Last updated June 20, 2024
Welcome to Fan inc. ("we," "us," or "our"). Fan inc. is provided by Fanfaktory, LLC ("Company").
These Terms and Conditions of Use govern your use of our service, through which you can access content and services. Please read these Terms and Conditions carefully before creating an account or using our services. By creating an account, you confirm that you have read, understood, and agree to be bound by these Terms and Conditions of Use in their entirety. If you do not agree to these Terms and Conditions, you should not create an account or use our services.
In these Terms and Conditions, unless the context otherwise requires, the following expressions have the following meanings:
"Fan inc." refers to the mobile application provided by Fanfaktory, LLC that allows users (Fans) to support their favorite Student-Athletes through monetary Transactions and receive unique Digital Assets in return.
"Fanfaktory, LLC" refers to the company providing the Fan inc. service.
"Fan" refers to a user of Fan inc. who makes Transactions to support Student-Athletes.
"Student-Athlete" refers to a collegiate or university-level athlete who has an active account on Fan inc. and can receive Transactions from Fans.
"Account" refers to the personalized access to Fan inc. which is created by each user or Student-Athlete.
"Transaction(s)" refers to the specific monetary amount provided by a Fan to a Student-Athlete through Fan inc., excluding any applicable processing fees. This represents the value of the Transaction and is subject to the terms and conditions outlined within this agreement.
"Completed Transaction(s)" refers to a successful Transaction where the Transaction is transferred from the Fan to the Student-Athlete, and a Digital Asset is delivered to the Fan.
"Digital Asset" refers to a unique piece of digital content and a collectible, bearing the Student-Athlete's name and image, created by Fanfaktory, LLC.
"Digital Asset Tiers" refers to the categories of Digital Assets a Fan receives.
"NCAA" refers to the National Collegiate Athletic Association, an organization that administers intercollegiate athletics across multiple sports and divisions in the United States. It is important to note that the NCAA has rules and regulations regarding the eligibility and conduct of Student-Athletes, which users who are Student-Athletes need to be aware of and comply with. Fan inc. and its services are not endorsed by, affiliated with, or in any way officially connected with the National Collegiate Athletic Association (NCAA) or any of its subsidiaries or affiliates. Any references to the NCAA within these terms and conditions or elsewhere on our platform are for informational purposes only and do not imply any endorsement, approval, or sponsorship by the NCAA.
"Banking Account" refers to the bank account that a Student-Athlete is required to open and link to their Fan inc. account in order to accept payments and manage funds. Fan inc. is NOT a bank. Banking Services are provided by our banking partner, Spur Security Bank, Member FDIC.
1.1 By creating an account on Fan inc., you are deemed to have agreed to these Terms and Conditions of Use. We provide the services on Fan inc. to you subject to these Terms. These Terms form a legally binding agreement between you and the Company in relation to your use of Fan inc.
1.2 It is important that you take the time to read them carefully. The Terms apply to all users of Fan inc., regardless of how you access and use it, whether via personal computers, mobile devices or otherwise.
1.3 We reserve the right to amend these Terms at any time by posting the updated terms on our website and within the mobile application. If you continue to use Fan inc. after the date the changes are posted, you agree to the new terms.
2.1 In order to use Fan inc., you must be 18 years old or over, or the legal age to form a binding contract in your jurisdiction if that age is greater than 18. By using Fan inc., you represent and warrant that you have the right, authority, and capacity to enter into this Agreement and to abide by all of the terms and conditions of this Agreement.
3.1 To access and use certain features of Fan inc., you may need to create an account ("Account"). When creating an Account, you agree:
To provide accurate, current, and complete information as may be prompted by any registration forms on Fan inc. ("Registration Data");
To maintain the security of your password and identification;
To maintain and promptly update the Registration Data, and any other information you provide to Fan inc., and to keep it accurate, current, and complete;
To accept all risks of unauthorized access to the Registration Data and any other information you provide to Fan inc.
