PXN OS 1.2.32PRODUCTION VERSION 203194.02
Greetings, Recruit. Welcome to the Phantom Network.
The following guide outlines what Intellectual Property (IP), rights and licences you have as a holder of a ‘Ghost’ NFT, and how your rights interact with our rights as PxN HQ.
As a holder, your Ghost NFT is yours. Its likeness, imagery, everything about it is yours to use, create with and grow your brand with. You own the rights to the IP, and will hold these rights as long as you hold the Ghost NFT.
In addition to your rights, we at PxN HQ are also afforded certain rights and use-cases of your NFT. You will still own the NFT, but PxN have licence to use your Ghost for all manner of HQ activities.
Should you ever decide to sell your Ghost NFT, the IP rights are passed on to the party that has purchased it from you. PxN rights are unaffected, and continue with the new owner.
As part of PxN HQ, your Ghost could feature on our website, in marketing campaigns, artwork and video trailers. It could star in an anime or manga series. Your Ghost could even be used for physical products - the possibilities are endless. Everything we create strengthens the IP of the world we share.
Glad to have you onboard, Recruits.
Please read this document carefully, it will explain your Intellectual Property Rights in any NFTs originally purchased via phantom.sh. References to ‘you’ and the ‘buyer’ throughout the document mean the person purchasing an NFT through our site; references to ‘us’, ‘Phantom Network’, ‘seller’ and ‘we’ mean PNHQ FZCO, a company incorporated in Dubai Silicon Oasis under number DSO-FZCO-18283.
By purchasing an NFT you are agreeing to this document and its content which will form a legally binding contract between us in addition to any other terms displayed on our website. If you don’t agree, please do not make a purchase. We may amend this document from time to time and will notify you if there is a substantial change.
Put simply, Intellectual Property Rights are specific rights granted to creators or owners of creative works, for example, books, paintings or NFTs, which protect and help to enforce ownership of their ideas and creativity.
The most common types of Intellectual Property Rights are:
Patent; used to protect new inventions
Trademarks; the registration of a sign- or mark- which is used to distinguish goods of one business from another’s
Copyright; protects against use, copying or reproduction of a creator’s work
Registered Design; used to protect the appearance of the work.
Buyers will be assigned all Intellectual Property Rights which exist in the NFT when they make a purchase.
As a result of the buyer making payment for the NFT, we, as the seller of the NFT, assign to the buyer all right and title to any and all intellectual property rights contained in the NFT together with all goodwill associated with such rights and the right to sue in respect of every act of infringement of such rights. To the extent that they are not assignable the seller will hold them on trust for the buyer.
This means that all Intellectual Property Rights are given up by the seller and ownership of these will be yours once the purchase is complete.
Please note that sellers do not give any warranties in relation to the Intellectual Property and other rights assigned to buyers and to the extent legally permitted, will not be liable in relation to these once the purchase is complete.
In consideration of Phantom Network making the NFT available to the buyer, when a buyer purchases an NFT they will be simultaneously granting Phantom Network a Copyright licence on the following terms:
a non-exclusive, free of charge, perpetual, worldwide, sublicensable, assignable, irrevocable and unconditional license to use the NFT for the reasons listed in question 4 for both personal and commercial use.
This means Phantom Network will receive a licence to the Copyright which is:
Non-exclusive; You can also licence to other people
Free of charge; You will not receive royalties or a licence fee
Worldwide; Can be used anywhere
Sublicensable and Assignable ; Phantom Network can sub licence or assign its rights in the licence to a third party
Irrevocable and Unconditional; cannot be revoked (cancelled) and has no conditions attached to it
For both personal and commercial use; capable of being used in relation to commercial acts as well as personal use e.g. for marketing its own business
The licence will allow Phantom Network to use, copy, reproduce, publish, display, distribute, market, promote, store, print, rent or lend, perform, broadcast, communicate to the public, edit, translate, modify or adapt, create derivative works of (whether similar or otherwise) or otherwise exploit the NFT.
The Buyer agrees that the rights, title and interest in and to any modifications, adaptations of derivative works created by Phantom Network shall be owned by Phantom Network on creation.
By signing the smart contract for the purchase of an NFT you will simultaneously be granting Phantom Network the licence.
In some jurisdictions the licence will need to be granted in particular terms or using certain legal documents. If this is the case, by making the purchase you agree to sign and provide Phantom Network with any of the documents necessary to ensure that the licence is effective when requested. If you don’t do this, you will be liable for any losses incurred by Phantom Network as a result.
You will still own the NFT and the Intellectual Property Rights within it and you will be able to sell it as you wish, however, if you do so you must inform the purchaser that it is being sold subject to Phantom Network’s licence. If you do not do so you will be liable for any losses incurred by Phantom Network as a result.
The following diagram shows how the transfer of the NFT and Intellectual Property Rights works in practice.