Terms of service

These Terms of Service  (referred to as the “Agreement” or “Terms and Conditions”) is made by and between FERRACHINO SERVICES LTD, a private limited liability Company registered in Cyprus with registration number HE443546 having its registered address at Themistokli Dervi, 39, Flat/Office 505, 1066, Nicosia, Cyprus (referred to as the “Company”, “alter world”, “we” “our” or the “website”) and you (“You”, “Your” “Client” “user”) utilizing our services. For the purposes of this Agreement, both the Company and the Client shall collectively be referred to as the parties.

It is important you also read and understand our Privacy Policy and Cookies Policy, which are an integral part of these Term of Service.

 

PLEASE MAKE SURE YOU HAVE READ THESE TERMS AND CONDITIONS CAREFULLY AND UNDERSTOOD EVERYTHING. SHOULD YOU FAIL TO UNDERSTAND ANY OR ALL PROVISIONS DESCRIBED HEREIN, PLEASE CONTACT US. WE MAY UPDATE THESE TERMS AND CONDITIONS AT ANY TIME WITHOUT NOTICE. YOU SHOULD VISIT THIS PAGE PERIODICALLY TO REVIEW THE CURRENT VERSION WHICH IS INDICATED BELOW.

 

Terms of use

ALTER WORLD

The Alter World is the world between virtual and physical reality in which you will be able to own, buy, sell, and deeply customize virtual land or virtual goods (also referred to as “digital assets”) in the territory of Ukraine.

Become a member of Alter World

An important element of our platform is the interactions between the users. The Company encourages interactions between users, but of course you are required always to conduct yourself in a lawful and respectful manner. To be able to buy and sell Virtual Land, to post information to our website or to otherwise interact with other users on you must become a member. To become a member, please complete the registration form in our website.

Suspension and termination of your account

The registration or use of your Account by another person without obtaining our prior express permission will result in the immediate suspension your Account. Any attempt to do so or to assist others (users or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such users being terminated. You acknowledge and agree that you are responsible for maintaining the confidentiality of your Account information, including your password, and for all activity associated with your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review.

A user’s account may be immediately terminated or suspended:

1. If they transmit any information or engage in any conduct on the website that:
   • breaches any applicable law;
   • contains any viruses or any other harmful program;
   • contains any defamatory, obscene or offensive material;
   • intends to incite any religious or racial tensions or engage in any conduct or behavior that is designed to likely to incite religious or racial tensions;
   • promotes violence or discrimination;
   • infringes the intellectual property rights of another person;
   • breaches any legal duty owed to a third party (such as a duty of confidence);
   • promotes illegal activity or breach the privacy of any other person;
   • is threatening, abusive or invade another person’s privacy or be likely to harass, upset, embarrass or annoy any other person;
   • gives the impression that the user conduct originates from us or is approved by us;
   • impersonates another person or to misrepresent your affiliation with another person; or
   • contains any unsanctioned advertising, promotional materials, or other forms of unsanctioned solicitation, including without limitation, junk mail, spam, chain letters or any unsolicited mass distribution of email.

2. If they attempt to transfer, novate or sell their account or otherwise engage in any action seeking to circumvent the normal operation of the website for any reason whatsoever.

Your non-compliance with any request of the Company  in relation to your Account will result in suspension or termination of your Account. You are required to notify us immediately of any unauthorised use of your Account or password, or any other breach of security.

For the avoidance of doubt, any user who violates these rules may be terminated immediately, and thereafter held liable for losses incurred by us or any affected user.

Legal Age of a member

The Company’s services traded are only available to individuals who are at least 18 years old (and at least the legal age in your jurisdiction). You represent and warrant that if you are an individual, you are at least 18 years old and that all registration information you submit is accurate and truthful. The Company reserves the right to ask for proof of age from you and your account may be suspended until satisfactory proof of age is provided. The Company may, in its sole discretion, refuse to offer its services to any person or entity and change its eligibility criteria at any time.

Member’s Obligations

By registering as a member of our Website, you agree to abide by the terms set out below.

