This agreement outlines the intellectual property (IP) rights granted to holders of SolSquatch NFTs. By purchasing a SolSquatch NFT, the holder is granted the exclusive right to use, distribute, and display the digital image represented by the NFT for personal or commercial purposes.
The holder may also transfer these IP rights to another party, but doing so does not transfer ownership of the NFT itself. SolSquatch reserves the right to use the image for promotional or marketing purposes, but will not claim ownership of the holder’s IP rights.
The holder acknowledges that SolSquatch does not guarantee the authenticity of the image, and that the holder is solely responsible for any legal issues that may arise from their use of the image. SolSquatch is not liable for any damages or losses incurred by the holder in relation to their use of the image.
However, SolSquatch encourages holders to pursue commercial opportunities with their NFTs, and thus, grants them the right to do so. This means that the holder can use the digital image in any commercial venture they choose, such as selling merchandise or digital art featuring the digital image. This agreement aims to give the holder an opportunity to benefit from the commercial value of their NFT.
It is important to note that while the holder has the right to pursue commercial opportunities, they are also responsible for ensuring that they have the necessary permissions and licenses to do so, particularly if they plan to use the digital image in a way that could be considered derivative or transformative.
The holder agrees to indemnify and hold SolSquatch harmless from and against any claims, actions, suits, or proceedings arising from the holder’s use of the image. It is the holder’s responsibility to ensure that their use of the image does not infringe on any third-party rights.
In addition, SolSquatch may revoke the holder’s IP rights if the holder violates these terms and conditions or engages in any illegal or unethical activities related to the NFT. The holder acknowledges that any violation of these terms may lead to the termination of their IP rights without any compensation or refund.
By purchasing a SolSquatch NFT, the holder agrees to these terms and conditions and acknowledges that they fully understand the rights and responsibilities associated with owning the NFT.