TERMS & CONDITIONS
OF DECEMBER 27th, 2021
LUT INVESTMENTS Limited Liability Company in organization, a company established under the laws of Georgia with its seat in Tbilisi, address: Ilia Chavchavadze Avenue 60b, Floor 16, Office 65, Tbilisi, Georgia, provides its Services described herewith below to you through its Platform located at https://luart.io, subject to the following Terms and Conditions. These Terms constitute a binding and enforceable legal contract between you and the Company.
PLEASE READ THESE TERMS CAREFULLY AS THEY CONTAIN IMPORTANT INFORMATION REGARDING YOUR LEGAL RIGHTS, REMEDIES, AND OBLIGATIONS. EXCEPT FOR CERTAIN TYPES OF DISPUTES MENTIONED THEREIN, YOU AND COMPANY AGREE THAT DISPUTES BETWEEN US WILL BE RESOLVED AMICABLY, INCLUDING THROUGH MEDIATION, AND YOU AND COMPANY WAIVE ANY RIGHT TO PARTICIPATE IN A CLASS-ACTION LAWSUIT.
We reserve the right, at our sole discretion, to change or modify portions or the full wording of these Terms at any time, including for security, legal or regulatory reasons, as well as to reflect updates or changes to the Services or functionality of the Platform. If we do this, we will post the changes on this page and will indicate at the top of this page the date these Terms were last revised. You are strongly advised to check these Terms periodically to ensure that you are cognizant of the current version and comply with them. We shall also notify you about the above-mentioned changes, either through the Platform interface or through other reasonable means. Any such changes will become effective no earlier than fourteen (14) days after they are posted, except that changes addressing new functions of the Platform will be effective immediately. Your continued use of the Platform after the date any such changes become effective constitutes your acceptance of the new Terms and Conditions.
You should seek professional advice regarding any possible legal requirements you must comply with in relation to the use of the Platform, the Service or the relevant tools provided by the Company.
By signing up for an account on the Platform you are entering into a contract with LUT INVESTMENTS Limited Liability Company in organization, a company established under the laws of Georgia with its seat in Tbilisi, address: Ilia Chavchavadze Avenue 60b, Floor 16, Office 65, Tbilisi, Georgia.
AML – shall mean Anti Money Laundering and Terrorist Financing procedure, that provides a record of the specific actions taken by the Company in the context of prevention of money laundering and terrorist financing.
AMM Protocol – shall mean an external service, provided by the third party, which is a type of decentralized exchange (DEX) protocol, which operates in a form of a peer-to-contract (P2C) on the given blockchain, that relies on a mathematical formula to price assets, which, in return for providing liquidity to a liquidity pool, issues the LP Tokens to the liquidity provider. The AMM Protocol is not controlled, managed, influenced or advised by the Company by any means.
APR score – shall mean an Annual Percentage Rate score representing monetary value or reward that investors may earn by performing specified actions.
Applicable laws – shall mean any relevant documents such as acts, statutes, regulations, ordinances, treaties, guidelines, and policies issued by governmental organizations or supervisory authorities, including, but not limited to, the governing law stipulated under Laws of Georgia which relate specifically to the Services provided by the Platform.
Company, we – shall mean the LUT INVESTMENTS Limited Liability Company in organization, a company established under the laws of Georgia with its seat in Tbilisi, address: Ilia Chavchavadze Avenue 60b, Floor 16, Office 65, Tbilisi, Georgia.
Content – shall mean all content generated by the Company and provided on the Platform, including among others logos, identifying marks, images, illustrations, designs, icons, photographs, videos, text, any written or multimedia materials, services, advertisements, software, code, data, files, archives, folders, or available downloads on the Platform.
Cookie – shall mean the small text file that are placed on your computer while you are using the Platform.
Digital Asset – shall mean any type and standard of cryptographic tokens that can be created, bought, transferred or traded on the Platform.
Feedback – shall mean any comments, bug reports, ideas or other feedback about the Platform, including without limitation about how to improve the Platform.
Gas fee – shall mean a payment of a transaction fee for every transaction that occurs on the blockchain, which remains out of the Company’s control or influence.
Indemnitees – shall mean the LUT INVESTMENTS Limited Liability Company in organization and its affiliates and their officers, employees, directors and agents.
KYC – shall mean Know-Your-Customer procedure that the Company can carry out to identify its customers and beneficial owners and obtain the relevant information required to do business with the party concerned.
Launchpad Service – shall mean a service that allows NFT Authors to launch NFT Tokens on the Platform as well as allows other Users to “mint” the launched NFT Tokens.
LP Token – shall mean a Digital Asset issued to a liquidity provider in exchange for providing the liquidity to a liquidity pool that is run by the given AMM protocol.
LUART – shall mean the Company's website or the Platform itself that facilitates usage of the Services, which are developed therein and where the Company's Project is officially launched.
LUART Token – shall mean a CW20 token standard Digital Asset issued within the TGE conducted on the Platform.
LUART Trademarks – shall mean name and logos that are trademarks and service marks of LUART.
LUNA Token – shall mean a Digital Asset that is the Terra protocol's native token.
