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Terms of Service

Chapter 1. Purpose and Effectiveness 

 

Article 1 (Purpose)

Herein Terms of Service aims to stipulate basic matters such as rights, 

obligations, responsibilities, conditions, and procedures between the Company 

and Users (hereinafter referred to as the “User”) in relation to the use of the Service 

(hereinafter referred to as the “Service”) services provided by IBCT (hereinafter referred to as the “Company”).



Article 2 (Definitions) 

The following are the definitions of the words used in Terms of Service.

1. Service : A service that provides blockchain infrastructure services and blockchain IT solutions for NFT creation and transaction

2. Blockchain :  It is a technology that sequentially connects each block, such as a chain with data in an electronic block, records transaction details in books that anyone can read, and duplicates and stores them on each computer participating in the blockchain network

3. Mobile App: A mobile application where the Company's services are provided

4. User: An individual person or corporation or public institution, and the like that access the Service of the Company, sign up for a contract for usage with the Company according to the Terms of Service, and use the Service provided by the Company

5. Username: The combination of letters and numbers or a User’s email address which a User decides and the Company approves for the identification of the User and use of the Service

6. User Information: The information (The information as in Subparagraph 1 of Article 3 in Framework Act on National Information, including the personal information and credit information if the User is an individual) that a User stores or manages in the Service of the Company

7. Business Day: A business operation day when banks in South Korea are open for business

8. Service Fee : When a user purchases/sells NFT, the service consideration received by the Company from the User

9. Artist/Agent : Users approved by the company after applying for a writer/agent for NFT sales

10. Push Notification Service: A service in which the company sends a message to the user's terminal by utilizing the data communication function of the mobile device notification service

11. NFT: Non-Fungible Token is a data unit stored in the blockchain, a unique and un-interchangeable token

12. Wallet :  A wallet service which allows free access of a User’s terminal to a solution service that provides digital asset transfer within RealCollection

13. Wallet Address: A unique identification address that exists to record changes in digital assets between Users in the service

14. Digital Work: Digital art content that utilizes electronic technology as a core element of creation and expression

15. Auction: A service that sells the ownership of digital works through an auction

16. Edition: A service that sells the ownership of digital works with a limited number of copies

17. Ownership: Rights including the right to hold digital works, the right to use digital works, and the disposal of digital works

18. Retention: The right to preserve digital works purchased within the service without time limit

19. License: The right to display and appreciate digital works purchased within the service as they are, or to post them on social network services or public bulletin boards for non-commercial purposes

20. Disposition right: The right of a User who purchased ownership of a digital work within the service to transfer ownership of the digital work or sell it to another User

 

Definitions of terms used in these terms and conditions shall be governed by relevant laws and general commercial practices, except as provided in the preceding paragraph.

Article 3 (Revision of Terms) 

1.  The contents of these Terms of Service are posted on the screen of the service or notified by other means. The Terms are applied to services provided when a User accesses and uses the service of the Company and signed the service contract. 

2. The Company can revise the Terms through a reasonable method such as publishing the revised Terms on its service website. In this case, the Company specifies the effective date while posting details at least 15 days prior to when the revised Terms become effective and notifies Customers through its service website. If the revision of terms to be unfavorable to users, it will be notified 30 days prior to the effective date. 

3. If the User does not clearly refuse the amendment within 7 days after receiving announcements or notifications of the revised Terms from the Company as specified in the preceding paragraph while the Company also notifies the User that non-response to the amendment within 7 days would be regarded as agreement, then it is regarded that the User has agreed to the revised Terms. 

4. User may terminate the contract of use if the User does not agree to the application of the revised Terms. 

5. In principle, these Terms of Service shall be applied from the date the user agrees to these terms until the termination of the contract of use pursuant to Article 9 of these terms and conditions. However, some provisions of these Terms of Service may remain 

valid even after termination of the contract of use.

6. Matters not stipulated in these terms and conditions shall be governed by the relevant laws or services operating policies and rules. 

 

Chapter 2. Use of Service  

 

Article 1 (Contract Establishment) 

1. An username is required to sign up for the Service. 

2. The service use contract is established when the user agrees to the Terms of Service, and then the company confirms and approves it. 

3. Artist/Agent type is confirmed after a separate approval process after signing up as general User.

 

Article 2 (Restrictions) 

1. In principle, the company approves the applicants' signup of services pursuant to Article 4. However, in each of the following cases, the company may withhold or refuse to accept the consent until the case is resolved.

