1.1 If you (hereinafter “you”) partake in Finfin Play’s project Fashion League (hereinafter – Project), hold Fashion League’s NFTs or Tokens (hereinafter – NFT/Token) and using the Fashion League platform (hereinafter – Platform) (if and when developed) involve risks, some of which are listed below.
1.2 These risks, and additional risks arising either now or in the future, could result in the failure of the Project, the destruction of NFT/Token or the utility of NFT/Token, and/or the termination of the development of Platform.
1.3 The entire proceeds gathered by Finfin Play and its related companies (“we”, “us”, or “our”) may be lost. You may lose your entire payment and/or NFT/Token. You must consider carefully whether the risks set out below, as well as all other applicable risks, are acceptable to you prior to purchasing any NFT/Token.
1.4 You must seek professional advice (legal, taxation, financial, technical, or otherwise) regarding your particular situation before participating in the Project, holding the NFT/Token or using Platform.
1.5 We have described the risks and uncertainties that its management believes are material, but these risks and uncertainties may not be the only ones. Additional risks and uncertainties, including those we are currently not aware of or deem immaterial, may also materially adversely affect on our business, the Platform, the value of the NFT/Token.
2. Changes to Platform
2.1 At the date of the Project, we have specific plans for Platform’s functionality and utility. However, Platform may undergo significant changes. Various features of Platform, including its terms and conditions, fees, structure, purpose, consensus protocol, algorithm, source codes, infrastructure design and other technical specifications and parameters, may be updated and changed frequently without notice.
2.2 Further, Platform may encounter difficulties during development, including financial, resourcing, and technical difficulties. These difficulties are unpredictable and may be unresolvable. Development of Platform may therefore fail, terminate, or be delayed at any time for any reason. Particular features of Platform may never be realized. Such failure, termination or delay is likely to reduce and may completely obliterate any existing utility that NFT/Token hold.
3. Incomplete information regarding Platform
3.1 You will not have full access to all the information relevant to us and/or Platform. We are not required to update you on the progress of Platform.
4. No governance rights attaching NFT/Token
4.1 NFT/Token confers no governance rights of any kind with respect to Platform or us. All decisions involving Platform will be made by us, including decisions to discontinue Platform, unless differently announced by us. These decisions could adversely affect Platform and the utility of any NFT/Token that you hold.
5. No assets or property underlying NFT/Token
5.1 NFT/Token confer no ownership interest in any assets or property. Nothing underpins the value of NFT/Token other than the prospect of Platform access.
6. Reliance on third-party contractors
6.1 Development of NFT/Token and Platform, and the operation of the Project, will require third-party contractors with particular expertise in blockchain technology. The availability of such contractors is limited. There may not be sufficient (or any) such contractors available on terms deemed acceptable by us. The costs associated with any such contractors may be significantly greater than currently estimated. Further, the quality, reliability, and timely delivery of services by such contractors may vary significantly.
7. Utility of NFT/Token depends on Platform
7.1 The utility of NFT/Token depends on the success of Platform, if developed. Platform may not be popular or widely used after launch. In the long term, Platform may fail to attract a critical mass of users. Platform may be merged with other Projects. Various circumstances, including technical advancement and competitors, may render Platform obsolete.
8. Further sale of additional NFT/Token
8.1 We may, from time to time, and without prior notice or consultation, sell additional NFT/Token outside of the Project. Further, we may develop or otherwise raise funding for Platform through any other means it deems necessary. You will not necessarily receive notice of the sale of additional NFT/Token or of any other NFT/Token or fundraising means.
9. Volatility of NFT/Token
9.1 The circulation of NFT/Token is not the responsibility of us, and we do not presently intend to support or otherwise facilitate the secondary trading of NFT/Token. As a result, NFT/Token may not circulate freely or widely, and may not be listed on any secondary markets.
9.2 Even if NFT/Token do circulate on secondary markets, the value of NFT/Token may be highly volatile. Factors such as perceptions of us, delays in the development of Platform, fluctuations in comparable projects, market dynamics, regulatory actions and changes, technical advancements, as well as broader economic and political factors, may cause the value of NFT/Token to change significantly over a Project period of time.
9.3 In addition, there may be insufficient liquidity to support an active market in NFT/Token, or the market in NFT/Token may become susceptible to market manipulation.
