Terms & Conditions

TERMS AND CONDITIONS FOR BITINAUTS NFT COLLECTION AUCTION

Introduction

These Terms and Conditions ("Terms") govern the relationship between you ("Bidder" or "you") and Bitinauts Team ("Auction House" or "us" or "we") concerning the auction of non-fungible tokens ("NFTs") in the Bitinauts Collection ("Collection"). By participating in the auction, you agree to be bound by these Terms and any other policies or guidelines that may be incorporated by reference, including our Privacy Policy.

Definitions

In these Terms, the following terms shall have the meanings set out below:

"NFT" refers to a non-fungible token, which represents a unique digital asset on a blockchain.

"Creator" refers to the individual or entity that created the NFT and/or the underlying digital asset.

"Platform" refers to the online marketplace or auction platform operated by the Auction House, through which NFTs are offered for sale.

Eligibility

To participate in the auction, you must be at least 18 years old and possess the legal capacity to enter into a contract. Additionally, you must have a compatible digital wallet that supports the blockchain on which the NFTs are issued, and sufficient cryptocurrency (e.g., Ethereum) to cover your bids and associated fees.

Registration

To participate in the auction, you must register with us by providing your compatible digital wallet address. No additional personal information is required at the time of registration. However, we reserve the right to request further information, such as your name, address, email address, or government-issued identification, under certain circumstances or as needed to comply with legal requirements or to ensure the integrity of the auction. We reserve the right to refuse registration or participation in the auction at our sole discretion.

Platform

Use By using our Platform, you agree to comply with all applicable laws, regulations, and our policies and guidelines. You agree not to engage in any fraudulent, illegal, or harmful activities, and not to infringe upon the rights of any third party, including intellectual property rights, privacy rights, or other rights.

Privacy Policy

By participating in the auction, you acknowledge that you have read and understood our Privacy Policy, which describes how we collect, use, and disclose your personal information. The Privacy Policy is incorporated by reference into these Terms.

Third-Party Services and Websites

The Platform may contain links to or integrate with third-party services, websites, or content. We are not responsible for and do not endorse any third-party services, websites, or content, and your access and use of such services, websites, or content are at your own risk. We have no liability for any loss or damage arising from your use of or reliance on any third-party services, websites, or content.

NFT Auction

The NFTs in the Collection will be auctioned individually or in lots. The auction will be conducted in a format determined by the Auction House (e.g., ascending-bid auction, sealed-bid auction, etc.). We reserve the right to modify the auction format at any time and without notice.

Bidding Process

By placing a bid, you represent and warrant that you have the necessary funds and legal authority to complete the transaction. You may place bids in the cryptocurrency specified by the Auction House. Bids must be submitted in increments determined by us. We reserve the right to accept or reject any bid at our sole discretion.

Minimum Bid Auction

In a minimum bid auction, each NFT will have a predetermined minimum starting bid price, which will be disclosed prior to the auction's commencement. All bids must meet or exceed this minimum starting bid price in order to be considered valid. The Auction House reserves the right to set the minimum starting bid price for each NFT at its sole discretion. Bids below the minimum starting bid price will not be accepted, and bidders must submit their bids in increments determined by the Auction House.

Reserve Price

Some NFTs may be subject to a reserve price, which is the minimum price at which the NFT will be sold. If the highest bid does not meet the reserve price, the Auction House reserves the right to withdraw the NFT from the auction or negotiate a sale with the highest bidder.

Bid Holding and Claiming Process

Upon placing a bid, your funds will be held in escrow until the conclusion of the auction. At the end of the auction, if you are among the top 500 bidders, you will be deemed a winner and awarded the corresponding NFT. Your bid amount will be transferred to the Auction House or the NFT's seller as payment for the NFT.

If your bid is not among the top 500 winning bids, you will not receive an NFT. In this case, you will have the option to claim your bid amount and have it returned to your digital wallet. The claiming process may require you to interact with a smart contract or follow specific instructions provided by the Auction House to ensure the safe and secure return of your funds.

It is your responsibility to claim your NFT or bid amount within a specified timeframe, as determined by the Auction House. Failure to claim your NFT or bid within the designated timeframe may result in the forfeiture of your NFT or bid amount, at the sole discretion of the Auction House.

