i. You Own the NFT. Each PandaPunks is an NFT on the BSC blockchain. When you purchase an NFT, you own the underlying PandaPunks, the Art, completely. Ownership of the NFT is mediated entirely by the Smart Contract and the BSC Network: at no point may we seize, freeze, or otherwise modify the ownership of any PandaPunks.

ii. Personal Use. Subject to your continued compliance with these Terms, PandaPunks grants you a worldwide, royalty-free license to use, copy, and display the purchased Art, along with any extensions that you choose to create or use, solely forthe following purposes: (i) for your own personal, non-commercial use; (ii) as part of a marketplace that permits the purchase and sale of your PandaPunks / NFT, provided that the marketplace cryptographically verifies each PandaPunks owner’s rights to display the Art for their PandaPunks to ensure that only the actual owner can display the Art; or (iii) as part of a third party website or application that permits the inclusion, involvement, or participation of your PandaPunks, provided that the website/application cryptographically verifies each PandaPunks owner’s rights to display the Art for their PandaPunks to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner ofthe PandaPunks leaves the website/application.

iii. Commercial Use. Subject to your continued compliance with these Terms, PandaPunks grants you an unlimited, worldwide license to use, copy, and display the purchased Art for the purpose of creating derivative works based upon the Art (“Commercial Use”). Examples of such Commercial Use would e.g. be the use of the Art to produce and sell merchandise products (T-Shirts etc.) displaying copies of the Art. For the sake of clarity, nothing in this Section will be deemed to restrict you from (i) owning or operating a marketplace that permits the use and sale of PandaPunks generally, provided that the marketplace cryptographically verifies each PandaPunks owner’s rights to display the Art for their PandaPunks to ensure that only the actual owner can display the Art; (ii) owning or operating a third party website or application that permits the inclusion, involvement, or participation of PandaPunks generally, provided that the third party website or application cryptographically verifies each PandaPunks owner’s rights to display the Art for their PandaPunks to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased PandaPunks leaves the website/application; or (iii) earning revenue from any of the foregoing.