Virtual Items

Virtual Items

These Terms of Service (these “Terms ”), apply to Metacoins, Virtual Currency, and Virtual Items (all known here as “Virtual Items” in our products or as otherwise enabled by Future Tech Labs.

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Metacoins, Virtual Currency and other Virtual Items

1. What are Metacoins?
   “Metacoins” are the official tokens or virtual currency of Multiverse and Infiniverse and can be used to acquire other Virtual Items in Infiniverse. Metacoins are just a token and are NOT a real currency or cryptocurrency.

2. What are Virtual Items?
   “Virtual Items” are: any token or virtual currency, including but not limited to Metacoins; any virtual or digital in-app items, content, features. functionality, including but not limited to characters, weapons, vehicles, apartments, rooms, penthouses, zones, storefronts, skyscrapers and Points of Access; and any other goods or services acquired, earned, gifted or otherwise licensed to the users within the Service(s).  Virtual Items are just provided, acquired, traded and used to enhance your experience or functionally of the Service(s) and have no real world value.

3. Acquiring Metacoins.
   Users can purchase Metacoins as in-app upgrades via, for example, the Oculus App Store.  When buying Metacoins in this way the transaction is handled by the in-app / store transaction process and all such transactions are subject to the relevant Third Party Platform Terms.  On other open platforms or on the web, users may be able to purchase Metacoins directly from FTL.

4. Acquiring Virtual Items.
   Users can exchange Metacoins to acquire other Virtual Items offered by FTL or by other users. Exchanging Metacoins or trading Virtual Items through the Services is solely for a user’s personal entertainment and does not create any legally enforceable contract between the user and FTL or any other user, and the user exchanging the Metacoins or trading Virtual Items does not acquire any enforceable legal rights as a result of such transactions.

5. Virtual Items are Non-Refundable.
   All payments for Metacoins or other acquisition of or trades in relation to Virtual Items are final and not refundable, except as required by law. In relation to EU/EEA/UK Consumer Right of Withdrawal the provision of Virtual Items is a service provided by FTL that commences immediately upon acceptance by FTL of your order, and you consent to the delivery of Virtual Items beginning immediately following the completion of your order, and you acknowledge that value and utility is received and consumed immediately, and you will therefore lose any statutory rights you may have to cancel, withdraw or receive a refund.

6. Virtual Items are Non-Redeemable.
   Virtual Items are not redeemable and cannot be exchanged for money. You can NOT convert Virtual Items into a fiat currency ie you cannot cash out your Metacoins or other Virtual Items.

7. FTL retains ownership of all Virtual Items.
   As between FTL and users, FTL owns and retains all rights and title in and to the Virtual Items. You agree that you have no right or title in or to any Virtual Items or related features or functionality.

8. License to use Virtual Items.
   When you buy or acquire Metacoins or acquire other Virtual Items, you receive only a limited, non-refundable, non-transferable (except as permitted via the Services), revocable license to use the functionality of the Virtual Items only for your personal entertainment through the opportunity of additional or enhanced functionality, in connection with the Services. Your license to use the Virtual Items has no minimum period and in any event will end when these Terms or your access to the Services terminates, or in any other way outlined in any FTL Terms.

9. Virtual Items can only be used and traded through the Services.
   Users may not use or distribute Virtual Items except through the Services or as otherwise expressly allowed by FTL. Any use or attempted use of Virtual Items in violation of the FTL Terms will be void (i.e. automatically canceled) and may result in immediate termination of your right to use the Virtual Items and/or the Service(s). FTL does not recognise or take responsibility for any third parties or third-party services that allow users to sell, transfer, or otherwise use Virtual Items and any such use by a user is a violation of the FTL Terms.

10. Use of Virtual Items may change.
    FTL may put limits on, alter or otherwise vary Virtual Items or do things that change the functionality or perceived value of Virtual Items at any time. Also, FTL reserves the right to modify, revoke, or terminate your license to use Virtual Items without notice, payment, or liability to you. FTL does not make any guarantees regarding Virtual Items, or their availability, functionality, quality or value.

11. Value and Volatility.
    Virtual Assets have no inherent or intrinsic value. The value of Virtual Assets is subjective and may be volatile. Fluctuations in the perceived value of other user Virtual Assets could materially affect the perceived value of your Virtual Assets. We cannot guarantee that any Virtual Assets acquired will retain their original value, and factors occurring outside of the control of FTL may materially impact the perceived value and desirability of any particular Virtual Asset.  In any event, any perceived value that a user may infer from ownership of Virtual Items, or perceived value that others may be willing to exchange for Virtual Items has no bearing on any real world value between user and FTL. 

12. Removing Virtual Items from the Services and Suspension or Termination of the Services - No Refunds / No Loss.
    FTL has the right, in its discretion, to suspend the availability of, or remove from the Services, any Virtual Items and or related features or functionality, or suspend or terminate access to the Services in general. You agree that in the event of any suspension or termination of your access to the Virtual Items and or the Services FTL will not be liable to you or to any third party for any such suspension or termination, and FTL is not required to refund or compensate any Virtual Items or any other perceived value, funds or amounts to a user for any Virtual Items or any related features or functionality for any perceived loss of value or function.

13. Other Terms, Policies and Rules
    In any event, please note that these Terms are a subset of Multiverse and Infiniverse Terms of Service, and Privacy Policy, the terms of which apply equally to your use of and the functionality relating to Virtual Items.