Payment and Transfer

The winning bidder must pay the full purchase price, including any applicable fees, taxes, or charges, within a specified timeframe after the conclusion of the auction. Payments must be made in the cryptocurrency specified by the Auction House. Failure to complete the payment may result in the cancellation of the sale and the forfeiture of any rights to the NFT.

Upon receipt of the full payment, the Auction House will facilitate the transfer of the NFT from the seller to the winning bidder's digital wallet. The winning bidder is responsible for providing a compatible wallet address and ensuring the safekeeping of their private keys.

Ownership and Intellectual Property Rights

Ownership of the NFT confers certain rights to the winning bidder, including the right to sell, trade, or transfer the NFT, and to display the associated digital asset for personal, non-commercial use. However, the winning bidder does not acquire any copyright or intellectual property rights in the underlying digital asset or any derivative works. All rights, including but not limited to copyright, trademarks, and other intellectual property rights, remain with the original creator or rights holder.

Taxes

The winning bidder is responsible for any and all taxes, duties, or fees that may be applicable to the purchase, sale, or transfer of NFTs, including but not limited to sales tax, value-added tax (VAT), or any other taxes imposed by applicable law. The Auction House may be required to collect and remit certain taxes on behalf of the winning bidder, and you agree to cooperate with us in providing any necessary information or documentation to fulfill our tax obligations.

No Warranty

The Auction House makes no warranties or representations, express or implied, about the NFTs or the associated digital assets, including their authenticity, provenance, legality, or fitness for a particular purpose. The Auction House shall not be liable for any errors, omissions, or inaccuracies in the descriptions, representations, or other information provided about the NFTs.

Limitation of Liability

To the fullest extent permitted by law, the Auction House, its affiliates, and their respective directors, officers, employees, and agents shall not be liable for any indirect, incidental, consequential, special, or punitive damages, including but not limited to loss of profits, data, or goodwill, arising out of or in connection with these Terms, the auction, the Platform, or any related services, even if we have been advised of the possibility of such damages. Our total liability for any claim arising from or related to these Terms, the auction, the Platform, or any related services shall not exceed the amount paid by you for the NFT giving rise to the claim.

Acknowledgment of OpenAI Chat Capabilities and Bitinauts Platform Interface

By participating in the auction, you acknowledge that the final products associated with the NFTs depend on the capabilities of OpenAI's chat technology. The Bitinauts platform serves as an interface to the OpenAI API, and the functionality and performance of the NFTs are subject to the limitations and restrictions of the OpenAI API. By placing a bid, you confirm your understanding of this dependency and accept any potential limitations or restrictions that may arise from the use of OpenAI's chat technology and the Bitinauts platform interface.

Force Majeure

The Auction House shall not be liable for any delay or failure to perform its obligations under these Terms if such delay or failure is due to circumstances beyond its reasonable control, including but not limited to acts of God, war, terrorism, labor disputes, or any other cause that could not be reasonably foreseen or provided against. In the event of a force majeure event, the Auction House may, at its sole discretion, suspend or terminate the auction or extend the time for performance of its obligations.

Termination

The Auction House reserves the right to terminate your participation in the auction or access to the Platform at any time and for any reason, including but not limited to your breach of these Terms or any applicable laws, regulations, or policies. Upon termination, your right to participate

Disputes and Choice of Law

Any disputes arising out of or relating to these Terms, the auction, the Platform, or any related services shall be resolved in accordance with the dispute resolution mechanism and choice of law specified by the Auction House at its sole discretion. The Auction House may choose the applicable law, jurisdiction, and dispute resolution method, including but not limited to arbitration, mediation, or litigation. By participating in the auction, you agree to submit to the chosen dispute resolution mechanism and choice of law as determined by the Auction House.

Amendments to the Terms

The Auction House reserves the right to modify, amend, or update these Terms at any time and without notice. Your continued participation in the auction after any such changes constitutes your acceptance of the revised Terms. It is your responsibility to review these Terms periodically for any changes.

Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect, and the invalid, illegal, or unenforceable provision shall be deemed replaced by a valid, legal, and enforceable provision that most closely matches the intent of the original provision.

Entire Agreement

These Terms, together with any other documents incorporated by reference, constitute the entire agreement between you and the Auction House with respect to your participation in the auction and supersede any prior agreements, understandings, or representations, whether written or oral, relating to the subject matter hereof.

By participating in the auction, you acknowledge that you have read, understood, and agreed to be bound by these Terms and Conditions.