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Terms of Use

NFT Terms of Use

Article 1 (Purpose)

The purpose of these Terms of Use is to define the rights and obligations of the members of Upbit (hereinafter referred to as "Members"), who have agreed to the Upbit Terms of Use, and Dunamu Inc. (hereinafter referred to as the "Company") regarding the trade of NFTs (defined in Article 2 of these terms) within the Upbit service (hereinafter referred to as the "Service") provided by the Company, and to provide for any other necessary matters.

Article 2 (Definitions)

The terms used herein shall have the following meaning:

1. "NFT" means a non-fungible token issued in the form of a digital asset based on blockchain technology, which includes metadata information about "digital content" such as images, videos, music, and books. NFTs traded on Upbit are classified into the following two types.

  • a. "Upbit drop NFT" means the NFT that was first distributed by an "NFT issuer" through Upbit
  • b. "Externally issued NFT" means the NFT that was first distributed without going through Upbit

2. "Digital content" refers to a work in digital form, such as digital image, video, music, and book, and other digital work that is linked 1:1 to the relevant NFT by the issuer at the time the NFT is issued and is not changed unless there are special circumstances.

3. "Digital content online exhibition" means an online screen such as a website or app that allows viewing and appreciation of "digital works" associated with NFT, as well as the server and database necessary for its implementation.

4. "NFT Marketplace" means an online platform where NFTs can be traded, and the servers, databases, and other necessary components required for its implementation. Unless otherwise specified, the "NFT Marketplace" in these Terms of Use refers to the NFT service (as defined in subparagraph 8 of this Article) provided by the Company.

5. "NFT issuer" means the person who first issues and distributes NFT.

6. "NFT IP" means all legal rights necessary to perform the following acts:

  • a. Production of "digital content" [including (i) by acquiring intellectual property rights to the "digital content" itself or (ii) by obtaining intellectual property rights or licenses necessary for creating the "digital content" through a consignment contract with the original copyright owner, etc.]
  • b. Issuing and distributing NFTs linked to "digital content"
  • c. Guaranteeing "NFT holder's rights" (defined in Article 3) to holders of issued and distributed NFTs.

7. "External deposit and withdrawal" means the act of depositing and withdrawing digital assets, including NFTs, between a digital asset wallet operated by the Company and a digital asset wallet operated by a third party outside the Company or an external personal wallet.

8. "NFT service" means NFT-related service(s) provided by Upbit.

9. "Collection" means NFTs distributed in the same smart contract, and if the "NFT issuer" or the Company classifies them differently, it refers to NFTs according to that classification.

10. "Auxiliary content" refers to a work in digital form, such as a preview image or logo image, displayed to indicate the status, location, characteristics, etc. of an NFT, and does not fall under the category of "digital content".

Article 3 (NFT Holder’s Rights)

  1. NFT holders have the right (hereinafter referred to as "NFT holder's rights") that the "NFT issuer" or a third party with proper authority has granted or allowed to the NFT holder in relation to the NFT, and the content of the "NFT holder's rights" may vary for each NFT.
  2. If the "NFT holder's rights" are displayed within the service, such display may not fully reflect the rights granted to the NFT, and the person intending to purchase the NFT should confirm the specific content of the rights granted for each NFT through the medium (e. g. web page) provided by the "NFT issuer."
  3. NFTs generally do not mean specific rights themselves, such as intellectual property rights including copyright, trademark rights, portrait rights, or rights to merchandise, and does not mean the possession of the digital content associated with the NFT or the acquisition of intellectual property rights such as copyright for the digital content. However, this is not the case if the "NFT issuer" or "NFT IP" holder has specified otherwise.
  4. The "NFT holder's rights" can only be exercised while the NFT is lawfully held. If the NFT is transferred to another person, the transferor will no longer be able to exercise the "NFT holder's rights." The "NFT holder's rights" may not be guaranteed to a person who receives the NFT through an unofficial or illegal transfer method, or violates related laws and regulations, which is not supported by the "Company."