Marketplace Service – shall mean a service that allows Users to trade NFT Tokens through fixed price listings and bidding.
NFT Token – shall mean a type of Digital Asset that can be used to represent various items such as in particular: digital art, music, video etc.
NFT Author – shall mean a specific type of the User that launches NFT Tokens on the Platform.
NFT Content – shall mean digital art and virtual in-game items.
Platform – shall mean an internal Company’s environment through which the services are being provided;
Prohibited Jurisdictions – shall mean any country or jurisdiction (such as for example the United States of America – including its territories and dependencies or Democratic People’s Republic of Korea) in which, conducting any activity related to virtual assets (in particular cryptocurrency), is otherwise prohibited or restricted, under Applicable laws or sanctions.
Project - shall mean the Company’s project, developed and launched by means of the Platform.
Single Asset Staking – shall mean a process of delegating or locking up Digital Assets to earn rewards expressed in the same Digital Assets.
Services – shall mean all the Services provided to the Users through the Platform, which include in particular the accessibility to the Trading Service, the Staking Service, the Launchpad Service and the Marketplace Service.
Slippage Tolerance – the maximum acceptable deviation from the intended price (expressed in %).
Staking Service – shall mean a service that allows Users to stake the LUART Tokens and the LP Tokens in order to receive rewards in the LUART Tokens.
Submissions – shall mean any questions, comments, suggestions, ideas, feedback or other information about the Platform.
Third-Party services – shall mean any services, content, and information owned, made available, or otherwise licensed by a third party.
TGE – shall mean a Token Generation Event that is an act of generating Digital Assets.
Trading service – shall mean a service that allows Users to buy and sell the LUART Tokens using the UST Tokens as well as to provide liquidity for the pair consisting of the LUART Tokens and the UST Tokens.
Transaction – shall mean an act of generating, selling, buying, transferring or locking Digital Assets by means of the Platform.
Unbounding period – shall mean a period of time in which the staked tokens cannot be sold or transferred.
Users, you – shall mean all the Platform users.
User Content – shall mean any content, Digital Assets, or other materials that the Users upload through the Platform or share with other Users or recipients.
UST Token – shall mean Digital Asset built on the Terra blockchain that represent the value of 1 USD.
Wallet – shall mean a digital wallet assigned to the Platform by the User to whom it belongs.
Whitelist – shall mean a list of Wallet addresses that are allowed to “mint” NFT Tokens.
3. ABOUT LUART
LUART is a decentralized space for Internet users functioning as a NFT marketplace providing a full experience for the Users using gamification. It allows Users to trade, stake and transfer Digital Assets using smart contracts that provide an immutable ledger of all Transactions that occur on the Platform.
The Company shall provide the Users with tools that they can use in their sole discretion and does not interfere with or participate in their functioning. Due to noncustodial nature of LUART Services, the Company does not facilitate or provide brokerage, exchange, payment, escrow, remittance or merchant services. Digital Assets which are introduced within the Platform ecosystem can only be withdrawn by the rightful User, who, depending on the status of the particular Transaction, is entitled to use the “Withdraw” or “Claim” functionalities on the Platform.
The User understands and acknowledges that any of the functionalities available on the Platform does not give the Company custody, possession, or control of any Digital Asset introduced or generated within the Platform at any time for the purpose of facilitating Transactions on the Platform. In this respect, you acknowledge and agree that the Company is a non-custodial software provider that has developed this distributed and decentralized environment where you can autonomously and directly access the Platform by connecting your individual Wallet.
USERS WILL NOT HAVE TO FORFEIT THEIR RIGHTS TO PRIVACY IN ORDER TO PARTICIPATE IN THE PLATFORM ECOSYSTEM.
[Lack of control]
All Digital Assets introduced within the Platform’s ecosystem are outside of the control of any one party, including the Company, and are subject to many risks and uncertainties. The Company neither owns nor controls the Terra blockchain, AMM Protocol or external Wallets available on the Platform, your browser, or any other third party site, product, or service that you might access, visit, or use for the purpose of enabling you to use the various features of the Platform. The Company will not be liable for the acts or omissions of any such third parties, nor will we be liable for any damage that you may suffer as a result of your Transactions or any other interaction with any such third parties. You understand that your Wallet public address will be made publicly visible whenever you initiate or engage in the Transaction on the Platform. As the Platform which only enables the usage of particular Services, over which once initiated the Company has no control or influence, LUART cannot make any representation or guarantee that the Users will achieve any particular outcome as the result of using the Services.
How can I use LUART?
The easiest way to use the Platform is via a web browser, e.g. Google Chrome.
The Platform is based on the Terra blockchain, secured using a state-of-the-art proof-of-stake (PoS) consensus algorithm.