 

- The User under the age of 19 tries to sign up

- The User intends to sign up using another person's name or e-mail address

- If there is no realistic room in the capacity of the service provider 

- If it is deemed that there is a problem with the technical part for providing services

- If the Company recognizes financial and technical necessity

- The User who has received a measure to suspend the use of services from the company, unilaterally terminates the service use contract and re-apply for signup during the period of the measure 

- The User violates other relevant laws and regulations or the standards set by the Company, such as detailed guidelines, etc 

2. The User is found to have signed up to the service in violation of the above paragraph, the company may immediately suspend the User's use of the service or impose appropriate restrictions. 

3. If the Company recognizes financial and technical or business-related necessity, the company may withhold the approval of service sign-up until the cause is resolved.



Chapter 3. Service Use

 

Article 1 (Service Provision) 

1. The Company provides the following services to User.

① Create a new address for account
② Check the purchased digital works and assets
③ Transfer of digital works and assets
④ Any services additionally developed by the Company or provided to User through partnership agreements with other companies

2. The Company provides services such as sending coin and management for User. The User can download and install services from the smartphone's application store, install them directly on their PCs, or access web pages to use the service. 

3. The Company can provide an updated version of the software needed for better service. Software updates include adding important functions or removing unnecessary features. 

4. The Company can display various notices, management messages, and other advertisements related to the use of the service within the service. However, in the case of sending advertising information, it can only be sent if it is agreed by User in advance.

 

Article 2 (Change and Termination of Service) 

1. The Company does its best to provide service 24 hours, 365 days a year, non-stop. 

However, in each of the following cases, all or part of the service may be restricted or suspended.

① In case of regular or temporary maintenance and repair of service 

② In case of disruption to normal service due to power outage, equipment failure, or excessive usage

③ In case all or part of the service cannot be maintained due to various circumstances of the company such as government orders/regulations 

④ In case of force majeure, such as other natural disasters or national emergencies 

2. In case of service interruption according to the preceding paragraph, users are notified in advance through the mobile app and website. However, this is not the case if prior notice is not possible due to reasons that cannot be predicted or controlled by the Company (Disk or server failure that's not because of the Company's negligence, system down, etc.). Even in this case, the Company will restore the service as soon as the situation is back to normal. 

In addition, if the Service is suspended under the preceding paragraph, the Company will not be liable for any damages caused by it unless it is intentional or negligent.

3. The service allows you to send your digital assets to an external account address. The User is responsible for the accuracy of the external account address provided by the User, and the Company is not responsible for sending digital assets to the external account address incorrectly entered by the User. Digital assets sent to external account addresses cannot be recovered.

 

Article 3 (Consignment of digital works & etc)

1. The consignor or consignee may sell and entrust digital works to the company so that they can be sold in an auction or edition within the service. However, in each subparagraph, the company may restrict or suspend the sales consignment of the consignor or consignee:
① In the case where it is difficult to confirm that the original author and consignor of the artwork are the same person when an image of an existing artwork with a separate won exists in the production of a digital work, or it is difficult to confirm the copyright license relationship between the original author and consignor of the artwork.

② Where the nature or characteristics of the digital work entrusted by the consignor do not conform to the company's service/content-related policies or may be deemed inappropriate according to social norms
③ In the event that an agreement on the starting price or selling price of a digital work between the consignor and the company cannot be reached
④ In a case where there is a concern that a work that the consignor does not hold a copyright has been improperly used in a digital work entrusted by the consignor
⑤ Where there is a concern that the consignor, etc., participated in the auction and edition sales in an inappropriate manner, such as false bidding, false signing of transactions, and manipulation of bid prices, etc. to affect the sale price of the entrusted digital work
⑥ In the case where the Company finds it inappropriate

2. The consignor is responsible for the following obligations.
① The consignor must have the right to legally transfer the digital works he or she entrusts for sale, and is obligated and responsible to guarantee that he or she has legitimate ownership or original copyright.
② The consignor is responsible for suspending the exercise of copyrights (the right to reproduce the original work, etc.), which are exclusively transferred to the owner of the digital work at the same time as the successful bid or sale of the digital work.
③ The consignor shall ensure that the transfer of ownership of the digital art he/she entrusts for sale does not violate these terms and conditions and all other relevant laws.

3. The consignor cannot arbitrarily withdraw the sales consignment of digital works, etc., and in case of unavoidable withdrawal, the company must notify the company in writing at least three business days prior to the arrival of the sales date, and the company may claim compensation.

