Power Tokens


Provvy issues content permissions as non-fungible tokens which leverage smart contracts to faciliate agreements. Your power token is accompanied by a licensing agreement which details your rights and responsibilities regarding the artwork, photo or design. You are unable to sell or transfer your Power token unless it comes with exclusive use in some form. For example, if your token has the exclusive right to use that artwork on activewear, you can sell this token to a user who wants the exclusive right to use it on activewear.

If you do not own a digital wallet, one will be made for you and you will be provided the address once the contract has been initiated.


This license is designed to accompany all Power NFTs listed, sold and transferred on the Provvy marketplace. To check whether the NFT you've listed or purchased is a Power NFT, you can search the listing to view the category of the NFT located at the top of the listing.

Power NFTs are non-fungible tokens that are sold and traded that entitle the holder to use the asset attached to the NFT in a way in which the attached license permits. For example, the right to use the photo on a website or the right to use the fashion design.

The Power NFT may be traded if the license includes any exclusive usage terms, for example the right to use the artwork on aprons exclusively.

If the license attached to the NFT includes payable royalties for use of the asset on products or the like, Provvy will collect these royalty payments and distribute appropriate payments to the asset's creator and any other relevent parties.

Provvy's Power 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 (3) Power NFTs.

1. Definitions.

"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. Power 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) Permissions: Subject to your continued compliance with the terms of this License, the holder of a Power NFT shall be entitled to use the asset associated with the NFT in a way allowed by the specific license granted. This may include incorporating the asset into the design of a product or displaying it for commercial reasons.

 

4. Restrictions.

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.

  1. 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 Power 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 and Fanshare NFT 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 PowerNFT?
    • If the asset linked to your Power NFT is yours to use exlusively in any way then you are entitled to sell your Power NFT. For example, if you own the right to use the artwork associated with your Power NFT on journals exclusively, you can sell this Power NFT however if you do so you will be unable to use the artwork on journals for commercial gain (even if you've already manufactured journals bearing the artwork).


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