The Wallet, that the User is required to connect to the Platform in order to use its Services, is an external tool provided by a third party that enables to engage in Transactions. The choice of the Wallet that the User connects to the Platform, remains at the sole discretion of the particular User and is limited only by the technical requirements corresponding to the Terra blockchain. The Company does not hold any control over the functioning of the Wallet and cannot be considered as a provider of such solution. You hereby acknowledge and agree that the Company will not be liable for any damage, loss, consequence, or devaluation of the assets held in any of your Wallets, which may occur as a result or in connection with any matter related to disruptive function, broken internet system or any failure. You understand that you are solely responsible for maintaining the security of your Wallet. You acknowledge and agree that if you lose access to the Wallet, the Company will not be able to help you recover the loss, or transfer the Digital Assets back to your Wallet. You understand and agree that you will not hold the Company responsible for managing and maintaining the security of your Wallet. You further understand and agree that the Company is not responsible (and you will not hold the Company responsible) for any unauthorized access to, or use of, your Wallet.
You will not be able to engage in any Transactions on the Platform other than through your browser. The Platform will only recognize you as the User, and you will only be able to interact with the Platform, if your Wallet is connected and unlocked. There is no other way act as the User, or to interact directly with the Platform.
[Your Registration Obligations]
Anyone can browse the Platform without connecting the Wallet.
You may be required to provide additional data such as e-mail address in order to access and use certain features on the Platform, such as participating in the newsletter.
You must be at least 18 years old and you must have full legal capacity and authority to agree and bind yourself to these Terms and to use the Platform as well as to use any available Services. Moreover, by accepting these Terms you confirm that you are responsible for anything that occurs when anyone is using a device on which you enabled the access to the Platform through connecting your Wallet.
If you are a company or represent other legal person and you access the Platform and use available therein functionalities, by accepting these Terms you are confirming to us that you have the proper legal authority resulting from your local laws to accept these Terms on that company’s/legal person’s behalf. If you do not have that authority, you must not use the Platform.
[Modifications to the Platform]
The Company reserves the right to modify or discontinue, temporarily or permanently, the Platform (or any part thereof) with or without notice. You agree that LUART will not be liable to you or to any third party for any modification, suspension, or discontinuance of the Platform.
[The Trading Service]
The Trading Service allows you to buy and sell the LUART Tokens in exchange for the UST Tokens. In order to do so, you should use the “Trade $LUART” functionality in the “Trade” section on the Platform and specify whether you intend to buy or sell the LUART Tokens. After selecting an appropriate option, you may input the amount of the LUART Tokens that should be traded for the UST Tokens. Additionally, you must select the acceptable Slippage Tolerance for every Transaction executed using the Trading Service.
The Trading Service also allows you to provide liquidity to the liquidity pool of the pair consisting of the LUART Tokens and the UST Tokens. For this purpose, you should navigate to the “Liquidity” section and use the “Add Liquidity” functionality. In order to provide liquidity the “Provide” button should be activated and you should input either the amount of the LUART Tokens or the UST Tokens that is to be added to the liquidity pool. In either case, the amount of both the LUART and UST Tokens will be calculated and presented for your approval. Under the “$LUART-UST LP” heading you will find an estimated amount of the LP Tokens that you will receive after adding a specified amount of the LUART Tokens along with the UST Tokens to liquidity. Please note that this estimation is not binding and the final number of the LP Tokens awarded to you is not determined by the Company. By clicking the “Add Liquidity” button, the transaction is irrevocably executed.
[The Staking Service]
The Staking Service allows you to stake the LUART Tokens and/or the LP Tokens in order to receive rewards in the LUART Tokens. In order to stake the LUART Tokens, you should navigate to the “Staking” section and use the “Stake $LUART” functionality. When staking the LUART Tokens, it is necessary to determine the amount of the LUART Tokens that is to be staked and then hit the “Stake $LUART” button. When unstaking, it is also necessary to specify the amount of the LUART Tokens that is to be unstaked and then the “Commit to unstake” button should be used.
In order to stake the LP Tokens, you should navigate to the “Liquidity” section and use the “Stake $LUART-UST LP” functionality. When staking the LP Tokens, it is necessary to determine the amount of the LP Tokens that is to be staked and then hit the “Stake $LUART-UST LP” button. When unstaking, it is also necessary to specify the amount of the LP Tokens that is to be unstaked and then the “Commit to unstake” button should be used..
[The Launchpad Service]
The Launchpad Service allows you to launch the NFT Tokens and “mint” the NFT Tokens on the Platform. In order to launch an NFT Token, it is necessary to provide the Company with the NFT Content for NFT Tokens by means of an e-mail at firstname.lastname@example.org. Depending on the type and amount of the NFT Content, the Company may provide further instructions as to the preparation of the NFT Content. Along with the NFT Content, the NFT Authors must provide:
- collection metadata (name, description, URIs etc.);
- metadata for each NFT token in the collection (including URI to the corresponding content);
- price policy for each token from the collection;
- technical details of minting procedure;
- possible restrictions concerning the access to minted NFTs (including Whitelists and/or the minimum level of the LUA Power score).
When the NFT Tokens are launched on the Platform, you may “mint” those NFT Tokens by using the “Mint” button next to the chosen NFT Token. The “minting” of the NFT Tokens requires paying the fee in the UST Tokens.