4. Unless a disadvantage occurs due to the company's intention or negligence, the company shall not be liable for digital works that have not been auctioned off or sold.

 

Article 4 (Bid and sales method)

1. Prior to selling entrusted digital works through auction and edition methods, the company conducts prior guidance to Users according to the period discussed with the consignor.

2. The company proceeds with the sale of digital works entrusted in compliance with the schedule discussed with the consignor. However, the company may change or suspend the scheduled auction and edition schedule without prior notice for smooth service provision.

3. When selling digital works through an auction method, the company operates the auction closing time, and the User who offered the highest bid price at the auction closing time becomes the successful bidder.

4. Users cannot cancel after bidding for an auction, so please be aware of the precautions for participation in the auction. However, exceptions are made in the event of serious technical problems in which the bid price of a User is registered abnormally.

5. If a company is concerned about a User's illegal use of the service in providing the service to a User, the company may restrict the provision of the service to the User for a certain period or permanently. Users may raise objections to the restriction on use, and the company notifies the User of the confirmation result after a two-week confirmation period after being notified of the User's objection.

6. The goods that Users can use to participate in the sale of digital works through auction and edition sales are limited to KRW (KRW) or USD. However, the goods may be added or changed depending on the company's circumstances, and in this case, the Users will be notified in advance.

7. Users cannot withdraw digital works purchased through auction or edition for the characteristics and technical reasons of digital works.



Article 5 (Use of paid services)

1. Sales fees will be charged for the sale of digital works within the service. This is borne by the seller for payment fees and platform operating expenses.

2. If a User who wins a digital work through an auction inevitably wants to withdraw the bid, he/she must notify the company of his/her intention to withdraw the bid within seven days of the date of receipt of the bid, and a fall-out fee may be incurred.

3. Service fees already charged cannot be returned to the User for any reason.

 

Article 6 (Guarantee of Digital Works)

1. In principle, the company does not guarantee any digital works sold through auction and edition methods. In addition, it is not guaranteed by the company as a reference to the subsidiary description, price, or other text of the digital work expressed by the company, but the consignor is obligated and responsible for the entire digital work and content sold on consignment.

2. The consignor is obligated to guarantee a specific digital work, and the consignor may request compensation for damages incurred to the bidder and other damages incurred to the bidder.

 

Article 7 (Cancellation & etc)

1. Users cannot cancel or refund purchased digital works if they fall under any of the following subparagraphs.

① In a case where it is difficult for the company to determine whether a User owns a work because the certificate of ownership of a digital work purchased within the service is deleted due to reasons attributable to the User.

② If a User has applied for or received perks or special benefits provided after purchasing a digital work, or the history of using them online or offline is inquired.

③ In the case where the NFT ownership of the purchased digital work is transferred,

2. Notwithstanding the above regulations, damages may be compensated if the contents of the digital work are different from or implemented differently from the contents indicated.



Article 8 (Obligation of User) 

1. User should not engage in the following acts. 

- The act of writing false information, stealing or illegally using another person's account 

and password, using another person's name, or performing text message (SMS) authentication without the name owner's permission 

- The act of copying, distributing, or commercially using information obtained 

using the Company's service information without prior consent from the Company 

- Change of information posted by the company

- Transmission or posting of information (computer programs, etc.) other than information determined by the company

- Infringement of intellectual property rights such as copyrights of the company and other third parties

- Acts that damage the reputation of the company and other third parties or interfere with business

- Disclosure or posting of obscene or violent messages, videos, voices, and other information in violation of social order to the service

- Exchanging digital assets or cards in an abnormal way

- The act of exchanging transactions, etc. for speculative purposes rather than normal service use

- The act of using digital assets or cards to motivate and implement illegal activities

- Illegal activities such as multi-level, similar reception, etc

- Other illegal or unfair acts

- Transmitting advertising information or spam mail against the recipient's explicit refusal to receive information that may interfere with the operation of the service or its stable operation, or without the recipient's explicit consent

- Copy, modify, distribute, sell, transfer, lend, provide collateral with a service or part of the included software without the consent of the company, reverse design of the software, or attempt to extract the source code

- The act of impersonating others 

- The act of distributing false information for the purpose of causing damage, such as giving property benefits to oneself or others or causing damage to others 

- The act of posting information (including computer programs) prohibited by relevant laws and regulations 

- The act of posting or sending an e-mail, message and pretending to be an employee or an operator from the Company or affiliated company, or by stealing another person's name

- The act of posting or sending by email, message, etc., data containing software viruses or other computer codes, files, or programs that may interfere with or destroy the normal operation of computer software, hardware, and telecommunications equipment. 

