, LEGITIMACY, AND AUTHENTICITY OF NFT YOU PURCHASED. In this Agreement, “you” and “your” refers to you, the purchaser of the NFT; “we”, “our” and ”us” refer to the website.
Description of the NFT
NFT refers to unique non-fungible tokens, which represent pieces of programmable arts in the form of non-fungible digital assets that themselves may be created by reference to a smart contract on a blockchain. The users can sell, purchase, list for auction, make offers, and bid on NFT by participating in the activity of the Company. The Company
can obtain NFT by making an offer accepted by the seller, purchasing at a list price, or bidding on NFT available in the market. You will be able to purchase and sell NFT that represent the digital value. In the case, a purchaser that becomes an owner of Artwork (“Collector”) will have no intellectual property rights to that Artwork.
Ownership
Owning a NFT is similar to owning a piece of physical good. For example, you own a cryptographic token representing the Artist’s creative Artwork as a piece of property, but you do not own the creative Artwork itself. Collectors may show off their ownership of collected NFT by displaying and sharing the Underlying Artwork, but Collectors do not have any legal
ownership, right, or title to any copyrights, trademarks, or other intellectual property rights to the underlying Artwork, excepting the limited license granted by these Terms to underlying Artwork. The Artist reserves all exclusive copyrights to Artworks underlying NFT on the Platform, including but not limited to the right to reproduce, to prepare derivative works, to display, to perform, and to distribute the Artworks. The Collectors may not infringe on any of the exclusive rights of the copyright the Artist.
How the participation to the program based on NFT works
NFT is optionally offered in the market for immediate acceptance at a List Price established by the seller on Platform. You can purchase trough WECOM FZE the NFT, also in installments, with a List Price through Platform by sending an equivalent amount of fiat money or cryptocurrency to a Smart Contract configured to initiate a transfer of the NFT, plus
additional fees and gas.
Making Offers on NFT
WECOM FZE cann make offers on all listed NFT in a Platform. Offers on Platform are legally binding, revocable offers to purchase the NFT capable of immediate acceptance by the seller of the NFT. By making an offer, you agree to temporarily send and lose control over an amount of offered cryptocurrency to a Smart Contract. The Smart Contract is configured to
hold the offered fiat money/cryptocurrency until either the offer is accepted by the seller, a higher offer is received, or the offer is revoked. The seller of the NFT has the unilateral authority to accept the bid.
Fees
Every sale/purchase is subject to Fees collected by WECOM FZE to support the Platform. You authorize WECOM FZE, as applicable, to sale&purchase NFT in settlement of transactions. You agree to pay WECOM FZE any transaction fees for sale&purchase of NFT and authorize WECOMFZE. You agree and understand that all fees, commissions, and royalties are
transferred, processed, or initiated directly through one or more of the Smart Contracts on the blockchain network. By transacting on the Platform and by using the Smart Contracts, you hereby acknowledge, consent to, and accept all automated fees, commissions, and royalties for the sale of NFT on the market. You hereby consent to and agree to be
bound by the Smart Contracts’ execution and distribution of the fees, commissions, and royalties. You hereby waive any entitlement to royalties, commissions, or fees paid to another by operation of the Smart Contracts.
Gas
All transactions on the Platform, including without limitation bidding, listing, offering, purchasing, or confirming, are facilitated by Smart Contracts existing on the network. The network requires the payment of a transaction fee (a “Gas fee”) for every transaction that occurs on the network, and thus every transaction occurring on the market. The value of
the Gas Fee changes, often unpredictably, and is entirely outside of the control of WECOM FZE. You acknowledges that under no circumstances will a contract, agreement, offer, sale, bid, or other transaction on the market be invalidated, revocable, retractable, or otherwise unenforceable on the basis that the Gas Fee for the given transaction was unknown, too high, or otherwise unacceptable to you. You also acknowledge and agree that gas is non-refundable under all circumstances.
No Representations or Warranties
NFTnd its descriptions are posted for informational purposes only and may not be independently verified by WECOM FZE and/or its partners. Therefore, your reliance on such information is at your own risk. You should always verify information on the Platform before making a bid or purchase outside the Community. Because we do not control User Content
and/or other third-party sites and resources, you acknowledge and agree that we are not responsible for the accuracy or availability of any User Content and materials and/or external sites or resources. We make no guarantees regarding the accuracy, currency, suitability, or quality of any User Content outside the Community. Your interactions with other Site
users are solely between you and such users. You agree that WECOM FZE will not be responsible for any loss or damage incurred as the result of any such interactions. If there is a dispute between you and any Site user, WECOM FZE is under no obligation to become involved. You acknowledge and consent to the risk that the price of NFT purchased or sold on the market may have been influenced by user activity outside of the control of WECOM FZE. WECOM FZE does not represent, guarantee, or warrant the accuracy or fairness of the price of any NFT sold or offered for sale on the market. You agree and acknowledge that WECOM FZE is not a fiduciary nor owes any duties to any user of the Platform, including the duty to ensure fair pricing of NFT or to influence user behavior on the market. Transactions that take place on the market are managed and confirmed via blockchain. We do not control Google Chrome, the blockchain network, or any other third party site, product, or service that you might access, visit, or use for personal purpose outside of the ommunity. We will not be liable for the acts or omissions of any such third parties, nor will we be liable for any damage that you may suffer as a result of your transactions or any other interaction with any such third parties. WECOM FZE makes the improvement of the Community operating in the NFT markets. WECOM FZE is not the custodian of any NFT. You affirm that you are aware and acknowledge that WECOM FZE is a non-custodial service provider and has no responsibility to custody the NFT you purchased.