[The Marketplace Service]
The Marketplace Service allows you to buy and sell the NFT Tokens. In order to buy an NFT Token, it is necessary to select one of the available NFT Tokens and use the “Buy now” button to execute the purchase. The fee can be paid either in the UST Tokens or in the LUNA Tokens. In order to sell the NFT Token, it is necessary to use the “Apply today” hyperlink in the “Apply to Launch NFTs” footer section.
What are the rules for using the Platform?
When using the Platform, no User is allowed to:
- manipulate the price of a Digital Asset in any way, including bidding on your own items, preventing bidding, or using the Platform to conceal economic activity;
- upload any content that (i) infringes any intellectual property or other proprietary rights of any party, (ii) you do not have a right to upload under any law or under contractual or fiduciary relationships, (iii) contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment, (iv) poses or creates a privacy or security risk to any person, (v) constitutes unsolicited or unauthorized advertising, promotional materials, commercial activities and/or sales, “junk mail,” “spam,” “chain letters,” “pyramid schemes,” “contests,” “sweepstakes,” or any other form of solicitation, (vi) is unlawful, harmful, threatening, abusive, harassing, tortious, excessively violent, defamatory, vulgar, obscene, pornographic, libelous, invasive of another’s privacy, hateful racially, ethnically or otherwise objectionable, or (vii) in the sole judgment of the Company, is objectionable or which restricts or inhibits any other person from using or enjoying the Platform, or which may expose the Company or the Platform’s Users to any harm or liability of any type;
- interfere with or disrupt the Platform or servers or networks connected to the Platform, or disobey any requirements, procedures, policies or regulations of networks connected to the Platform;
- or violate any Applicable laws (i.e. local, state, national or international) or any regulations having the force of law, or which would involve proceeds of any unlawful activity;
- impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with a person or entity;
- solicit personal information from anyone under the age of 18;
- harvest or collect email addresses or other contact information of other Users from the Platform by electronic or other means for the purposes of sending unsolicited emails or other unsolicited communications;
- advertise or offer to sell or buy any goods or services for any business purpose that is not specifically authorized;
- further or promote any criminal activity or enterprise or provide instructional information about illegal activities, including for the purpose of concealing economic activity, laundering money, or financing terrorism;
- obtain or attempt to access or otherwise obtain any materials or information through any means not intentionally made available or provided for through the Platform;
- use any robot, spider, site search/retrieval application, or other device to retrieve or index any portion of the Platform or the content posted on the Platform, or to collect information about its Users for any unauthorized purpose;
- access or use the Platform for the purpose of creating a product or service that is competitive with any of our products or Services.
What are the intellectual property rights on the Platform?
[NFT Author’s rights]
The NFT Author owns all legal rights, title, and interest in all intellectual property rights underlying the NFT Content used to create Digital Assets minted by the Users on the Platform, including but not limited to copyrights and trademarks. As the copyright owner, the NFT Author has the right to reproduce, prepare derivative content, distribute, and display or perform the NFT Content.
The NFT Author hereby acknowledges, understands, and agrees that launching a Digital Asset on the Platform constitutes an express and affirmative grant to the Company, its affiliates and successors a non-exclusive, world-wide, assignable, sublicensable, perpetual, and royalty-free license to make copies of, display, perform, reproduce, and distribute the Digital Asset on any media whether now known or later discovered for the broad purpose of operating, promoting, sharing, developing, marketing, and advertising the Platform, or any other purpose related to the Platform or the Company, including without limitation, the express right to: (i) display or perform the Digital Asset on the Platform, a third party platform, social media posts, blogs, editorials, advertising, market reports, virtual galleries, museums, virtual environments, editorials, or to the public; (ii) create and distribute digital or physical derivative Digital Asset based on the Digital Asset; (iii) indexing the Digital Asset in electronic databases, indexes, catalogues; and (iv) hosting, storing, distributing, and reproducing one or more copies of the Digital Asset within a distributed file keeping system, node cluster, or other database (e.g., IPFS) or causing, directing, or soliciting others to do so.
The NFT Authors expressly represent and warrant that their Digital Assets listed on the Platform contain only original content otherwise authorized for use by the NFT Author, and does not contain unlicensed or unauthorized copyrighted content, including any imagery, design, audio, video, human likeness, or other unoriginal content not created by the NFT Author, not authorized for use by the NFT Author, not in the public domain, or otherwise without a valid claim of fair use, the NFT Author further represents and warrants that it has permission to incorporate the unoriginal content.
The NFT Authors irrevocably release, acquit, and forever discharge the Company and its subsidiaries, affiliates, officers, and successors of any liability for direct or indirect copyright or trademark infringement for the Company’s use of the Digital Assets in accordance with these Terms.
