Back your favourite creator by buying 'Fanshare token's' in their work and share in the rewards. Revenue of the asset is split between the creator and their fanpool. Creators will offer one of the below Fanpool options for an asset of theirs which you can buy a share in. Normally only 5 tokens per asset are offered.
Fanshare NFT License
This license is designed to accompany all Fanshare NFTs listed, sold and transferred on the Provvy marketplace. To check whether the NFT you've listed or purchased is a Fanshare NFT, you can search the listing to view the category of the NFT located at the top of the listing.
Fanshare NFTs are non-fungible tokens that are sold and traded that entitle the holder to share in specific revenue streams of an asset such as Collectible NFT sales and Power NFT sales. Fanshare NFTs are designed to enable creatives such as artists, designers and photographers to be backed directly by their fans and loyal communities as well as incentivise their fans to promote their work thereby creating a circular economy.
Fanshare NFTs offer a % of a share in an asset's revenue that the creative has offered. Usually these shares are either 5%, 25% or 50% of an asset's revenue streams offered under the Provvy platform which include Collectible NFT sales and Power NFT sales. For example, if an artist has elected to offer Fanshare NFTs for a particular artwork and chosen to offer a split of 25%: all sales of that artwork as Collectible NFTs or Power NFTs (if the artist offers Power NFTs, see Power NFTs below for more info) reserve 25% of the sales to a pool which is then split equally among any and all holders of Fanshare NFTs for that particular artwork.
Provvy's Fanshare NFT Purchase and License Agreement
This license is designed to address the tokenisation of creative assets such as paintings, drawings, designs and photos (“art”) using blockchain technologies and outline a user’s rights as the owner of a non-fungible token (“NFTs”). Provvy’s license centers around the three different types of NFTs that Provvy offers its creatives and users. These 3 different NFT types contain 3 different utilities for users. These are: (1) Collectible NFTs, (2) Fanshare NFTs, (3) Power NFTs. This particular license is for type (2) Fanshare NFTs.
"License" means authorize the use, performance, or release of (something).
"Tokenisation" means a process where some form of assets are converted into a token that can be moved, stored, or recorded on a blockchain.
"creative" means a person whose job involves creative work.
"assets" means an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
"blockchain technologies" means a decentralized, distributed ledger that records the provenance of a digital asset.
“Art” means any artwork, paintings, drawings, designs, illustrations and photo’s that are associated with blockchain technologies.
"NFT" means cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
2. Intellectual Property Ownership.
You acknowledge and agree that the Creator (or, as applicable, its licensors) owns all legal right, title and interest in and to the Art, and all intellectual property rights therein. The rights that you have in and to the Art are limited to those described in this License. Creator reserves all rights in and to the Art not expressly granted to you in this License.
3. Fanshare NFT License.
(i) Display Rights: Subject to your continued compliance with the terms of this License, the Creator grants you a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy, and display the Art for your Purchased NFTs, along with any Extensions that you choose to create or use, solely for the following purposes: (i) for your own personal, non-commercial use; (ii) as part of a marketplace that permits the purchase and sale of your NFTs, provided that the marketplace cryptographically verifies each NFT owner’s rights to display the Art for their Purchased NFTs to ensure that only the actual owner can display the Art; or (iii) as part of a third party website or application that permits the inclusion, involvement, or participation of your NFTs, provided that the website/application cryptographically verifies each NFT owner’s rights to display the Art for their Purchased NFTs to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased NFT leaves the website/application.
(ii) Revenue share rights: Subject to your continued compliance with the terms of this License, the holder of a Fanshare NFT shall be entitled to percent of the profits earned for the NFT sales of the associated asset which include Collectible NFTs, Fanshare NFTs and Power NFTs as well as any royalty payments that accompany those sales. The specific percentage will depend on the Fan pool the creative has offered with those options being 5%, 25% and 50%. There are only 5 Fanshare NFTs offered for each asset so if the creative has chosen to offer the 25% Fan pool, all Fanshare NFT holders will receive 5% each of the eligible revenue for that asset. E.g. if a Collectible NFT sells for $3000, each Fanshare NFT holder will receive $150 (a fifith of the 25% in the pool being $750.00).
You agree that you may not, nor permit any third party to do or attempt to do any of the foregoing without Creator’s express prior written consent in each case: (i) modify the Art for your Purchased NFT in any way, including, without limitation, the shapes, designs, drawings, attributes, or color schemes (your use of Extensions will not constitute a prohibited modification hereunder); (ii) use the Art for your Purchased NFTs to advertise, market, or sell any third party product or service; (iii) use the Art for your Purchased NFTs in connection with 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; (iv) use the Art for your Purchased NFTs in movies, videos, or any other forms of media (b) above or solely for your own personal, non-commercial use; (v) sell, distribute for commercial gain (including, without limitation, giving away in the hopes of eventual commercial gain), or otherwise commercialize merchandise that includes, contains, or consists of the Art for your Purchased NFTs (vi) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Art for your Purchased NFTs; or (vii) otherwise utilize the Art for your Purchased NFTs for your or any third party’s commercial benefit.
- Terms of License.
The license granted in Section 3 above applies only to the extent that you continue to Own the applicable Purchased NFT. If at any time you sell, trade, donate, give away, transfer, or otherwise dispose of your Purchased NFT for any reason, the license granted in Section 3 will immediately expire with respect to those NFTs without the requirement of notice, and you will have no further rights in or to the Art for those NFTs.
What am I allowed to do with the art associated with my Fanshare NFT?
- Display the art for your own personal use. Use it as your profile photo on social media. You may display the art in a virtual art gallery.
What am I NOT allowed to do with the art associated with my NFT?
- Use the art associated with your NFT in a way that breaches the intellectual property rights of the Creator which includes using the art on products sold for commercial gain etc.
What does “personal, non-commercial use” mean?
- Non-commercial means something is not primarily intended for, or directed towards, commercial advantage or monetary compensation by an individual or organisation.
Why can’t I modify the art of my NFT?
- The intellectual property in the art belongs to the creator unless included in the NFT license. The Collectible NFT license does not include any transfer of intellectual property.
Am I allowed to commercialise my art?
- Not without the consent of the creator of the art.
Am I allowed to sell my Fanshare NFT?
- Yes however if you no longer own the Fanshare NFT, you will not be entitled to a share in the relevant Fan pool.