NFT Collection on OpenSea
- NFT: Non-Fungible Token – the image/asset from OpenSea
- Image / Asset: The associated jpeg/png/image asset connected to the NFT
- Profit: Any gain that can be priced monetarily including but not limited to: money, cryptocurrency, lodging, clothing, food, and access to goods/people/properties
- I/Me/Creator: Jonathan S Lee | email: email@example.com (Or updated in case I ever lose the email. Feel free to verify it’s me!)
- You: Owner of the NFT provable via Display of Wallet / Etherscan / Other Ledger Tracking Tools
What you are getting upon validation of NFT ownership:
By being the current owner of the NFT, you are getting:
- The use of the image on your own personal websites
- The use for commercialization licensing and merchandising purposes with the following caveats:
- The right to receive 50% of profit from any commercialization licensing and merchandising that I (firstname.lastname@example.org) contract as well from moment of your purchase.
- If you do not reach out to me, I will be unable to fulfill this.
- Any commercialization I make will have a separate account ready to pay out
- Invoices and bookkeeping will be available for audit
- Upon reselling the NFT, you transition the right to receive the aforementioned 50% to the new NFT owner
- The use of the image in videos with explicit approval from me
Validating the NFT: Please reach out to me at email@example.com. I will require proof that it is within a wallet that you own. This may be done through a video call to show to me that it is in a wallet that you own, or it may be handled in a different format.
What you are not getting:
- You do not have the right to give away the asset for free for others to use whether for the others’ personal use or for any commercialization purposes including but not limited to merchandising, licensing, and usage in their videos
- You do not have the right to profit from the image until you contact me (firstname.lastname@example.org)
- You do not have the right to edit the image and commercialize any edited versions of the image without providing 50% split to me as defined above
- You do not have the right to remake the image as a 3D Model and sell that without providing 50% split to me as defined above
- You do not have the right to use the image in any hate speech or conduct
- You do not have the right to commercialize / use of the image / asset once you sell the NFT to a new holder
- You do not have the right to earnings from commercialization by new owner and myself once you resell the asset (per trackable transaction via blockchain)
Please note that commercialization of the asset from NFT owners must stipulate that payments go to the owner of the NFT and myself. This means that if you sell the asset while an ongoing commercialization / licensing contract is active, you are selling your ownership and ability to collect earnings once the NFT trades to another owner’s wallet. If you are moving it between wallets, that’s entirely up to you.
I will be setting aside exactly 50% of my post-operations and post-tax profit for each NFT owner prior to you contacting me. After contact, we can discuss what the best format for you is whether you want it as post-operations and post-my-tax-bracket or you want it post-operations and pre-my-tax-bracket (Recommendation would be pre-my-tax-bracket so you get more). This definition of profit from my side is because ownership can change, and I will still have to pay taxes on the profit even if no one collects.
Please note that you are also a separate entity entirely from me (Jonathan Lee), and I will not be held responsible for any actions you take with the NFT and associated asset that has not had my explicit approval. Similarly, if I do anything without your explicit approval, you are not held responsible for my actions.
These are not the only examples, but here are a few to provide context:
Commercial Use Not Needing Explicit Creator-Approval:
- NFT owner puts the image on the background of their personal blog that has google ads on it
- NFT owner places the image in the background of an advertisement for their SaaS company, and they never sell anything related to the image or there is no resale of the video advertisement
Commercial Use Needing Explicit Creator-Approval:
- NFT owner sells t-shirts with the image on it
- NFT owner uses the image as a poster in a syndicated TV show or film
- NFT owner uses it prominently on a youtube channel
- NFT owner adds it as a part of their company’s logo
If you have questions, reach out to email@example.com.