1. You acknowledge that any information or material submitted by you to the Website is and will be treated by us as non-confidential and non-proprietary and we may use that material without restriction.
2. When you submit material to the Website, you assign all copyright in the material to us.
3. You are responsible for protecting the confidentiality of your member details and password. You are responsible for all activity that occurs using your member profile.
4. You acknowledge that we cannot confirm the identity of other members or prevent them acting under false pretences.
5. You will not post or transmit any material or information (or conduct any dealing or otherwise treat Virtual Land in a way) which is or is likely to be offensive, defamatory, obscene, unlawful, misleading, deceptive, vulgar, harmful, threatening, abusive, harassing or ethnically or religiously objectionable.
6. You agree not to disrupt the flow of dialogue or otherwise act in a manner which negatively affects other members.
7. You agree not to impersonate any other person.
8. You agree to provide current, accurate and up-to-date information about yourself as required under these terms.
9. You agree not to post or transmit any unsolicited advertising or promotional materials.
10. Any material which you post may be removed by us from the Website without notice at any time.
11. You will not post or transmit any material in which the copyright is owned by another person or entity and you warrant that all material posted is your original work and not sourced from any third party.
12. You will not post any material which contains viruses or other computer codes, files or programs which are designed to limit or destroy the functionality of other computer software or hardware.
13. You accept that any material or information provided by you may be posted in the Website for any other members or guests to read.

Buying and Selling Virtual Land

Registered users will be able to buy and sell virtual land Each tile of Virtual Land will be a virtual equivalent to a real-world measurement of approximately 10x10m, although they may not all be of exactly identical size. The size and positioning of the Virtual Land is established and controlled by us in our sole discretion. The first-sale of each tile of Virtual Land will be based on a value that we assign to it in AW$. 1 AW$ is equal to 1 USD. Future sales between registered users will be decided at a price agreed between those users. The Digital Assets are only of use within the Website and you will have no rights to land of any kind, or any right of alienable ownership of any interest of any kind.

All subsequent sales of Virtual Land between registered users must be conducted through the marketplace that we provide on the Website for that purpose (Marketplace).

Sales of Virtual Land will be conducted in the AW$ – alter world dollars (the digital funds) available to buy from our Website. 1 AW$ is equivalent to 1 USD. Therefore, in order to be able to buy any digital assets from our website, you need first to buy the equivalent amount of the digital asset in dollars, in alter world dollars (AW$).

It is each user’s responsibility to ensure they have sufficient alter world dollars to perform any transaction. Transactions made using the alter world dollars are ultimately settled through payments of USD amounts equivalent to the alter world dollars, between Payment Accounts, credit cards, or any other method that we accept from time to time.

Each registered user must maintain a valid Payment Account, linked and valid credit card (or other approved method from time to time) through which payments for Website credit-based transactions can be made, and must ensure the details of that account are kept up to date within the Website.

The Website will maintain a register of account balances (credits) for convenience, but the accounts behind the payment methods are operated separately from us and we are not responsible for their operation, balances or accuracy.

If the registered user who holds the rights in any Virtual Land (Seller) wishes to sell that Virtual Land, it can place the land for sale on the Marketplace. Other registered users can bid on that Virtual Land, and the successful buyer (as determined by the Seller) will become eligible to take ownership of the Virtual Land (Buyer), subject to paying the agreed price to the Seller for the relevant Virtual Land, and payment to us of the relevant transaction fee (which is listed in the Marketplace) (Transaction Fee).

The Buyer must pay the agreed price for the relevant Virtual Land in alter world dollars (or other method that we accept from time to time), together with our Transaction Fee. Ownership in the Virtual Land will pass on confirmation to our satisfaction of successful and complete payment of the agreed sale price and our Transaction Fee. If payment is not successfully received, then the sale will not proceed.

Value of virtual assets

The value of Virtual Land that is not yet assigned to ‘ownership’ by any particular user is set by us in our discretion, including by the use of algorithms that respond to various factors including the apparent supply and demand and desirability of particular lots.

There is no inherent value in any Virtual Land and the value in particular blocks of Virtual Land, and in the Virtual Land generally, may fluctuate in value from time to time by various factors including user demand and our algorithmic determination of land values.

Your rights in any Virtual Land are not ‘ownership’ and are conferred by contract only for the purposes of transacting within the Website as a registered user. Those rights are expressly subject to all of the terms that apply to use of the Website and require you to remain a registered user of the Website.

We reserve the right in the future to convert your holding of Virtual Land (or any equivalent credits held in our platform) to an equivalent value of a crypto-currency that we may create in the future. Any conversion would be conducted at a valuation reasonably determined by us.