Article 4 (Notes on NFTs)

  1. The NFTs traded on Upbit are NFTs based on the Luniverse NFT protocol of the Luniverse chain operated by Lambda256 Co., Ltd. (hereinafter referred to as "Lambda256") or NFTs based on the ERC protocol of the Ethereum chain, etc., and the Company may support transactions on new NFT chains and/or protocols.
  2. The Company is a mediator for NFT transactions and is not a party to NFT transactions. The "NFT holder's rights," "NFT IP," and/or responsibility for NFT transactions are borne by the "NFT issuer" and/or seller, and the Company does not provide any guarantees regarding the authenticity of the "digital content" associated with the NFT or the integrity of the "NFT holder's rights" and "NFT IP." However, in the event that the Company intentionally or negligently causes damages, the Company shall be liable within the scope prescribed by law.
  3. Without separate development support, NFTs cannot be transferred to wallets of other chains. If an NFT is transferred to a wallet of a different chain other than its base chain, the Company shall not be responsible for any damages, compensation, or recovery support unless the Company’s act is intentional or negligent.
  4. The Company may use the digital content associated with NFTs for promotional purposes related to Upbit and NFT transactions within Upbit.
  5. The opening of a "digital content online exhibition" may vary for each NFT, and the Company does not guarantee the opening of a "digital content online exhibition" for each NFT.
  6. Taxes and public charges incurred in connection with NFTs shall be borne by the taxpayer designated by the relevant laws and regulations. However, this is not the case if a person who is not a taxpayer in relation to a certain NFT decides to pay taxes public charges for a specific transaction.

Article 5 (Precautions related to NFT service)

  1. The Company has the independent authority to determine the scope of the services provided by the "NFT Marketplace" (including, but not limited to, the type of NFT chains and/or protocols supported for trading, whether bridge is provided, whether individual NFTs are supported for trading, the trading support period, and whether external deposits and withdrawals are supported), and the scope of services provided for each NFT may vary.
  2. On the service screen, (i) all NFT-related information that can be distributed or traded in the "NFT Marketplace" (such as "NFT issuer," creator, and digital content-related information) and (ii) the member's nickname, transaction related information (transaction date and time, transaction amount, current sale status, desired sale price, retained NFT history, etc.), and activities within the service may be disclosed.
  3. If the "NFT issuer" provides evidence that action is required for previously distributed or currently being distributed NFTs (including, but not limited to, reasons such as errors in the NFT, its metadata or distribution-related data that need to be corrected, etc.), the Company may suspend the distribution and/or trading of the NFT and require the "NFT issuer" to take necessary measures to issue error-free NFTs (including, but not limited to, the burning of the relevant NFT and issuing a new error-free NFT). The Company shall notify the member of the reason and content of the measures taken within 5 business days after cooperating with the measures of this paragraph.
  4. The Company may announce within the service about events held by an "NFT issuer" in relation to an NFT if requested by the "NFT issuer." The responsibility for such NFT-related events lies with the "NFT issuer," and the Company shall not be liable for such NFT-related events unless there is willful misconduct or negligence on the part of the Company.
  5. If an “Arbitrary Deposit” occurs in accordance with Article 15, Paragraph 11 of the Upbit Terms of Use with the intention of providing separate NFT(s) to NFT holder of a specific type of NFT, and the Company decides to proceed with deposit processing or recovery support for the aforementioned “Arbitrary Deposit,” the NFT(s) deposited as “Arbitrary Deposit” can be randomly distributed to the “NFT holders” who are the targets of the Arbitrary Deposit. If additional actions other than simple holding of NFTs (application, filling in digital addresses to be deposited, etc.) are required for the occurrence of "Arbitrary Deposit," the "NFT holder" must perform this independently, and the Company shall not bear responsibility for them unless there is an intent or gross negligence on the part of the Company.
  6. The Company may suspend, discontinue or terminate the transaction support for individual NFTs if any of the following applies, and there will be no external deposit support for NFTs whose transaction support has been suspended, discontinued or terminated.
    1. In case of Paragraph 3 of Article 5
    2. If a dispute arises in relation to the rights to "digital content" or "NFT IP" (including, but not limited to, cases corresponding to Article 8)
    3. If the "NFT issuer" is confirmed to be in a special relationship (as defined in Article 34, Paragraph 4 of the Enforcement Decree of the Commercial Act) with the Company
    4. If the operation of the chain and/or protocol on which the NFT is based is discontinued
    5. If NFT-based content is lost or distribution through other distribution channels of NFT based on similar content is confirmed
    6. In the event of a significant abnormal transaction related to NFT
    7. If it corresponds to the reason for the termination of digital asset trading support specified in Paragraph 4 of Article 15 of the Upbit Terms of Use
    8. Or similar to the reasons in each subparagraph above or where the need to terminate transaction support is recognized for the protection of Upbit NFT members
  7. If NFT trading support is suspended or terminated in accordance with Paragraph 6 of this Article, with the exception of the provisions of subparagraph 2 of Paragraph 6, (i) the Company shall support external withdrawals of the relevant NFT for at least thirty (30) days from the date of discontinuation of trading support for existing NFTs that were allowed for external deposits and withdrawals, and (ii) for NFTs for which external deposits and withdrawals were not permitted, the Company shall support the download of digital content associated with the relevant NFT (Digital content downloaded in accordance with this clause may only be used for the purposes and methods within the scope of "NFT holder's rights").
  8. In the event of the following circumstances, the Company may terminate part or all of the NFT services, and in this case, those holding NFTs for which the services have been terminated may no longer exercise "NFT holder's rights" within the Company's NFT service. If the Company terminates part or all of the NFT services, Paragraph 7 of this Article shall apply mutatis mutandis. The method of prior notice of NFT service suspension or termination, support for external withdrawals after termination, and other matters not stipulated in this Article shall be subject to the Upbit Terms of Use..
    1. If "Lambda256" discontinues the operation of the Luniverse Chain Luniverse NFT Protocol
    2. If it is necessary to terminate all or part of the existing NFT services due to a direction or recommendation from a government agency, relevant laws, or regulations
    3. If it falls under the reasons for suspension of services defined in Paragraph 3 of Article 15 of the Upbit Terms of Use

