You acknowledge and agree that Quirky Pencil Creator(s) (or, as applicable, its licensors) owns all legal right, title and interest in and to the Art, and all intellectual property rights therein. The rights that you have in and to the Art are limited to those described in this License. Quirky Pencil Creator(s) reserves all rights in and to the Art not expressly granted to you in this License.

a. General Use. Subject to your continued compliance with the terms of this License, Quirky Pencil Creator(s) grants you a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy, and display the Art for your Purchased Quirky Pencil NFTs, along with any Extensions that you choose to create or use, solely for the following purposes: for your own personal, non-commercial use;

as part of a marketplace that permits the purchase and sale of your Quirky Pencil NFTs, provided that the marketplace cryptographically verifies each Quirky Pencil NFT owner’s rights to display the Art for their Purchased Quirky Pencil NFTs to ensure that only the actual owner can display the Art; or

as part of a third party website or application that permits the inclusion, involvement, or participation of your Quirky Pencil NFTs, provided that the website/application cryptographically verifies each Quirky Pencil NFT owner’s rights to display the Art for their Purchased Quirky Pencil NFTs to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased Quirky Pencil NFT leaves the website/application.

b. Commercial Use. Subject to your continued compliance with the terms of this License, Quirky Pencil Creator(s) grants you a limited, worldwide, non-exclusive, non-transferable license to use, copy, and display the Art for your Purchased Quirky Pencil NFTs for the purpose of commercializing your own merchandise that includes, contains, or consists of the Art for your Purchased Quirky Pencil NFTs (“Commercial Use”), provided that such Commercial Use does not result in you earning more than One Hundred Thousand Dollars ($100,000) in gross revenue each year. For the sake of clarity, nothing in this Section 3.b will be deemed to restrict you from owning or operating a marketplace that permits the use and sale of Quirky Pencil NFTs generally, provided that the marketplace cryptographically verifies each Quirky Pencil NFT owner’s rights to display the Art for their Purchased Quirky Pencil NFTs to ensure that only the actual owner can display the Art;
owning or operating a third party website or application that permits the inclusion, involvement, or participation of Quirky Pencil NFTs generally, provided that the third party website or application cryptographically verifies each Quirky Pencil NFT owner’s rights to display the Art for their Purchased Quirky Pencil NFTs to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased Quirky Pencil NFT leaves the website/application; or earning revenue from any of the foregoing, even where such revenue is in excess of $100,000 per year.

You agree that you may not, nor permit any third party to do or attempt to do any of the foregoing without Quirky Pencil Creator’s express prior written consent in each case: (i) modify the Art for your Purchased Quirky Pencil NFT in any way, including, without limitation, the shapes, designs, drawings, attributes, or color schemes (your use of Extensions will not constitute a prohibited modification hereunder); (ii) use the Art for your Purchased Quirky Pencil NFTs to advertise, market, or sell any third party product or service; (iii) use the Art for your Purchased Quirky Pencil NFTs in connection with images, videos, or other forms of media that depict hatred, intolerance, violence, cruelty, or anything else that could reasonably be found to constitute hate speech or otherwise infringe upon the rights of others; (iv) use the Art for your Purchased Quirky Pencil NFTs in movies, videos, or any other forms of media, except to the limited extent that such use is expressly permitted in Section 3(b) above or solely for your own personal, non-commercial use; (v) sell, distribute for commercial gain (including, without limitation, giving away in the hopes of eventual commercial gain), or otherwise commercialize merchandise that includes, contains, or consists of the Art for your Purchased Quirky Pencil NFTs, except as expressly permitted in Section 3(b) above; (vi) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Art for your Purchased Quirky Pencil NFTs; or (vii) otherwise utilize the Art for your Purchased Quirky Pencil NFTs for your or any third party’s commercial benefit. To the extent that Art associated with your Purchased Quirky Pencil NFTs contains Third Party IP (e.g., licensed intellectual property from a celebrity, athlete, or other public figure), you understand and agree as follows: (w) that you will not have the right to use such Third Party IP in any way except as incorporated in the Art, and subject to the license and restrictions contained herein; (x) that the Commercial Use license in Section 3(b) above will not apply; (y) that, depending on the nature of the license granted from the owner of the Third Party IP, Elmer Lopez Art may need to pass through additional restrictions on your ability to use the Art; and (z) to the extent that Quirky Pencil Creator(s) informs you of such additional restrictions in writing (email is permissible), you will be responsible for complying with all such restrictions from the date that you receive the notice, and that failure to do so will be deemed a breach of this license. The restriction in Section 4 will survive the expiration or termination of this License.

The license granted in Section 3 above applies only to the extent that you continue to Own the applicable Purchased Quirky Pencil NFT. If at any time you sell, trade, donate, give away, transfer, or otherwise dispose of your Purchased Quirky Pencil NFT for any reason, the license granted in Section 3 will immediately expire with respect to those Quirky Pencil NFTs without the requirement of notice, and you will have no further rights in or to the Art for those Quirky Pencil NFTs. If you exceed the $100,000 limitation on annual gross revenue set forth in Section 3.b above, you will be in breach of this License, and must send an email to Quirky Pencil Creator(s) at quirkypencilsno.2@gmail.com within fifteen (15) days, with the phrase “Quirky Pencil NFT License - Commercial Use” in the subject line, requesting a discussion with Quirky Pencil Creator(s) regarding entering into a broader license agreement or obtaining an exemption (which may be granted or withheld in Quirky Pencil Creator’s sole and absolute discretion). If you exceed the scope of the license grant in Section 3.b without entering into a broader license agreement with or obtaining an exemption from Quirky Pencil Creator(s), you acknowledge and agree that: (i) you are in breach of this License; (ii) in addition to any remedies that may be available to Quirky Pencil Creator(s) at law or in equity, the Quirky Pencil Creator(s) may immediately terminate this License, without the requirement of notice; and (iii) you will be responsible to reimburse Quirky Pencil Creator(s) for any costs and expenses incurred by Quirky Pencil Creator(s) during the course of enforcing the terms of this License against you.

Cryptocurrency is volatile. The amounts provided is an exact number of reward tokens that can be won throughout the semester, which makes up 20 weekly trivia sessions assuming all 5,000 Quirky Pencil NFTs are sold. The reward payout amount per session is subject to change based on Solana (Sol) token’s market value and the number of Quirky pencil holders.