Rights in Virtual Land are not assignable from your account to any other account (other than by ‘sale’ as contemplated by these terms). If your membership is cancelled in accordance with these terms, or you cancel your use of the website for any reason, you forfeit any Virtual Land assigned to your account and we are not liable to you in any way (including without limitation for the payment of any amount in respect of the relevant Virtual Land). Any Virtual Land so forfeited returns to ownership by us and will be made available for sale to other users at the price determined by us.

If we have converted Virtual Land holdings to a separate crypto currency (as permitted by these terms), then you will maintain your rights to that crypto currency separately from your registration to the Website, in accordance with the terms that govern that crypto currency. Those rights will not be automatically extinguished if your membership is cancelled.

Tax Obligations

Transactions involving Virtual Land, between us and any registered user, and between registered users, may be subject to tax. A user is responsible for all of the taxation consequences of its use of the Website.

Refund Policy

The Purchases of virtual lands in the alter world are instantaneous and final after payment is complete. We do not offer refunds for the purchase for Virtual lands if a user changes his mind. We will only refund users/members if there was a technical issue from our payment gateway.

Reversal and Chargeback

For details of reversal and chargeback please read our reversal and chargeback policy available in our website.

Warranties and Acknowledgements

The User acknowledges and agrees that:

1. The Company is not offering, arranging for, or providing a financial product or financial advice to the User.
2. The Company does not hold any Financial Services Licence;
3. The Company is not providing and will not provide any fiduciary, advisory, brokerage, exchange or other similar services to the User, or in connection with any Trade;
4. it is solely responsible for any decision to enter into a transaction subject to these terms, including the evaluation of any and all risks related to any such transaction;
5. speculation in respect of Digital Assets is extremely risky and that Digital Assets may have extreme price volatility, and Users have no guarantee that any Digital Asset they purchase will have any value in the future;
6. Users have no alienable property rights in any Digital Assets offered on the Website, and those Digital Assets have no use outside of the Website;
7. The Company is not a custodian acting for the User and all transfers of assets to accounts nominated by the Company are ledger entries only;
8. all transactions entered into and conducted under these terms are deemed to have occurred within the jurisdiction of United States.
9. The Company is relying on the information and documents provided by the User to provide Trades;
10. The Company does not guarantee any offers or particular price will be available for the purchase or sale of any Digital Asset offered;
11. The Company does not guarantee any outcomes, or any financial return from the Trades.

The User warrants and assures the Company that:

1. it is sufficiently experienced and educated to make decisions regarding the Trades;
2. it has all necessary experience, resources, certificates, licences, permits and approvals to request Trades, and to meet all other obligations under and in accordance with this agreement and all applicable laws;
3. as far as the User is aware, there are no facts, circumstances or other information which both:
   • the User has not fully and fairly disclosed to the Company in a manner and to the extent that would allow the Company to make a reasonable assessment of those facts, matters and circumstances prior to execution of this agreement or the provision of Trades;
   • and is of such nature and materiality that a reasonable person, had it been made aware of, could not reasonably be expected to execute the Trades;
4. the User is not involved in any capacity in any claim, legal action, proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or arbitration (nor which are pending or threatened);
5. if requested by the Company, the User will identify and substantiate the source of all funds the User uses to engage in Trades;
6. none of the funds or Digital Assets transferred to the Company have been derived from any illegal or unlawful activity;

Specific terms for Digital Assets

If the User seeks to purchase or sell a digital asset, they may do so as follows:

1. If the Digital Asset has not yet been sold, then the User may submit an offer to buy the Digital Asset at the Price displayed on the Website (Offer).
2. If the Company accepts that Offer, the Price plus any applicable fees will be deducted from the User’s Account.
3. If as User wishes to buy or sell a Digital Asset which has already been purchased by another user or to sell one of their Digital Assets, that User may post an offer to purchase or sell that Digital Asset, and the Company may enter into a matching transaction with another User who wishes to sell or purchase that Digital Asset. The holder of that Digital Asset to offer to enter into a matching transaction with that second User.
4. If the second User accepts that matching offer, then the Company will complete both transactions and credit or debit the two Users linked Payment Accounts in respect of the Price, taking into account any applicable fees or charges.
5. The Company reserves the right to cancel or reverse any Trades where there has been an error in pricing of the Digital Asset or malfunction or misuse of the Website.