Article 6 (Prohibited Acts and Termination)

  1. Members may not engage in the following acts regarding NFTs and related digital content distributed on Upbit as follows; provided, however, that this shall not apply where "NFT Issuer" or the holder of "NFT IP" otherwise determines in cases of a. to d.:
    1. Posting modified or distorted digital content
    2. Using digital content for commercial purposes, such as advertising their own or third-party products or services
    3. Issuing a separate NFT associated with digital content
    4. Registering or acquiring separate intellectual property rights by abusing digital content available under "NFT Holder's Rights"
    5. Manipulating NFT prices abnormally by submitting multiple orders through auction methods or by placing matched order in trades conducted through negotiations with specific members, among others
    6. Externally depositing or withdrawing NFTs in ways other than those provided by the Company
    7. Any other act equivalent to the above subparagraphs
  2. In the event of a violation of the preceding paragraph, the Company may restrict the use of the service and request correction. In the event that the violation is not corrected within a reasonable period of time despite the correction request or the same violation is repeated twice or more, the NFT Terms of Use and/or the Upbit Terms of Use may be terminated.
  3. Members cannot withdraw from the service while holding NFTs. Members can withdraw from the service after disposing of or "externally withdrawing" the NFTs they hold. However, members may request the incineration or disposal of their NFTs before withdrawing from the service, and if the Company responds to the member's request, the member may not request the return of the incinerated or disposed NFTs. However, this is not the case if the Company’s act is intentional or negligent.
  4. The application of Articles 10, 17, 18, and 20 of the Upbit Terms of Use. is not excluded in accordance with this Article.

