Terms of Service & IP
Here we set out the terms under which you purchasing and trading, and are allowed to use your Loser Club NFT.
Note & Update 04/04/2022: The Four Hundred Inc was the name given to the group of individuals who came together to produce the Loser Club project (Founders, Artist, Devs and Team). From April 2022, for the avoidance of confusion, they're now simply known as `Loser Club` and all references to The Four Hundred changed to reflect this.
The Four Hundred are the company behind Loser Club through which all the founders, the artist and the developers are/were paid and the Loser Club project is managed. Legally, the whole team were contracted by Loser Club to provide their services to Loser Club and are all responsible for their own income and taxes.
Loser Club is a project collection full of 10,000 assets known as “Losers”. Losers are made up of over two hundred traits. The Loser Club was designed and drawn by artist, J’von (aka catman aka cool sweater) — @itsjvon — born in Oakland, California, but raised in Seattle, Washington.
The name and intellectual property involved in the Loser Club NFT Project (“Loser Club”) is owned by Loser Club. All Images, traits, and rights relating to them, including copyright and ownership rights in the media in which the Images are stored, remain the sole and exclusive property of Loser Club.
When you mint a Loser from Loser Club through our smart contract with Ethereum, or when you purchase a Loser on the secondary market, you have purchased an official Loser Club NFT. This license provides the holder with the limited right to publicly display, use the art in a derivative work, and distribute the NFT commercially with revenue related to the sale of the holder's NFT not exceeding $50,000 in perpetuity. Images used for any purpose not directly related outside of those terms, must be with the express permission of Loser Club and may include additional and different terms than what is displayed in this contract. Loser Club owns the rights to the smart contract in its entirety.
Yes, you can create derivative works. The derivative license applies to the full character that makes up the NFT. Individual layered files and traits are proprietary and owned by Loser Club. You cannot create a new NFT project using individually created layers and mint a derivative project. We want Losers to keep winning, so we are also allowing you to use the NFT for commercial revenue up to $50,000. If you anticipate a plan to go over that threshold or you begin to approach the $50,000 revenue mark, just reach out so we can talk. Derivative art is approved within the context of content, tone, types of images for use, general messaging, and “PG Rating” of content, but does not guarantee us, Loser Club, the right to control design of individual derivative works.
Taxes which may arise from minting or reselling Loser Club NFTs are entirely your responsibility.
The Loser Club project is not targeted towards children. You agree that you are over the age of 18.
The NFT space is still very new and respective authorities globally are still making decisions about how NFTs can and should be treated. As such, these Terms of Sale are subject to change at any time, in order to comply with any legal or regulatory changes which must be adopted.
You note and agree that the purchase of this NFT does not constitute a Security; and the value of this NFT is determined by the market and conditions outside of our control.
Purchasing a Loser Club NFT means that you agree you are purchasing the initial launch of NFTs relating to the Loser Club project. The art is your purchase. Future promises regarding the use of funds and benefits are subject to change. There is no guarantee of future commitments by Loser Club beyond the community treasury of 200 ETH. Here is our outline for how the Project Treasury will be managed (See Project Treasury Management).