Pudgy Apes

Terms & Conditions

1. Definitions

Art means any physical or digital creation, design, and drawings created by the Creator, also known as the Artist, that may be associated with an NFT to generate said Art.

NFT means any blockchain tracked, nonfungible token related to the Art such as those conforming to the ERC-721 standard which allows the deed to said Art, in physical and/or digital form to be issued and available for trading via the Ethereum blockchain.

Token Creators or Artists implies the entity who created the Art’s final product which was then minted as the NFT.

Token Owner means the current holder of the NFT aswell as but not limited to the associated physical/digital Art. Upon minting, and the confirmed transaction of the 0.05 ETH buy-in fee being transferred into the Pudgy Apes smart contract wallet, will the buyer become the sole Owner of the purchased NFT. There can be multiple buyers of any specific NFT throughout time but there can only be one unique owner of the NFT at any given moment.

Own means, regarding the NFT, the NFT that one has purchased or otherwise rightfully acquired through a legitimate source where proof of transaction is recorded on the Ethereum blockchain. In doing so, the person would become the rightful Owner of the NFT and Art including all rights to said piece.

2. Object

This license is intended to govern the terms and conditions under which the Creator grants the Owner intellectual property rights on the Art to which this license is attached (hereinafter the License). This License shall apply to the extent no other written agreement has been concluded between the Creator and the Owner. In case of contradiction between such agreement and the License, the provisions of the agreement shall prevail.

3. Creator’s ownership and Rights to the Art

The Owner acknowledges and agrees that the Creator remains the sole author of the Art. The Creator owns all legal rights, including all intellectual property rights, titles, and interests in and to the underlying Art. It is expressly acknowledged and agreed upon that the Art shall, at all times, remain the sole property of the Creator. In no event shall this License assign, or otherwise transfer any rights on the Art to the Owner. The Creator shall have the rights to, including but not limited to, reproduce, adapt, modify, use, perform, display, publish, distribute, sale and duplicate the Art, in whole or in part, for any purpose whatsoever, including commercial, by any media and means whether now known or hereafter devised. For example, the usage of a Pudgy Ape in a television commercial or showcase on an article. In particular, the Creator shall have the right to revise, edit, manipulate, add to, create, and exploit derivative works thereof, use, or not use the Art, and to distribute and exploit the Art in any manner and any medium it may choose.

4. Art License

Subject to the Owners continued compliance with the terms of this License and applicable laws, the Creator grants the Owner, for the legal duration of the intellectual property rights, a worldwide, exclusive license on the Art related to the purchased NFT, under the following terms and conditions. The Creator hereby grants the Owner the rights to reproduce, use, perform, display, publish, distribute, duplicate and exploit derivative works thereof, and to this end, subject to the Creator’s moral right and where technically required, edit, adapt and modify in a non-substantial way the Art, in any manner and any medium it may choose, and for any purpose whatsoever, including commercial, to and for the sole personal use of the public. By exception the Owner shall only have the right to sell the purchased NFT, and related Art, on a marketplace that permits the purchase and sale of the Owner’s purchased NFT, provided that the marketplace cryptographically verifies each NFT owner’s rights to display the Art for its purchased NFT to ensure that only the actual Owner can display the Art for sale. The rights that the Owner has to the Art are limited to those described in this License. The Creator reserves all rights in and to the Art not expressly granted to the Owner in this License.

5. Royalty fees

The Creator shall pay the Owner royalty fees equal to a twenty (20) percentile of all profits earned from the commercial exploitation of the Art of their NFT, in any way whatsoever, based, where applicable, on the retail price excluding tax. For example, the selling of T-shirts or coffee mugs, with your Pudgy Ape printed on it.

6. Restrictions

The Owner shall not, nor permit any third party to, do, or attempt to do any of the foregoing without the Creator’s express prior written consent in each case:

  • use the Art for the purchased NFT in connection with texts, 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 or any applicable law or regulation
  • infringe, in any way whatsoever, the Creator’s moral rights on the Art (including right of authorship, right of withdrawal, right to the integrity of the Art) and the use or exploitation of the Art, in any way whatsoever, without crediting the Creator

The restrictions set out in Section 6 most be withheld, otherwise termination of the License is imminent.

7. Termination

This License applies only to the extent that the Owner continues to Own the applicable purchased NFT. If at any time the Owner sells, trades, donates, gives away, transfers, or otherwise disposes of the purchased NFT for any reason, the License shall immediately expire without the requirement of notice and be transferred along with the purchased NFT to its new Owner. The Owner acknowledges that, by disposing of the Art for its purchased NFT, they no longer qualify as the Owner of the Art and thus no longer benefit from the rights granted by this License. Any use of the Art after its disposal shall be considered as an infringing act.

8. Governing Law

The validity of this License and any of its terms and provisions, as well as the rights and duties of the Creator and Owner hereunder, shall be governed, interpreted, and enforced in accordance with the laws of the United States of America.