Assumption of Risk
Participating in the sale&purchase of NFT involves significant risks and potential financial losses, including but not Limited to the following, you accept and acknowledge:
● You hereby acknowledge and assume the risk of initiating, interacting with, participating in transactions and take full responsibility and liability for the outcome of any transaction they initiate. Users hereby represent that they are knowledgeable, experienced and sophisticated in using blockchain technology, the Platform, and in initiating
Ethereum-based transactions.
● There are risks associated with purchasing user generated content, including but not limited to, the risk of purchasing counterfeit assets, mislabeled assets, assets that are vulnerable to metadata decay, assets on smart contracts with bugs, and assets that may become untransferable. The Platform assumes no liability or responsibility to you for any losses in transactions.
● The WECOM FZE does not store, send or receive NFT. The NFT is transferred on the Smart Contract maintained by the referral environment. Any transfers of NFT occur via the Smart Contract located on the blockchain platform. Further, as NFTs are non-fungible, they are unrecoverable once damaged or lost. You confirm that you will transfer the NFTs out of WECOM FZE involvement for custody once after the completion of purchasing, and that WECOM FZE will not be responsible or liable to you for any loss in case the NFTs are damaged or lost.
● There are risks associated with purchasing blockchain based NFT, including but not limited to, the risk of losing private keys, theft of cryptocurrency or NFT’s due to hackers finding out your private key, lack of a secondary market, significant price volatility, hard forks and disruptions to the blockchain. You accept and acknowledge that transfers on the blockchain are irreversible and as a result, it is not possible for WECOM FZE to issue refunds on NFT purchases.
● WECOM FZE is not responsible for losses due to blockchains or any other features of the network or any compatible browser or wallet, including but not limited to late report by developers or representatives (or no report at all) of any issues with the blockchain supporting the network, including forks, technical node issues, or any other issues having fund losses as a result.
● You acknowledge and agree that the smart contracts may be subject to bugs, malfunctions, timing errors, hacking and theft, or changes to the protocol rules of the blockchain, which can adversely affect the smart contracts and may expose you to a risk of total loss, forfeiture of your digital currency or NFT, or lost opportunities to buy or sell NFT. WECOM
FZE assumes no liability or responsibility for any such smart contract or related failures, risks, or uncertainties.
● You acknowledge that WECOM FZE is subject to flaws and acknowledge that you are solely responsible for evaluating any NFT provided by WECOM FZE. This warning and others provided in this Agreement by WECOM FZE in no way evidence or represent an ongoing duty to alert you to all of the potential risks of utilizing WECOM FZE services.
● You are solely responsible for determining what, if any, taxes apply to your purchases and sales of NFT. WECOM FZE is not responsible for determining the taxes that apply to NFT transactions.
Representations and Warranties
Before you purchase any NFT, you hereby represent and warrant that:
● You are an eligible purchaser of the asset and have read and understood all the terms of this Agreement and fully understand all the risks herein and are willing to assume all the liabilities and losses.
● You have sufficient understanding of the transaction and the NFT and make informed decision after performing your own due diligence.
● By purchasing any NFT, you are certifying to WECOM FZE that the activities in connection with the purchase will comply with this Agreement and all applicable laws, rules and regulations. The NFT you receive will not be used in any forms of illegal activity, including but not limited to participating in or supporting any illegal activities.
No Liability
To the maximum extent permitted by law, in no event shall WECOM FZE be liable to you or any third party for any lost profits, lost data, or any indirect, consequential, exemplary, incidental, special or punitive damages arising from or relating to these terms or your use of, or inability to use, the site. Access to, and use of, the site is at your own discretion and risk, and you will be solely responsible for any damage to your device or computer system, or loss of data resulting therefrom.
Indemnification
You agree to indemnify and hold harmless WECOM FZE and its affiliates from and against any and all claims, costs, proceedings, demands, losses, damages, and expenses (including, without limitation, reasonable attorney’s fees and legal costs) of any kind or nature, arising from or relating to, any actual or alleged breach of the Agreement by you, a coconspirator, or anyone using your account. If we assume the defense of such a matter, you will reasonably cooperate with us in such defense.
Entire Terms.
This Agreement along with Member Agreement and WECOM FZE constitute the entire agreement between you and us relating to your access to and use of the Services and Content, and your participation in the Transaction.
Updates to Terms and Conditions
WECOM FZEeserves the right to update, change or modify the terms of Agreement at any time and in our sole discretion. If we make changes to the terms, we will provide notice of such changes. If you do not agree to the revised Agreement, you may not access or use the Services.