Mindtrix Letter of Intent (LOI)
Last Update 2022-08-20
By using the Mindtrix platform service ("Mindtrix", "Service", "we", "us", "our"), you ("Creators") have understood and agreed to the "Letter of Intent" ("Agreement") that mentions about you and your creations collectors' ("Collectors") rights .If the agreement is updated, it will be notified via email.
Please do not use or distribute digital works through this service if you do not agree to this agreement. If you continue to use this service, you are deemed to agree to this agreement.
Creators can list digital creations (D-creation NFTs) on Mindtrix and obtain income through the smart contract of NFTs. If digital creations continue to be traded, they will continue to receive resale profits.
This service will use NFT to establish more derivative service functions, providing creators to participate in more Mindtrix activities and create more income, influence, and popularity.
2.Definition of Digital Creation(D-creation NFT) and Listing
The NFT you issue through this service is a digital tokenized virtual digital product based on Flow blockchain. The NFT is secure and immutable due to the Cadence smart contract developed by the Flow team. The NFT issued by the service is not any common currency, equity, shares of the Mindtrix team, or any other entity. Furthermore, we do not participate in or provide exchange services between NFT and fiat currency.
The current issue method of the service is "limited offer." In the future, we will provide more methods; then update the agreement. The service provides the issue date, quantity supply, name, description, and price of NFT. The cryptocurrency's exchange rate should refer to the value shown in exchanges at that time. Mindtrix team has the final discretion over the service and issue method. Creators should rely on it and evaluate the originality of the issue rules and creation itself.
If the NFT issued by the creator may infringe the copyright or cause the service to be infringed, we will warn the creator and take off the works immediately. We will remove the role of a creator and take legal action if the case is severe.
Blockchain transaction fee
This service is built based on blockchain technology, and the creator will bear the transaction fee generated on the blockchain. For the exact calculation formula, please refer to the definition of each blockchain.
Mindtrix platform service fee
You will be charged a platform service fee when purchasing and selling Mindtrix NFT on this service, according to Mindtrix's announcement. The fee will be used to support Mindtrix DAO operation.
3.Intellectual Property and Use Permissions of NFT
Intellectual Property of NFT
Unless specified, the creator owns the intellectual property rights for the NFT content issued by the service. The intellectual property rights include, but are not limited to, trademark rights, patent rights, business secrets, and proprietary technologies.
Use Permissions of NFT
Collectors only have ownership of digital files, and the use of the NFT should be limited and refer to the scope of its creator's copyright licenses. If the creator does not provide copyright licenses, the copyright of NFT content(e.g., Audio Essence, Image Essence) belongs to its creator by default.
Moreover, the collectors who bought an NFT can only be allowed the use it for personal, non-commercial purposes. Collectors must observe all relevant provisions of copyright law.
To protect intellectual property rights, please contact us with proof of infringement if your copyright of the works is infringed on the Mindtrix platform. We will take off the creation after confirming the request.
By using the service, you agree that you will not violate any law, contract, intellectual property, or other third-party rights and that you are solely responsible for your conduct and content. It includes but is not limited to:
You are solely responsible for the correctness and reliability of the information you issued through the service;
You must not pose as another person or entity, or use a wallet to engage in a transaction on Mindtrix that is owned or controlled, in whole or in part, by any other person.
The service may be interrupted or malfunctioned, or it may cause inconvenience, data loss, error, tampering, or other economic loss. You should take protective measures by yourself when using this service. We shall not be liable for any damages arising from the use or inability to use this service, except for intentional or gross negligence.
Given the traits of blockchain transmission, Mindtrix cannot guarantee the immediacy of all issuance prices through the platform.
Information you obtained from or through this platform, whether presented in writing or orally, does not constitute a warranty by the Mindtrix team. You are solely responsible for any damages and losses arising from your breach of these Terms, and Mindtrix shall not be liable for any damages or losses.
The validity period of this agreement starts from the creator's use of the service. If the contract is terminated after mutual agreement, the provisions of Articles 2 to 3 shall remain valid. After one year, if there is no particular change to the cooperation method or modification of the contract content, it will continue to be extended for one year, and we will send you an email.