Associated risks
Risk associated with Subject NFTs acquired on anotherblock’s Platform
Please read the below Risk Association in relation to NFTs and/or the Subject NFTs very carefully since there are certain risks associated with your purchase, ownership, listing, sale, transfer and/or handling of NFTs and/or Subject NFTs that are purchased, listed or sold on any website, mobile application, smart contract, API or other platform, application or service offered by or associated with anotherblock AB (“anotherblock”), incorporated under Swedish law and registered in Sweden.
Definitions used hereunder
“DSP Royalties” meaning royalties earned on licensed DSPs (including without limitation Spotify, Tidal, Apple Music and Amazon)
“NFT” meaning non-fungible tokens
“NFT Owner” meaning the initial and any subsequent owner of a Subject NFT
“NFT Owner Royalty” meaning the DSP Royalties when made available in the NFT Owner’s digital wallet
“Platform” meaning anotherblock’s peer-to peer online marketplace for NFTs, anotherblock.com
“Recording” meaning a recording of a musical track that is owned and/or controlled by a Rightsholder
“Rightsholder” meaning the person or entity that owns master rights in a Recording
“Subject NFT” meaning a certain NFT, offered on anotherblock’s Platform from a Rightsholder
“You” meaning the individual and or entity with interest in purchasing NFTs on anotherblock’s Platform or as an NFT Owner of a Subject NFT
Financial risk in relation to Subject NFTs
You acknowledge that using the anotherblock Platform, including creating, buying, selling or trading NFTs and/or Subject NFTs may bring financial risk. NFTs are, by their nature, highly experimental, volatile, risky and transactions carried through the Platform are irreversible, final and there are no refunds.
The purchase price of your Subject NFT may not be fair and anotherblock does not guarantee the value of the Subject NFT.
You acknowledge and accept that the prices of royalty backed NFTs are volatile and that the price may/and or will be influenced by activities outside of the control of anotherblock.
anotherblock does not represent, guarantee or warrant the accuracy and fairness of the price of any Subject NFT sold on the Platform.
You will only be owning the right to receive DSP Royalties
You acknowledge and accept that owning a Subject NFT does not mean that NFT Owner owns any part of the musical composition in the Recording, any part of the Recording itself, any copyright in or to the Recording, or any rights other than the right to receive the NFT Owner Royalty, which solely consists of a part of the DSP Royalties.
There is no guarantee to receive any DSP Royalties
By owning a Subject NFT you acknowledge and accept that it is no guarantee that you will receive any minimum amount of DSP Royalties from exploitations of the Recording, and that royalties payable for exploitations of the Recording are dependent on the constantly varying popularity and exploitation frequency of the Recording, and that such exploitation patterns quickly change in the music industry.
The Payment of DSP Royalties is due to Rightsholder’s agreement with third parties
You acknowledge and agree that the payment of DSP Royalties is fully subject to the Rightsholder’s relevant agreements with third party licensees, distributors and record labels and any reductions, delays or other calculation provisions applicable to the Rightsholder under such third party agreements.
The risk with fluctuation in the exchange rate
You acknowledge and agree that any profit or loss arising from fluctuation in the exchange rate between currencies shall be for the NFT Owner’s account and risk, and that neither Rightsholder nor anotherblock has any liability whatsoever in relation to currency fluctuations.
Gas fees fluctuation
All transactions on the Platform, including without limitation to minting, purchasing and claiming of DSP Royalties, are facilitated by smart contracts existing on the blockchain. Each blockchain generally requires the payment of a transaction fee (a “Gas Fee”) for each transaction that occurs on a blockchain. The value of the Gas Fees is unpredictable and may vary from transaction to transaction and is out of control of anotherblock or the Platform.
You acknowledge that under no circumstances will a transaction on the Platform be invalidated, revocable or otherwise unenforceable on the basis that the Gas Fee for the given transaction was unknown, too high, or otherwise unacceptable to you. Further, You acknowledge and agree that a Gas Fee is non-refundable under all circumstances.
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*anotherblock is not responsible for technical errors on any blockchain network**
The Subject NFT only exists through the ownership information that is stored on the relevant blockchain. All assignments of the Subject NFT occur on the decentralized ledger within the relevant blockchain, which neither anotherblock nor Rightsholder control.
Neither anotherblock or the Rightsholder is responsible for any technology that supports the Subject NFT and anotherblock is not responsible for any kind of failure or behavior of software (e.g., wallet, smart contract, or others), blockchains or any other technology impacting a Subject NFT. Neither anotherblock nor the Rightsholder is responsible for costs incurred by delayed payments or any technology problems with the blockchain.
anotherblock is not responsible for losses due to late report by payors or representatives (or no report at all), or of any issues with the blockchain supporting the Subject NFT, including but not limited to forks, technical node issues or any other issues having fund losses as a result. anotherblock is not responsible for the Subject NFT to be available on an uninterrupted, secure, or error-free basis.
anotherblock relies on third-party providers
You acknowledge that the Platform will rely on third-party providers to perform the transactions with respect to Subject NFTs. If the terms and conditions or pricing of such providers change; if anotherblock is unable to maintain a good relationship with such providers; or if anotherblock violates or cannot comply with the terms and conditions of such providers, access to and use of the Platform will suffer.
anotherblock is not responsible for your digital wallet
You acknowledge and agree that You are solely responsible for the security of your digital wallet and/or custodial wallet. anotherblock will not be responsible or liable for any losses you ensure as a result of your use of your digital wallet/and or custodial wallet, including but not limited to (i) user error, such as forgotten passwords, incorrectly constructed transactions, or mistyped wallet addresses; (ii) server failure or data loss; (iii) corrupted cryptocurrency wallet files; (iv) unauthorized access to a Subject NFT; or (v) any unauthorized third party activities, including without limitation the use of viruses, phishing, brute-forcing or other means of attack against a blockchain network underlying the Subject NFT.
You are responsible for your own taxes
You acknowledge and accept that You are responsible to pay any taxes that may become payable as the result of your ownership, purchase, transfer, sale, or creation of any Subject NFT and any sales, use, value-added and other taxes now or hereinafter claimed by any governmental authority. You are solely responsible for determining what, if any, taxes apply to your transactions through the anotherblock Platform. Anotherblock is not responsible for determining the taxes that apply to such transactions.
You acknowledge and agree that anotherblock cannot guarantee that your Subject NFT will not be subject to further taxation in the future.
Regulations governing blockchain technologies tokens such as NFTs is uncertain
Regulation of blockchain technologies and NFTs and other digital assets is currently undeveloped and likely to rapidly evolve and varies among international jurisdictions and is subject to uncertainty. You acknowledge that neither anotherblock nor the Rightsholder is responsible for the influence of any legislation or the impact that future amendments of laws and other regulations may have on the Subject NFT and the NFT Owner Royalty. You acknowledge and agree that NFT Owner shall solely bear the risk of such influence.
In addition to the risks listed above, other risks associated with a Subject NFT, which is not mentioned above or not presently known, may also have an impact on your purchase and ownership of your Subject NFT.