Non-Fungible Tokens (NFT) Contract
Non-Fungible Tokens (NFT) Contract
This Non-Fungible Tokens (NFT) Contract ("Contract") is entered into on March 22, 2050, ("Effective Date"), between [Your Name], residing at [Your Company Address] ("Artist"), and [Collector Name], residing at [Collector Address] ("Collector").
1. Background
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The Artist is the creator and rightful owner of a digital artwork titled "Digital Sunset" ("Artwork").
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The Collector desires to acquire ownership of the Artwork in the form of a non-fungible token (NFT).
2. Tokenization and Ownership
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The Artist agrees to tokenize the Artwork into a unique non-fungible token (NFT) on the Ethereum blockchain, with the token adhering to the ERC-721 token standard.
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Upon tokenization, the Artist shall transfer ownership of the NFT to the Collector's digital wallet address specified as [Collector's Wallet Address].
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The NFT represents exclusive ownership rights to the Artwork, including but not limited to display, reproduction, and distribution rights.
3. Consideration
In consideration of the transfer of ownership of the NFT, the Collector agrees to pay the Artist the sum of USD 5000, payable in Ethereum (ETH), within 30 days of the Effective Date.
4. Usage Rights
The Collector acknowledges that ownership of the NFT does not confer any intellectual property rights to the underlying Artwork.
The Collector agrees to use the Artwork solely for personal enjoyment and display purposes and shall not commercially exploit or sublicense the Artwork without prior written consent from the Artist.
5. Royalties
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The Artist retains the right to receive a royalty percentage of 10% from any future resale or transfer of the NFT by the Collector or any subsequent owner.
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The Collector agrees to automatically execute the payment of royalties to the Artist's designated wallet address on the Ethereum blockchain at the time of each resale or transfer of the NFT.
6. Representations and Warranties
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The Artist represents and warrants that they are the lawful owner of the Artwork and have full authority to tokenize and transfer ownership of the NFT to the Collector.
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The Collector represents and warrants that they have the legal capacity to enter into this Contract and fulfill their obligations herein.
7. Governing Law
This Contract shall be governed by and construed by the laws of [Jurisdiction].
IN WITNESS WHEREOF, the Parties have executed this Contract as of the Effective Date first above written.
[Your Name]
[DATE SIGNED]
[Collector Name]
[DATE SIGNED]