[Platform Content, Software and Trademarks]
You acknowledge and agree that the Platform may contain Content or features that are protected by copyright, patent, trademark, trade secret or other proprietary rights and laws. Except as expressly authorized by the Company, you agree not to modify, copy, frame, scrape, rent, lease, loan, sell, distribute or create derivative works based on the Platform or the Content, in whole or in part. In connection with your use of the Platform you will not engage in or use any data mining, robots, scraping or similar data gathering or extraction methods. If you are blocked by the Company from accessing the Platform (including by blocking your IP address), you agree not to implement any measures to circumvent such blocking (e.g., by masking your IP address or using a proxy IP address). Any use of the Platform or the Content other than as specifically authorized herein is strictly prohibited. The technology and software underlying the Platform or distributed in connection therewith are the property of the Company, our affiliates and our partners. You agree not to copy, modify, create a derivative work of, reverse engineer, reverse assemble or otherwise attempt to discover any source code, sell, assign, sublicense, or otherwise transfer any right in the Content. Any rights not expressly granted herein are reserved by the Company.
Other company, product, and service names and logos used and displayed via the Platform may be trademarks or service marks of their respective owners who may or may not endorse or be affiliated with or connected to the Company. Nothing in this Terms and Conditions or the Platform should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of the LUART Trademarks displayed on the Platform, without our prior written permission in each instance. All goodwill generated from the use of LUART Trademarks will inure to our exclusive benefit.
[Third Party Material]
Under no circumstances will the Company be liable in any way for any content or materials of any third parties (including Users), including, but not limited to, for any errors or omissions in any content, or for any loss or damage of any kind incurred as a result of the use of any such content. You acknowledge that the Company does not pre-screen content, but that the Company and its designees will have the right (but not the obligation) in their sole discretion to refuse or remove any content that is available via the Platform. Without limiting the foregoing, the Company and its designees will have the right to remove any content that violates these Terms or is deemed by the Platform, in its sole discretion, to be otherwise objectionable. You agree that you must evaluate, and bear all risks associated with, the use of any content and the purchase of any Digital Asset, including any reliance on the accuracy, completeness, or usefulness of such content.
[NFT Content Transmitted Through the Platform]
With respect to launching the NFT Tokens, you represent and warrant that you own all right, title and interest in and to the provided NFT Content, including, without limitation, all copyrights and rights of publicity contained therein. By uploading any NFT Content you hereby grant and will grant the Company and its affiliated companies a non-exclusive, worldwide, royalty free, fully paid up, transferable, sublicensable, perpetual, irrevocable license to copy, display, upload, perform, distribute, store, modify and otherwise use your NFT Content in connection with the operation of the Platform or the promotion, advertising or marketing thereof in any form, medium or technology now known or later developed.
Submissions provided by you to the Company are non-confidential and the Company will be entitled to the unrestricted use and dissemination of these Submissions for any purpose, commercial or otherwise, without acknowledgment or compensation to you.
The Company may preserve content and may also disclose content if required to do so by law or in the good faith belief that such preservation or disclosure is reasonably necessary to: (a) comply with legal process, Applicable laws or government requests; (b) enforce these Terms and Conditions; (c) respond to claims that any content violates the rights of third parties; or (d) protect the rights, property, or personal safety of the Company, its users and the public. You understand that the technical processing and transmission of the Platform, including your content, may involve (a) transmissions over various networks; and (b) changes to conform and adapt to technical requirements of connecting networks or devices.
The Company respects the intellectual property of others, and we ask our users to do the same. If you believe that your work has been copied in a way that constitutes copyright infringement, or that your intellectual property rights have been otherwise violated, you should notify the Company of your infringement claim in accordance with the procedure set forth below.
The Company will process and investigate notices of alleged infringement and will take appropriate actions under the applicable intellectual property laws of Poland with respect to any alleged or actual infringement. A notification of claimed copyright infringement should be emailed to email@example.com (Subject line: “Infringement Notice”). To be effective, the notification must be in writing and contain the following information:
- an electronic or physical signature of the person authorized to act on behalf of the owner of the copyright or other intellectual property interest;
- a description of the copyrighted work or other intellectual property that you claim has been infringed;
- a description of where the material that you claim is infringing is located on the Platform, with enough detail that we may find it on the Platform;
- your address, telephone number, and email address;
- a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright or intellectual property owner, its agent, or the law;
- a statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the copyright or intellectual property owner or authorized to act on the copyright or intellectual property owner’s behalf.
If you believe your NFT Content that was removed (or to which access was disabled) is not infringing, or that you have the authorization from the copyright owner, the copyright owner’s agent, pursuant to the law, to upload and use the content in your NFT Content, you may e-mail us a written counter-notice to firstname.lastname@example.org, containing the following information:
- your physical or electronic signature; identification of the content that has been removed or to which access has been disabled and the location at which the content appeared before it was removed or disabled;
- a statement that you have a good faith belief that the content was removed or disabled as a result of mistake or a misidentification of the content; and
- your name, address, telephone number, and email address, a statement that you consent to the jurisdiction of Ireland and a statement that you will accept service of process from the person who provided notification of the alleged infringement.
If a counter-notice is received by the Company we will send a copy of the counter-notice to the original complaining party informing that person that it may replace the removed content or cease disabling it in 7 (seven) business days. Unless the copyright owner files an action seeking a court order against the content provider, member or user, the removed content may be replaced, or access to it restored, up to 14 (fourteen) business days or more after receipt of the counter-notice, at our sole discretion.
What fees does LUART charge?