Article 7 (Notice Regarding NFT Trading Method)

  1. The initial distribution of the "NFT" within Upbit (hereinafter referred to as "NFT 1st Trade") will be conducted through Dutch auction, English auction, fixed-price auction, or other methods as instructed by the Company. Members who wish to participate in NFT 1st Trade must fully understand and be familiar with each sales method as described at the bottom of the screen. To prevent false bids intended to manipulate the price during NFT 1st Trade, the Company may restrict bid cancellations.
  2. Members can "externally deposit" their "externally issued NFT" to the virtual asset wallet operated by the Company according to the method supported by the Company. If a member makes an "external deposit" of an "externally issued NFT" into the Company’s virtual asset wallet, the member delegates the "external deposit" authority to the Company for the entire collection to which the "externally issued NFT" belongs upon the initial deposit. Members may revoke the delegation rights granted to the Company in the manner provided by the corresponding wallet service.
  3. The Company may mediate transaction of NFTs held in a Member's personal wallet, in such case the Member may not withdraw their trade application or halt the trade once it has begun to be processed by the Network.

Article 8 (Objection regarding Digital Content)

  1. Any person who claims that their copyright or other rights have been infringed by the NFT or digital content associated with such NFTs distributed through the "NFT Marketplace" provided by the "Company" (hereinafter referred to as the "rights claimant") may request the "Company" to cease the use and distribution of the relevant NFT by providing evidence.
  2. If the "Company" receives a request to cease the use and distribution of an NFT pursuant to paragraph 1, it shall immediately suspend transaction support for the relevant NFT and notify the rights claimant, members who hold the NFT, and the "NFT issuer" of such fact.
  3. If the "NFT issuer" who has received the notification pursuant to paragraph 2 proves that the Member has a legitimate right and requests the resumption of the use and distribution of the NFT, the "Company" shall notify the rights claimant and members who hold the NFT of the request for resumption and the expected resumption date without delay and resume the "NFT holder's right" on the expected resumption date. However, this shall not apply if the rights claimant has notified the Company of filing the lawsuit against the "NFT issuer's" infringement before the expected resumption date.
  4. If a "rights claimant" asserts a rights infringement associated with a specific NFT and associated digital content and/or "NFT IP," the "Company" shall suspend transaction support and other service provision for the relevant NFT in accordance with this Article and paragraph 6 of Article 5, and shall promptly inform the "rights claimant" and the "NFT issuer" of such fact. The "Company" shall make efforts to mediate discussions between the "rights claimant" and the "NFT issuer" to resolve the dispute as soon as possible. The Company may resume the suspended NFT transaction mediation depending on the conditions of the dispute settlement.
  5. The Company shall not be liable for any damages incurred by a member who holds an NFT if the dispute between the NFT issuer and the rights claimant is not resolved. However, if such damages are caused by the intentional or negligent act of the Company, the Company shall be liable within the limits prescribed by law.
  6. The Company may suspend the display of a specific "auxiliary content" and replace it with a separate image designated by the Company if someone raises a claim to the "Company" that his or her copyright, portrait rights, or other rights have been infringed by the said "auxiliary content" and provides evidence to substantiate the claim, or if there is a possibility of such a claim being raised.

Article 9 (Relationship with Upbit Terms of Use)

  1. Matters not specified in these Terms of Use shall be governed by the Upbit Terms of Use and relevant laws and regulations, and matters not specified in relevant laws and regulations shall be governed by customary practice.
  2. In the event of a conflict between these Terms of Use and the Upbit Terms of Use, these Terms of Use shall take precedence and apply.

Article 10 (Governing Law and Dispute Resolution)

In the event of a dispute arising in connection with these Terms, the law of the Republic of Korea shall apply.

<Supplementary Provisions>

These Terms of Use shall be effective as of April 29, 2024.
Previous versions of these terms and conditions can be found below.

※ This English version of the Upbit NFT Terms of Use is a translation based on the original Korean version of the Upbit NFT Terms of Use . If there is any conflict between the original Korean version and this English version, the original Korean version of the Upbit NFT Terms of Use shall prevail.

- Link to NFT Terms of Use (2024.02.05 ~ 2024.04.28) >
- Link to NFT Terms of Use (2023.10.31 ~ 2024.02.04) >
- Link to NFT Terms of Use (2023.05.08 ~ 2023.10.30) >
- Link to NFT Terms of Use (2023.03.24 ~ 2023.05.07) >
- Link to NFT Terms of Use (2022.02.21 ~ 2023.03.23) >
- Link to NFT Terms of Use (2021.11.23 ~ 2022.02.20) >