10. Concentration of NFT/Token ownership
10.1 At any point in time, one or more persons may directly or indirectly control significant portions of the total supply of NFT/Token. Acting individually or in concert, these holders may have significant influence over Platform. They may make decisions that are not in your best interest as a holder of NFT/Token.
11. Legal status of Token, Project and Platform is pending
11.1 The laws of various jurisdictions may apply to NFT/Token, the Project and Platform. The application of these laws and regulations to NFT/Token, the Project and Platform is, in many cases, largely untested, and is subject to change without notice. In particular, any current governmental or regulatory tolerance of cryptographic NFT/Token or cryptocurrencies can change rapidly, and NFT/Token may at any time be deemed to be a security, investment, asset or money by governmental authorities or regulators.
11.2 We may receive formal or informal queries, notices, requests or warnings by governmental authorities and regulators. Action may be taken by governmental authorities and regulators against us or Platform. As a result of such events, we may be required to discontinue the Project and/or Platform.
11.3 You may also be subject to governmental or regulatory action by participating in the Project, holding NFT/Token and/or using Platform.
12. Tax treatment and accounting
12.1 We, you and transactions in relation to the NFT/Token and/or Platform may be subject to the tax laws and regulations in any applicable jurisdictions. The tax treatment and accounting of transactions in relation to the NFT/Token and/or Platform are uncertain and a largely untested area of law and practice that is subject to prospective and retroactive changes without notice. Tax treatment of cryptographic NFT/Token and cryptocurrencies may vary amongst jurisdictions.
12.2 Your participation in the Project or use of Platform as a result of or in connection with any purchase, grant, delivery, exercise, vesting, distribution, activation, holding, use, appreciation, conversion, sale, exchange, redemption, assignment, transfer, disposal, may attract taxes either now or in the future.
12.3 We may receive formal or informal queries, notices, requests, or summons from tax authorities and as a result we may be required to furnish certain information about the Project and/or Platform. You must seek independent professional advice on the tax implications in relation to the Project, use of Platform and/or any other transactions for your particular situation.
13. Reliance on the internet
13.1 NFT/Token, the Project and Platform rely heavily on the internet. However, the public nature of the internet means that either parts of the internet or the entire internet may be unreliable or unavailable at any given time. Further, interruption, delay, corruption or loss of data, or the loss of confidentiality in the transmission of data, may occur when transmitting data via the internet.
14. Source code changes and flaws
14.1 The various source codes used in the Project and (if and when developed) Platform are subject to change and may at any time contain one or more defects, weaknesses, inconsistencies, errors or bugs.
15. No anonymity
15.1 Your participation in the Project, holding and transfer of NFT/Token and/or use of Platform (if and when developed) will not be anonymous. Your address and such participation will be recorded on an unpermissioned blockchain. It is possible to match addresses to identities.
16. Inadequate computing resources
16.1 The Project and Platform will require intensive computing resources. The demand for these resources may exceed our estimates. Ultimately, our resources may prove inadequate to support the Project and/or develop Platform, which may affect the delivery and/or utility of NFT/Token.
17. Loss of private key is permanent and irreversible
17.1 You alone are responsible for securing your private key. Losing control of your private key will permanently and irreversibly deny you access to your NFT/Token. Neither we nor any other person will be able to retrieve or protect your NFT/Token. Once lost, you will not be able to transfer your NFT/Token to any other address or wallet. You will not be able to realize any value or utility that the Token may hold now or in future.
18. Targeting of NFT/Token, the Project, Platform and us by malicious persons
18.1 NFT/Token, the Project, Platform (if and when developed) and we may be targeted by malicious persons who may attempt to steal NFT/Token or the Proceeds, or otherwise intervene in the Project, Platform or us. NFT/Token, the Project and Platform may also be vulnerable to exploitation of vulnerabilities in smart contracts and other code, as well as to human error. This could result in significant loss and/or other impacts that may materially affect your interests.
19. NFT/Token are Non-Refundable
19.1 Except for the cases strictly provided by the applicable legislation or in the legally binding documentation on the NFT/Token sale, we are not obliged to provide the Token holders with a refund related to the NFT/Token for any reason, and the Token holders will not receive money or other compensation in lieu of the refund. No promises of future performance or price are or will be made in respect to the NFT/Token, including no promise of inherent value, no promise of continuing payments, and no guarantee that the NFT/Token will hold any particular value. Therefore, the recovery of spent resources may be impossible or may be subject to foreign laws or regulations, which may not be the same as the private law of the Token holder.