3.2 You are responsible for safeguarding the password that you use to access Fan inc. and for any activities or actions under your password. We encourage you to use "strong" passwords (passwords that use a combination of upper and lower case letters, numbers, and symbols) with your account. Fanfaktory, LLC cannot and will not be liable for any loss or damage arising from your failure to comply with the above requirements.
3.3 You may not use as a username the name of another person or entity or that is not lawfully available for use, a name or trademark that is subject to any rights of another person or entity other than you without appropriate authorization, or a name that is otherwise offensive, vulgar, or obscene.
4.1 Fan inc. allows users to post content, including photos, comments, links, and other materials (collectively "User Content"). Anything that you post or otherwise make available on Fan inc. is referred to as User Content. You retain all rights in, and are solely responsible for, the User Content you post to Fan inc.
4.2 By posting or submitting User Content on Fan inc., you grant Fanfaktory, LLC a worldwide, non-exclusive, royalty-free right and license (with the right to sublicense) to host, store, transfer, display, perform, reproduce, modify, and distribute your User Content, in whole or in part, in any media formats and through any media channels (now known or hereafter developed).
4.3 You agree not to post User Content that:
4.4 You are responsible for any User Content that you post or transmit on Fan inc., and for the consequences of posting or transmitting such User Content. We do not endorse any User Content or support any views, opinions, recommendations, or advice that may be in User Content.
5.1 By using Fan inc., you agree to use the service for its intended purpose and not for any illicit purposes. You also agree not to disrupt the functioning of the service, or to misuse the service in any way.
5.2 You agree to comply with all local laws and regulations governing the downloading, installation, and/or use of Fan inc., including, without limitation, any usage rules set forth in this agreement.
5.3 You shall not (directly or indirectly): (i) decipher, decompile, disassemble, reverse engineer, or otherwise attempt to derive any source code or underlying ideas or algorithms of any part of Fan inc., except to the limited extent applicable laws specifically prohibit such restriction; (ii) modify, translate, or otherwise create derivative works of any part of Fan inc.; or (iii) copy, rent, lease, distribute, or otherwise transfer any of the rights that you receive hereunder.
5.4 Fanfaktory, LLC reserves all rights not expressly granted under these Terms. You do not acquire any ownership rights by using Fan inc., registering an account, or by accessing any materials posted on the service by us or any user.
5.5 Fanfaktory, LLC reserves the right to carry out any action we consider appropriate in the event we believe that there is a breach or threatened breach of these Terms, including but not limited to suspending your account, banning your access to Fan inc., initiating legal proceedings, or reporting to law enforcement authorities.
6.1 Fanfaktory, LLC endeavors to make Fan inc. available 24 hours a day, 7 days a week, except for planned maintenance or for any unforeseen circumstances. However, Fanfaktory, LLC does not warrant that the service will be uninterrupted, timely, secure, or error-free.
6.2 Fanfaktory, LLC does not guarantee that Fan inc. will always function without disruptions, delay, or errors. A number of factors may impact the quality of your communications and use of the service, and may result in the failure of your communications including but not limited to: your local network, firewall, your internet service provider, the public internet, the public switched telephone network, and your power supply. Fanfaktory, LLC takes no responsibility for any disruption, interruption or delay caused by any failure of or inadequacy in any of these items or any other items over which we have no control.
6.3 Fanfaktory, LLC may, from time to time, need to interrupt the service for maintenance and other operational reasons, as determined in its sole discretion. Fanfaktory, LLC will make all reasonable efforts to minimize such service interruptions.
6.4 Fanfaktory, LLC is not liable for any loss or damage that you may incur as a result of any interruptions, delays, or loss of services.
7.1 Fan inc. offers users the ability to make payments to their favorite athletes through the platform. By making a payment, you understand and agree that:
7.2 Payment Processing Fees: When you make a payment, a payment processing fee of 3.5% will be applied to the Transaction. This fee will be deducted from the total payment amount before funds are transferred to the athlete.