There are four kinds of fees on the Platform:
- Launchpad fees for minting NFTs that are calculated as a fraction (5-10%) of the NFT price;
- Marketplace fees for trading NFTs that are calculated as a fraction (5-10%) of the value of a Transaction (charged only when the Transaction is executed) and a fixed fee of 0.2 UST for every operation while using the Marketplace Service (posting a buy or sell order, cancelling or executing an order, listing or delisting a Digital Asset, adding or withdrawing funds, “minting” a Digital Asset);
- Staking fees when you unstake a Digital Asset – a fixed fee of 1 UST per a request to unstake a Digital Asset and a fixed fee of 1 UST when Unbounding period is finished;
- Instant unbounding fees that are calculated as a fraction (5-10%) of the value of Digital Assets subject to unstaking.
All Transactions on the Platform, including without limitation “minting”, listing, offering, purchasing, or executing, are facilitated by smart contracts existing on the Terra blockchain that requires the Gas fee. The Gas Fee changes, often unpredictably, and is entirely outside of the control of the Company. The User acknowledges that under no circumstances a contract, agreement, offer, sale, or other transaction on the Platform becomes invalid, revocable, retractable, or otherwise unenforceable on the basis that the Gas Fee for the given Transaction was unknown, too high, or otherwise unacceptable.
Users are solely responsible to pay any and all sales, use, value-added and other taxes, duties, and assessments now or hereafter claimed or imposed by any governmental authority, associated with your use of the Platform (including, without limitation, any taxes that may become payable as the result of your ownership, transfer, purchase, sale, or creation of any Digital Asset).
Risks associated with cryptography
You accept and acknowledge each of the following risks:
- The prices of blockchain assets are extremely volatile. Fluctuations in the price of all kinds of virtual assets could materially and adversely affect the value of your Digital Asset, which may also be subject to significant price volatility. We cannot guarantee that any purchasers of the Digital Asset will not lose money.
- Tokens are tangible digital assets that exist only by virtue of the ownership record maintained in the given blockchain. All smart contracts are conducted and occur on the decentralized ledger. We have no control over, and make no guarantees, warranties or promises with in relation to smart contracts.
- We will not be liable to you for any losses you incur as the result of your use of the given blockchain. This includes, but is not limited to, losses, damages or claims arising from (i) user error (e.g. forgotten access information such as private keys, seeds or mnemonics or incorrectly construed smart contracts or other transactions); (ii) server failure or data loss; (iii) corrupted wallet files; (iv) unauthorized access or activities by third parties, including but not limited to the use of viruses, phishing, or other means of attack against the Platform, the given blockchain, the Wallet or any other tool connected to the Platform. We are also not responsible for losses due to blockchains and Wallets or any other tool connected to the Platform, including but not limited to late report (or no report) by developers or representatives of any issues with the blockchain supporting the given blockchain, including forks, technical node issues or any other issues having fund losses as a result.
- There are inherent security risks in providing information and dealing online over the internet. The Company implements appropriate technological and organizational safeguards to reduce the risk of any security breaches which could result in the accidental or unlawful destruction, loss, alteration, disclosure or access to your information. We also release periodic updates to reduce the risk of security incidents.
- There are risks associated with using an Internet-based currency, including, but not limited to, the risk of hardware, software and Internet connections, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to information stored within your Wallet. You accept and acknowledge that the Company will not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the given blockchain, however caused.
- A lack of use or public interest in the creation and development of distributed ecosystems could negatively impact the development of the LUART ecosystem, and therefore the potential utility or value of Digital Assets available on the Platform.
- The Platform, the Terra blockchain and Digital Assets could be impacted by one or more regulatory inquiries or regulatory action, which could impede or limit the ability of the Company to continue to develop the Platform, or which could impede or limit your ability to access or use the Platform or the given blockchain, including access to your Digital Assets or other funds, and new regulations or policies may materially adversely affect the development of the LUART ecosystem, and therefore the potential utility of the Tokens.
- You acknowledge and understand that cryptography is a progressing field. Advances in code cracking or technical advances such as the development of quantum computers may present risks to cryptocurrencies, digital assets and the Platform, which could result in the theft or loss of your Digital Assets. To the extent possible, it is intended to update the protocol underlying the Platform to account for any advances in cryptography and to incorporate additional security measures, but does not guarantee or otherwise represent full security of the system. By using the Platform, you acknowledge these inherent risks.
- Any use or interaction with the Platform requires a comprehensive understanding of applied cryptography and computer science in order to appreciate inherent risks, including those listed above. You represent and warrant that you possess relevant knowledge and skills. Any reference to a type of Digital Assets on the Platform does not indicate our approval or disapproval of the underlying technology regarding such type of Digital Assets, and should not be used as a substitute for your own understanding of the risks specific to each type of Digital Asset. We make no warranty as to the suitability of the Digital Assets referenced on the Platform and assume no fiduciary duty in our relations with you.
