Token Functionality Clause Samples
The Token Functionality clause defines the specific uses, features, and limitations of a digital token within an agreement or platform. It typically outlines what the token can be used for, such as granting access to services, representing ownership, or enabling transactions, and may specify any restrictions on transferability or redemption. By clearly delineating the token's role and capabilities, this clause ensures that all parties understand the token's purpose and helps prevent disputes or misunderstandings regarding its use.
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Token Functionality. 5.1 Ownership of Tokens carries no rights, whether express or implied, other than a limited potential future right or expectation to use and interact with the OTCE Platform (as further described in the White Paper ), if and to the extent the OTCE Platform is successfully developed and launched. Any potential future right or expectation relating to the potential future provision and receipt of services on the OTCE Platform shall be subject to any restrictions and limitations set out in these Contribution Terms and/or the Platform Terms (as applicable)). PLEASE NOTE THAT OTCE IS IN THE PROCESS OF UNDERTAKING A LEGAL AND REGULATORY ANALYSIS OF THE FUNCTIONALITY OF TOKENS. FOLLOWING THE CONCLUSION OF THIS ANALYSIS, ▇▇▇▇ MAY DECIDE TO AMEND THE INTENDED FUNCTIONALITY OF TOKENS IN ORDER TO ENSURE COMPLIANCE WITH ANY LEGAL OR REGULATORY REQUIREMENTS TO WHICH IT IS SUBJECT.
5.2 You acknowledge and accept that Tokens do not represent or constitute:
a) any ownership right or stake, share, equity, security, commodity, bond, debt instrument or any other financial instrument or investment carrying equivalent rights;
b) any right to receive future revenues, shares or any other form of participation or governance right in or relating to OTCE and/or the OTCE Platform;
c) any form of money or legal tender in any jurisdiction, nor do they constitute any representation of money (including electronic money); or
d) the provision of any goods and/or services as at the date that these Contribution Terms form a binding agreement between the Parties.
5.3 Protections offered by applicable law in relation to the purchase, holding and/or sale of the instruments and/or investments referred to in clause 5.2 above shall not apply to any contribution made under these Contribution Terms for the purchase of Tokens or to your holding or sale of Tokens.
5.4 OTCE makes no warranties or representations and offers no assurances (in each case whether express or implied) that the Tokens shall confer any actual and/or exercisable rights of use, functionality, features, purpose or attributes in connection with OTCE Platform.
Token Functionality. Ownership of the Alive Tokens carries no rights, whether express or implied, other than the potential right to use and interact with the Alive Casino platform, mostly for gambling purposes.
6.1 You Acknowledge and accept that AL Tokens do not represent:
a) Any ownership right or stake, share or equity of the Alive Entertainment company.
b) Any rights to receive future revenues that come from any operations directed by the company. 40% of casino platform’s quarterly earnings will be air-dropped to token holders. The quarterly airdrops are subject to change depending on the company's performance. This terms and conditions do not imply in any case that the airdrop procedures will prevail during the company’s whole life cycle.
Token Functionality. Tokens are only for use in connection with the Project under the terms of the Smart Contract System and only constitute a transferable representation of attributed functions specified in the Smart Contract System. Particularly, the Token shall enable the relevant Token holders to participate in the Association. As the legal understanding relevant for such a synchronization between the Token and the underlying representation is currently dynamic, the effective mechanism shall be defined by the Association at a later point in time and at the Association’s sole discretion. In case legal or regulatory hurdles prevent a synchronization, the Association may at its own discretion decide that rights of the Association will be given to the Contributor in a traditional form and without being linked to a Token. The specifics of the tokenomic structure are illustrated in the embedded Annex 2. Apart from the functionality defined above, the Contributor understands and accepts that Tokens is a utility token under FINMA’s ICO Guidelines1 and do not represent or constitute any ownership rights or stake, share or security or equivalent rights nor any rights to receive future revenues, shares in or relating to the Association or Project other than defined above. Particularly, the Tokens do not create or confer any enforceable contractual or other obligations against any Party (including the Association, the Project team members or other developer, auditors, contractors or founders associated with the Association, or the Project). Additionally, the Contributor understands and accepts that he/she has no right to claim as holder of Tokens any intellectual property rights, equity or equivalent rights or any other than defined above. By transferring the Contribution Amount to the Association and/or by allocating the Tokens, no form of partnership, joint venture or any other similar relationship between the Contributors and the Association is created.
Token Functionality. 5.1. Ownership of OWL Tokens carries no rights, whether express or implied, other than as per clause 3. above.
5.2. In particular, you understand and accept that OWL Tokens do not represent or constitute:
1. any ownership right or stake, share, equity, security, commodity, bond, debt instrument or any other financial instrument or investment carrying equivalent rights;
2. any right to receive future revenues, profits, shares, equities, securities or any other form of participation or governance right in or relating to the OWL Token, GNO Token, the OWL Token Generation Interface, Gnosis, its products, services and/or platforms;
3. any form of money or legal tender in any jurisdiction nor do they constitute any representation of money (including electronic money).