- The act of violating the detailed guidelines for services provided by the Company, 

such as other current laws, these terms and conditions and operating policies 

2. Users cannot transfer or give other people the right to use the service or other status under the contract of use, and cannot provide it as collateral.

3. If a user fails to comply with all relevant laws, conditions, or policies, the company may investigate violations of the user and may temporarily or continuously suspend the user's use of the service, restrict re-subscribe or reuse may be restricted.

4. In principle, restrictions on use are phased out from temporary to permanent restrictions depending on the cumulative level of violations, but for cases requiring urgent risk or damage due to obvious illegal activities prohibited by relevant laws or infringement of other people's rights, their use may be restricted immediately and permanently.

5. Users must store the Private Key provided by the service in a separate device or place.

6. If the user loses the Private Key and fails to use the service, the company cannot recover the contents. The company is not responsible for any damage to users caused by this.

 

Article 9 (Halt or Termination of Service) 

1. If the User deletes the mobile app from the User's device and the company finds out, the Company considers it a service suspension. 

2. If the service is suspended, all data, including personal information, will be deleted except for keeping some of the user's information in accordance with relevant laws and the Company's personal information processing policy. However, since information recorded on blockchain cannot be technically deleted. But even if the use of the service is stopped/discontinued, information on blockchain is not deleted because of its characteristics.

3. Even if the service is suspended, the User can re-apply for the contract of use with the Company's service again by reinstalling the mobile app. At this time, only if the Company retains the User information without deleting it, it can be retrievable for the User's previous information. However, if the User terminates the service contract while the use of the service is suspended due to non-compliance with the relevant laws, these terms and conditions and detailed guidelines, applying for the service contract again may be getting into a time limit for service signup.

 

Article 10 (Protection of Personal Information) 

Handling of users' personal information safely is the most important thing for the Company. The User's personal information is used only within the purpose and scope agreed by the User for the smooth provision of services. The Company does not provide 

the User's personal information to a third party unless the User agrees otherwise or 

in accordance with the relevant laws.

The service does not record users' personal information that can identify users on blockchain and faithfully fulfills all personal information protection obligations in accordance with personal information protection laws. For details on how the Company handles Users' personal information, please refer to the personal information processing policy.

 

Chapter 4. Others 

 

Article 1 (Damages) 

1. The Company does not make any arrangements or guarantees for specific matters not specified in these terms and conditions regarding the service to the extent permitted by relevant laws and regulations. In addition, the company shall not be liable for damages incurred by Users. 

2. The Company will compensate the user for damage in accordance with these 

terms and conditions and related laws and regulations if the user suffers damage due to the Company's negligence. However, the Company is not liable for the maximum extent permitted by governing law for any loss or damage that occurs in association with the following, even if such event is foreseeable.

- Force majeure such as natural disasters or wars

- The User’s intention (including deliberate negligence), omission or negligence (including, but not limited to the case where The Company is not responsible for User losing private key)

- Failure of telecommunications services provided by a service provider other than the Company

- Damages caused by a third party's illegal access to or use of the Company's server

- Damages caused by a third party interrupting transmission to or from the server of Company

- Damages caused by a third party transmitting or distributing malicious programs

- Damages caused by omission, destruction, etc. of transmitted data, damages 

incurred in the process of using the service by a third party, such as defamation, etc.

- And other damages that have nothing to do with the Company's fault 

3. The Company is not responsible for the loss of revenue expecting User using the service. In particular, the Company does not take any responsibility for the User's transaction or purchase of crypto assets on the Service.

4. Unless the Company is at fault, the Company is not obligated to intervene in disputes arising from Service between User or and third parties, and is not liable to compensate for damages caused by them. 

 

Article 2 (Notification to User) 

When the notification should be sent to all Users, the Company may post the notification on the service website for 7 days or more. 

 

Article 3 (Dispute Resolution) 

If a dispute arises between the Company and User in relation to the use of the service, the Company will sincerely consult to resolve the dispute. If it is still not resolved, User may file a lawsuit in a court of competent jurisdiction under the Korea's Civil Procedure Act. 



Supplementary Provision

This Terms of Service V.1.0.0 will be effective from December 1, 2021.