Dealing with Futureverse can mean acquiring digital Assets (including non-fungible tokens/NFTs) (Digital Assets) and interacting with Smart Contracts (code written into a blockchain that executes the terms of an arrangement or agreement). This involves risks, some of which are set out here.
Capitalised terms not defined here mean the same as in the Futureverse FuturePass Account Terms and Conditions (here).
- Futureverse Digital Assets are not investments or financial products, however, all forms of participation in Digital Assets involve a substantial risk of loss if you wish to sell them and it may not be appropriate for you. Futureverse Digital Assets have no inherent or intrinsic value. Their value is inherently subjective. Past results are no indication of future performance. Futureverse Digital Assets do not give you any right or power to take part in the management, direction, or economic benefits of Futureverse. We do not guarantee their value.
- Futureverse is not a registered broker, analyst, or investment advisor. Any content that we provide you is purely for guidance and informational purposes and should be independently verified and confirmed. None of the information provided is intended to advise you personally concerning the nature, potential, value or suitability of any particular Digital Asset, portfolio of Digital Assets, transaction, strategy or other matter. You are also solely responsible for understanding how your activities in relation to Digital Assets and Smart Contracts are taxed under the laws applicable to you.
- Neither we, nor any related third party, provide any guarantee as to the accuracy, completeness, or suitability of the information and materials found on any Futureverse operated websites, whitepapers or otherwise in relation to Futureverse, Digital Assets, and any associated Smart Contracts. Our liability to you is as set out in the Terms.
- Digital assets are the subject of scrutiny by government authorities and other regulatory bodies worldwide, and Futureverse, Digital Assets and/or Smart Contracts could be adversely affected by one or more inquiries or actions.
- Digital Assets may only be purchased in jurisdictions in which their marketing, legality, holding, and distribution are authorised. Smart Contracts may only be used in jurisdictions in which their use is authorised. Any violation of the laws of your jurisdiction by you, is your responsibility.
- Blockchain technology is still in a relatively early stage of development and is not completely proven. Any malfunction, flaws, or breakdown of the underlying blockchains may have a material adverse effect on Digital Assets and/or Smart Contracts. An upgrade to the underlying blockchain, a hard fork, or a change in how transactions are confirmed on the blockchain may have unintended, adverse effects on your Digital Assets or use of our Smart Contracts.
- Futureverse Digital Assets, any associated Smart Contracts and accompanying services provided by Futureverse or its affiliates are still under development and may undergo significant changes over time. Although Futureverse intends for the above services to function as described in the Terms and intends to take commercially reasonable steps toward those ends, Futureverse or its affiliates may have to make changes to the specifications of those Digital Assets, Smart Contracts and services for any number of legitimate reasons. This could create the risk that the services, as further developed and maintained, may be altered as compared to the descriptions provided.
- The functionality of Digital Assets is complex and may require enhancements and product support over time. Additional functionality either may not eventuate or may take longer than expected.
- Futureverse implements industry standard security measures; however, Futureverse cannot predict the success of any security precautions. Futureverse may be subject to data breach or data loss.
- The transmission of information over the internet (including via Smart Contracts) is not completely secure or error free. You should stop transacting when it is clear there has been a breach of security or a system failure that poses a risk to security exists (such as malware, ransomware or phishing).
- Advances in code cracking, or technical advances such as the development of quantum computing, may present risks to Digital Assets and/or Smart Contracts, and could result in the theft or loss of Digital Assets.
- Digital Assets and Smart Contract transactions are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the processing power on the relevant blockchain. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of Digital Assets will not be reversible, and there may be no compensation for any such transfer or theft. Such loss could adversely affect the value of Digital Assets.
- The secondary trading of Digital Assets such as NFTs may be facilitated by third-party exchanges or Smart Contracts. Such exchanges or Smart Contracts may be relatively new and subject to little or no regulatory oversight, making them more susceptible to fraud or manipulation. Furthermore, to the extent that third parties ascribe an external exchange value to Digital Assets (e.g., as denominated in a digital or fiat currency), such value may be volatile and diminish to zero for some or all times.
- In summary, the underlying technologies of Digital Assets and Smart Contracts are a new technology. In addition to the risks included here, there are other risks associated with them, including those that Futureverse cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the risks discussed here.