7.3 Transaction Limits: The minimum Transaction on Fan inc. is $30.00, while the maximum Transaction is $10,000. Any attempt to process a Transaction below the minimum or above the maximum will not be accepted by the platform.
7.4 Fanfaktory, LLC reserves the right to change the fee structure, the payment processing fees or any other charge, at any time at its sole discretion. Any changes will be communicated to you in advance.
7.5 You are responsible for all Transactions processed through your Fan inc. account. Fanfaktory, LLC is not liable for any loss or damage from errant or invalid Transactions processed with your payment method.
7.6 Fanfaktory, LLC, or its Sponsor Bank, is not selling the Athlete NFT. The NFT serves as a digital collectible for an Athlete's Name, Image, and Likeness.
7.7 Fanfaktory, LLC, or its Sponsor Bank, does not provide a marketplace for purchasing or selling NFTs.
8.1 Fan inc. may contain advertisements and promotions from third parties. Your business dealings or correspondence with, or participation in promotions of, advertisers other than Fanfaktory, LLC, and any terms, conditions, warranties, or representations associated with such dealings, are solely between you and such third party.
8.2 Fanfaktory, LLC is not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings or as the result of the presence of third-party advertisers on Fan inc.
8.3 Fan inc. may provide links or other forms of reference to other websites ("Third Party Sites") or resources over which Fanfaktory, LLC has no control. You acknowledge and agree that Fanfaktory, LLC is not responsible for the availability of such external sites or resources, and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources.
8.4 You acknowledge and agree that Fanfaktory, LLC is not liable for any loss or damage which may be incurred as a result of the availability of those external sites or resources, or as a result of any reliance placed by you on the completeness, accuracy, or existence of any advertising, products or other materials on, or available from, such websites or resources.
9.1 Fanfaktory, LLC may, in its sole discretion, terminate your password, account (or any part thereof), or use of Fan inc., and remove and discard any content within Fan inc., for any reason, including, without limitation, for lack of use or if Fanfaktory, LLC believes that you have violated or acted inconsistently with the letter or spirit of these Terms.
9.2 Fanfaktory, LLC may also, in its sole discretion and at any time, discontinue providing Fan inc., or any part thereof, with or without notice. You agree that any termination of your access to Fan inc. under any provision of these Terms may be effected without prior notice, and acknowledge and agree that Fanfaktory, LLC may immediately deactivate or delete your account and all related information and files in your account and/or bar any further access to such files or Fan inc.
9.3 Fanfaktory, LLC will not be liable to you or any third party for any termination of your access to the Service.
9.4 If you wish to terminate your account, you may simply discontinue using Fan inc. All provisions of this Agreement which by their nature shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity, and limitations of liability.
10.1 All intellectual property rights in and to Fan inc., including but not limited to software, organization, graphics, text, images, sound, video, interactive features, and the like, as well as its associated trademarks and logos, are owned by Fanfaktory, LLC, or its licensors and/or affiliates. You acknowledge that Fan inc. and any underlying technology used in connection with Fan inc. contain Fanfaktory, LLC's intellectual property and proprietary information.
10.2 You are granted a non-exclusive, non-transferable, revocable license to use Fan inc. solely for personal, non-commercial purposes, subject to these Terms.
10.3 You shall not, nor shall you cause any other party to modify, decompile, disassemble, reverse engineer, copy, transfer, create derivative works from, rent, sub-license, distribute, reproduce framed, republish, scrape, download, display, transmit, post, lease or sell in any form or by any means, in whole or in part, use for any purpose other than for using the service pursuant to these Terms or otherwise exploit any of the service's content, in whole or in part, except as expressly permitted in these Terms.
10.4 Any unauthorized use of the contents or Fan inc. will lead to termination of your access and could also lead to prosecution for violations of copyright, trademark, or other intellectual property rights.
11.1 These Terms of Service and any dispute or claim arising out of, or related to them, shall be governed by and construed in accordance with the internal laws of the State of Texas without giving effect to any choice or conflict of law provision or rule.