- Use of the Platform, in particular for creating, buying or selling the Digital Assets, may carry financial risk. Digital Assets are, by their nature, highly experimental, risky and volatile. You acknowledge and agree that you will access and use the Platform at your own risk. The risk of loss in trading the Digital Assets can be substantial. You should, therefore, carefully consider whether such creating, buying or selling Digital Assets is suitable for you in light of your circumstances and financial resources. By using the Platform, you represent that you have been, are and will be solely responsible for making your own independent appraisal and investigations into the risks of a given transaction and the underlying Digital Assets. You represent that you have sufficient knowledge, market sophistication, professional advice and experience to make your own evaluation of the merits and risks of any transaction conducted via the Platform or any underlying Digital Assets. You accept all consequences of using the Platform, including the risk that you may lose access to your Digital Assets indefinitely. All Transaction decisions are made solely by you. Notwithstanding anything in these Terms, we accept no responsibility whatsoever for and will in no circumstances be liable to you in connection with use of the Platform for performing Transactions. Under no circumstances will the operation of all or any portion of the Platform be deemed to create a relationship that includes the provision or tendering of investment advice.
- You are aware of and accept the risk of operational challenges. The Platform may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to or delays on the Platform. You agree to accept the risk of the Platform failure resulting from unanticipated or heightened technical difficulties. We do not guarantee that the Platform is or will remain updated, complete, correct or secure, or that access to the Platform will be uninterrupted. The Platform may include inaccuracies, errors and materials that violate or conflict with these Terms. Additionally, third parties may make unauthorized alterations to the Platform or the software underlying the Platform. Accordingly, you should verify all information on the Platform before relying on it, and all decisions based on information contained on the Platform are your sole responsibility and we will have no liability for such decisions.
What about my privacy?
The Services may include Third-Party services or contain links to Third-Party services. You understand that Third-Party services are the responsibility of the third party that created or provided it and acknowledges that the use of such Third-Party services is solely at your own risk.
The Company makes no representations and excludes all warranties and liabilities arising out of or pertaining to such Third-Party services, including its accuracy or completeness.
All intellectual property rights in and to Third-Party services are the property of the respective third parties.
Prior to your use of the Services and on an ongoing basis you represent, warrant, and agree that:
You are not located in or you are not a resident of any jurisdiction in which it is prohibited to use the Services and therefore you are not permitted to make use of the Services. For the avoidance of doubt, the foregoing restrictions on Services from Prohibited Jurisdictions applies equally to residents and citizens of other nations while located in a Prohibited Jurisdiction. Any attempt to circumvent the restrictions by any persons located in a Prohibited Jurisdiction, is a breach of this Terms. An attempt at circumvention includes, but is not limited to, manipulating the information used to identify the Users location and providing false or misleading information regarding the Users location or place of residence. If any provision of these Terms is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect the validity or enforceability in that jurisdiction of any other provision hereof or the validity or enforceability in other jurisdictions of that or any other provision hereof.
Due to the rather uncertain and volatile regulatory environment surrounding virtual asset activities (including cryptocurrencies), every User shall each time prior to using the Services verify if he/she is not located in the Prohibited Jurisdiction or is not a resident or citizen of a Prohibited Jurisdiction.
The Service is intended solely for the User’s personal use. The User is only allowed to use the Service for personal use, and may not create multiple accounts, including for the purpose of collusion and/or abuse of service.
[KYC and AML Policy]
The Company expressly prohibits and rejects the use of the Services for any form of illicit activity, including money laundering, terrorist financing or trade sanctions violations, consistent with various Applicable’ laws, regulations and norms. To that end, the Services are not offered to individuals or entities on any Politically Exposed Persons (“PEP”) lists, or subject to any United States, European Union or other global sanctions or watch lists. By using the Service, you represent that you are not on any such lists.
ALL USERS ACKNOWLEDGE AND DECLARE THAT THEIR FUNDS COME FROM LEGITIMATE SOURCES AND DO NOT ORIGINATE FROM ILLEGAL ACTIVITIES; USERS AGREE THAT THE COMPANY MAY REQUIRE THEM TO PROVIDE OR OTHERWISE COLLECT THE NECESSARY INFORMATION AND MATERIALS AS PER RELEVANT LAWS OR GOVERNMENT ORDERS TO VERIFY THE LEGALITY OF THE SOURCES AND USE OF THEIR FUNDS.
The Company will maintain a stance of cooperation with law enforcement authorities globally and will not hesitate to terminate Users’ access to the Platform on the basis of the legal mandate.
Other Legal Terms
[Indemnity and Release]
You agree to release, indemnify and hold Indemnitees harmless from any from any and all losses, damages, expenses, including reasonable attorneys’ fees, rights, claims, actions of any kind and injury (including death) arising out of or relating to your use of the Platform, any NFT Content, your connection to the Platform, your violation of these Terms or your violation of any rights of another.
[Disclaimer of Warranties]
Transactions on the Platform utilize experimental smart contract and blockchain technology, including fungible and non-fungible tokens, cryptocurrencies, consensus algorithms, and decentralized or peer-to-peer networks and systems. Users acknowledge and agree that such technologies are experimental, speculative, and inherently risky and may be subject to bugs, malfunctions, timing errors, hacking and theft, or changes to the protocol rules of the given blockchain, as well as of its forks, which can adversely affect the smart contracts and may expose you to a risk of total loss, forfeiture of your Digital Assets, or lost opportunities to buy or sell Digital Assets.