Fund Transactions – Deposits and Withdrawals

To deposit or withdraw funds you must provide us with current, complete and accurate information. Such information may include, without limitation, details such as Your full name, country of origin and e-mail address, copies of identification as well as Your home address, telephone number and Your bank account and/or credit/debit card information (“Personal Information”). The protection of all of Your Personal Information is regulated by our privacy policy. You agree that You are responsible to update any of Your Personal Information, whenever needed, so that our records are always correct. We reserve the right to terminate Your Account and/or to refuse a deposit or a withdrawal if You provide false, incomplete or misleading Personal Information.

Limitation on withdrawals

You will only be able to withdraw your funds only if your balance is more than the cost of the transaction. For information regarding your cost of transaction and procedure of withdrawing your funds, please contact us at info@alterworld.life.

You acknowledge that We may refuse, halt, or reverse a withdrawal, and/or ask You to verify Your identity as condition to withdrawal if:

1. We are unable to verify or authenticate any or some of the Self-Registered Information You provide; or
2. You did not provide Us with the full and comprehensive information needed to complete a withdrawal; or
3. We are obliged by law or regulations to do so; or
4. It is suspected that the withdrawal may involve fraudulent and/or other unlawful activity.

Intellectual property rights

All intellectual property rights in this Website, including design, text, graphics, logos, icons, sound recordings and all software relating to this Website belong to or are licensed by us. These intellectual property rights are protected by European Laws.

You may not in any form or by any means copy, adapt, reproduce (other than for the purpose of viewing the Website in your browser), store, modify, distribute, print, upload, display, perform, remove any credits, publish post frame within another Website or create derivative works from any part of this Website or commercialise any information obtained from any part of this Website without our prior written permission or, in the case of third party material, from the owner of the intellectual property rights in that material.

Linked Websites

This Website may contain links to other Websites. The links are provided for convenience only and may not remain current or be maintained. We are not responsible for the content or privacy practices associated with linked Websites.

Indemnity

You agree to indemnify us to the fullest extent permitted by law for all damages, losses, penalties, fines, expenses and costs (including legal costs) which arise out of or relate to your use of this Website, your breach of these Website terms, any information that you provide to us via this Website or any damage that you may cause to this Website arising out from your registration in our website and your use of any of the above mentioned phases.This indemnification includes, without limitation, liability relating to copyright infringement, defamation, invasion of privacy, trademark infringement and breaches of the applicable legislation.

Warnings

You must ensure that your access to this Website is not illegal or prohibited by laws which apply to you. Except as expressly set out in these Website terms, we do not warrant the accuracy, adequacy or completeness of the information on this Website, nor do we undertake to keep this Website updated.

Except as expressly set out in these Website terms or to the extent required by applicable legislation, we do not accept responsibility for loss suffered as a result of reliance by you on the accuracy or currency of information contained on this Website.

You must take your own precautions to ensure that the process that you employ for accessing this Website does not expose you to the risk of viruses, malicious computer code, or other forms of interference which may damage your own computer system.

Limitation of liability

Except as expressly set out in these Website terms or to the extent required by the applicable Legislation, we are not liable for any loss or damage, however caused (including, but not limited to, by negligence) suffered by you in connection with these Website terms of use or your use of this Website (even as a registered member).

Entire Agreement

No provision of these Terms excludes or prejudices the rights of the Company, any legal rights missing in this Terms shall never be regarded as a waiver of such right. If any provision of these terms shall at any time be deemed invalid or void, such invalidity shall have no effect upon the validity of any other provision, the rest of the terms shall be valid and effective with the exclusion of invalid or void clause.

The Terms and Conditions, the Privacy Policy and all the Company’s policies posted on the Website constitute the entire agreement between you and the Company and govern your use of the Service, superseding any prior agreements between you and the Company (including, but not limited to, any prior versions of the Terms and Conditions).

Amendments

We reserve the right to change, alter or modify from time to time these Terms and Conditions without prior notice. We shall have the right at any time and form to modify or discontinue, temporarily or permanently, the Services provided by us, in whole or in part, with or without notice. We shall not be liable to any Client for any modifications, suspension, or discontinuance of the Services.

If the Client proceeds using the Services for 10 days after the modifications were made, the modifications shall be deemed approved and agreed.

Governing Law and Jurisdiction

These terms and any dispute or claim arising out of or in connection with it or its subject matter or formation, including non-contractual disputes or claims, is governed by and construed in accordance with the laws of Cyprus.

You agree that the courts of Nicosia, shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these terms or its subject matter or formation.