12.1 YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF Fan inc. AND THE SERVICE IS AT YOUR SOLE RISK. THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. FANFAKTORY, LLC AND ITS SUBSIDIARIES, AFFILIATES, OFFICERS, EMPLOYEES, AGENTS, PARTNERS, AND LICENSORS EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
12.2 FANFAKTORY, LLC MAKES NO WARRANTY THAT (i) Fan inc. WILL MEET YOUR REQUIREMENTS; (ii) Fan inc. WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE; (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF Fan inc. WILL BE ACCURATE OR RELIABLE; (iv) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH Fan inc. WILL MEET YOUR EXPECTATIONS; AND (v) ANY ERRORS IN THE SOFTWARE WILL BE CORRECTED.
12.3 ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF Fan inc. IS ACCESSED AT YOUR OWN DISCRETION AND RISK, AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL.
13.1 YOU EXPRESSLY UNDERSTAND AND AGREE THAT FANFAKTORY, LLC AND ITS SUBSIDIARIES, AFFILIATES, OFFICERS, EMPLOYEES, AGENTS, PARTNERS, AND LICENSORS SHALL NOT BE LIABLE TO YOU FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF FANFAKTORY, LLC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM: (i) THE USE OR THE INABILITY TO USE Fan inc.; (ii) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM Fan inc.; (iii) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (iv) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON Fan inc.; OR (v) ANY OTHER MATTER RELATING TO Fan inc.
14.1 You agree to defend, indemnify, and hold harmless Fanfaktory, LLC, its parent corporation, officers, directors, employees, and agents, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees) arising from:
(i) your use of and access to Fan inc.;
(ii) your violation of any term of these Terms;
(iii) your violation of any third-party right, including without limitation any copyright, property, or privacy right; or
(iv) any claim that your User Content caused damage to a third party.
14.2 This defense and indemnification obligation will survive these Terms and your use of Fan inc.
15.1 In the interest of resolving disputes between you and Fanfaktory, LLC in the most expedient and cost effective manner, you and Fanfaktory, LLC agree that any and all disputes arising in connection with these Terms shall be resolved by binding arbitration. Arbitration is more informal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, may allow for more limited discovery than in court, and can be subject to very limited review by courts. Arbitrators can award the same damages and relief that a court can award. Our agreement to arbitrate disputes includes, but is not limited to all claims arising out of or relating to any aspect of these Terms, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and regardless of whether the claims arise during or after the termination of these Terms.
15.2 YOU UNDERSTAND AND AGREE THAT, BY ENTERING INTO THESE TERMS, YOU AND FANFAKTORY, LLC ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION.
15.3 Notwithstanding the above, we both agree that nothing herein will be deemed to waive, preclude, or otherwise limit either of our right to: (i) bring an individual action in small claims court, (ii) pursue enforcement actions through applicable federal, state, or local agencies where such actions are available, (iii) seek injunctive relief in a court of law, or (iv) to file suit in a court of law to address intellectual property infringement claims.
Users of the Service can browse and choose their preferred Student-Athletes. Users acknowledge and understand that the presence of a specific Student-Athlete on Fan inc. does not guarantee that they have an active account or are eligible to receive payments from Transactions.
Once a Fan has selected a Student-Athlete, the Fan may choose the amount they will pay (referred to as the 'Transaction’). Once the Student-Athlete creates an Account and receives the Transaction, Fan inc. will deliver a Digital Asset, collectable, to the Fan (referred to as a 'Completed Transaction'). Each Digital Asset, collectable, is created by Fan inc. pursuant to a license granted by the Student-Athlete and will bear the Student-Athlete's name and a unique image of the athlete. Fan inc. reserves the right to make changes to the format of the Digital Asset for future Transactions. Each Digital Asset will be delivered to the Fan's Account upon the occurrence of the Completed Transaction. Please refer to Fan inc.'s Digital Asset Terms and Conditions for further details.