YOUR USE OF THE PLATFORM IS AT YOUR SOLE RISK. THE PLATFORM IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. THE COMPANY EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTY THAT (I) THE PLATFORM WILL MEET YOUR REQUIREMENTS, (II) THE PLATFORM WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (III) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE PLATFORM WILL BE ACCURATE OR RELIABLE, OR (IV) THE QUALITY OF ANY PRODUCTS, PLATFORMS, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE PLATFORM WILL MEET YOUR EXPECTATIONS.
[Limitation of Liability]YOU EXPRESSLY UNDERSTAND AND AGREE THAT THE COMPANY WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, LOSS IN VALUE OF ANY DIGITAL ASSET, DAMAGES FOR LOSS OF GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO USE THE PLATFORM; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND PLATFORMS RESULTING FROM ANY DIGITAL ASSET, GOODS, DATA, INFORMATION OR PLATFORMS PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE PLATFORM; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (IV) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON THE PLATFORM; OR (V) ANY OTHER MATTER RELATING TO THE PLATFORM. IN NO EVENT WILL LUART’ TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES OR CAUSES OF ACTION EXCEED THE AMOUNT YOU HAVE PAID LUART IN THE LAST SIX (6) MONTHS, OR, IF GREATER, ONE HUNDRED DOLLARS ($100).
SOME JURISDICTIONS DO NOT ALLOW THE DISCLAIMER OR EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU OR BE ENFORCEABLE WITH RESPECT TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE PLATFORM OR WITH THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USE OF THE PLATFORM.
You agree that the Company, in its sole discretion, may suspend or terminate use of the Platform and remove and discard any content within the Platform, for any reason, including, without limitation, for lack of use or if the Company believes that you have violated or acted inconsistently with the letter or spirit of these Terms. Any suspected fraudulent, abusive or illegal activity that may be grounds for termination of your use of the Platform, may be referred to appropriate law enforcement authorities. The Company may also in its sole discretion and at any time discontinue providing the Platform, or any part thereof, with or without notice. You agree that any termination of your access to the Platform under any provision of this Terms may be effected without prior notice, and acknowledge and agree that the Company may immediately deactivate or delete your files related to the Services and/or bar any further access to such files or the Platform. Further, you agree that the Company will not be liable to you or any third party for any termination of your access to the Platform.
We do not get involved with User disputes.
You agree that you are solely responsible for your interactions with any other Users in connection with the Platform and the Company will have no liability or responsibility with respect thereto. The Company reserves the right, but has no obligation, to become involved in any way with disputes between you and any other user of the Platform.
Any claim, dispute or matter arising under or in connection with these Terms shall be governed and construed in all respects by the laws of Poland.
[General Legal Terms]
These Terms constitute the entire agreement between you and the Company and govern your use of the Platform, superseding any prior agreements between you and the Company with respect to the Platform. You also may be subject to additional terms and conditions that may apply when you use affiliate or Third-Party services, Third-Party content or Third-Party software. These Terms will be governed by the laws of Georgia without regard to its conflict of law provisions. With respect to any disputes or claims you and the Company agree to submit to the court of Georgia.
The failure of the Company to exercise or enforce any right or provision of these Terms will not constitute a waiver of such right or provision.
If any provision of these Terms is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Terms remain in full force and effect.
You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Platform or these Terms must be filed within one (1) year after such claim or cause of action arose or be forever barred.
A printed version of this agreement and of any notice given in electronic form will be admissible in judicial or administrative proceedings based upon or relating to this agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.
You may not assign this Terms without the prior written consent of the Company, but the Company may assign or transfer this Terms, in whole or in part, without any restriction at any time.
The section titles in these Terms are for convenience only and have no legal or contractual effect.
The Platform may provide notices to you of changes to these Terms or other matters by displaying notices or links to notices generally on the Platform.
The Company shall have no liability to you if it is prevented from or delayed in performing its obligations or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, including, without limitation, strikes, failure of a utility service or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation, or direction.
No Financial and Legal Advice
The Company is merely a technology platform, and we are not your broker, intermediary, agent, or legal advisor and has no fiduciary relationship or obligation to you in connection with any decisions or activities effected by you using or participating on the Platform. No communication or information provided to you by the Company is intended as or will be considered or construed as, the solicitation of an offer to buy, the investment advice, financial advice, legal advice, or any other sort of advice. All Services and Transactions will be executed automatically based on the parameters of your consideration. You will be solely responsible for determining whether any services are suitable and match your interests according to your judgement, objectives, circumstances and risk tolerance. You will be solely responsible for any losses or liabilities therefrom.
Before executing any Transactions you should consult with your independent financial, legal, or tax professionals. The Company will not be liable for the decisions you make through the Platform.
Feedback and contact details
You may choose to submit any Feedback by emailing us. We are free to use such Feedback at our discretion and without additional compensation to you, and may disclose such Feedback to third parties.
Users with questions, complaints or claims with respect to the Platform can be made by contacting us at email@example.com.