The amount of the Transaction determines the category of Digital Asset the Fan receives ("Digital Asset Tiers"):
Tier 1: $30 - $999
Tier 2: $1,000 - $4,999
Tier 3: $5,000 and above
The Digital Asset Tier of the received Digital Asset will be indicated to the Fan.
Processing Payments: When a Fan selects a Student-Athlete and attempts to complete a Transaction, the Fan must provide a valid payment method. Your payment method will be charged for the full amount of the Transaction.
20.1 No Refunds for Completed Transactions: Fans agree and acknowledge that once a transaction is completed successfully ("Completed Transaction"), they will not be entitled to a refund for any reason. A Completed Transaction refers to a Transaction wherein the Fan has selected a Student-Athlete, chosen the amount of the Transaction, and the Student-Athlete has created an Account and received the Transaction. Upon the successful completion of this process, Fanfaktory, LLC will deliver a Digital Asset to the Fan.
20.2 Completed Transactions are final: Fans understand that Completed Transactions are final and represent a license to a unique Digital Asset from the Student-Athlete. This process requires significant resources and coordination. Thus, once a Transaction is marked as Completed, no refunds will be issued.
20.3 No Refunds for Changes in Value or Digital Asset Format: Fans acknowledge that the value of Digital Assets can fluctuate over time due to various factors, including the performance and popularity of the Student-Athlete. Furthermore, the format of the Digital Asset is subject to change for future Transactions. These are risks that the Fan assumes, and no refunds will be provided based on changes in the value or format of Digital Assets.
20.4 Disputes: If a Fan has an issue with a Completed Transaction, they are encouraged to contact the customer service team. However, resolution will not include refunds of the Transaction, except in exceptional circumstances as determined solely by Fanfaktory, LLC.
Fanfaktory, LLC reserves the right (but not the obligation) to cancel any Transaction if: (i) the payment method is declined, or (ii) if the Fan has been banned or removed from the Service for any reason. If Fanfaktory, LLC cancels a Transaction, a refund of the Transaction will be issued to the original payment method.
Provisions for Student-Athlete Accounts: As a Student-Athlete, your information may be incorporated into the Services automatically to facilitate the payment process to you. However, to utilize the Services, including accepting payments, you must create an account and supply the necessary information. This process includes opening a Fan inc. Banking Account to facilitate the transfer and acceptance of payments. By establishing a Student-Athlete Account, you acknowledge and agree that you designate Fan inc. as your limited payment collection agent solely for the purpose of accepting Transactions. You agree that the creation of this Banking Account is an essential part of the process for receiving and managing your funds. For more details on the terms of the Fan inc. banking account, please refer to our Fan inc. Account Agreement.
Fan inc. currently does not support or provide Services to International Student-Athletes. Therefore, International Student-Athletes are not eligible to create an account or use the Services provided by Fan inc. Any attempt by an International Student-Athlete to create an account or use the Services may result in immediate termination of such account or access to the Services. Fan inc. reserves the right to change this policy in the future at its sole discretion, and any updates will be posted on the applicable terms and conditions.
By creating an Account, the Student-Athlete grants Fan inc. a global, royalty-free, non-exclusive, sub-licensable, irrevocable, perpetual, and transferable license to display your name, image, and likeness, clearly indicating your status as a Student-Athlete to facilitate your use of the Services. Student-Athlete also grants Fan inc. a similar license to create digital artwork using the Student-Athlete’s name, image, and/or likeness and issue that artwork to a Fan in exchange for a Transaction.
Each Student-Athlete recognizes and agrees that the NCAA and their respective university (each a "University"), have rules regarding eligibility requirements for Student-Athletes to qualify as collegiate athletes (collectively, "Eligibility Requirements"). Student-Athletes understand and agree that it's their sole responsibility to meet these Eligibility Requirements, which include determining whether the use of the Services is in compliance with relevant NCAA policies, state and federal laws regarding name, image, and likeness activities, policies of the Student-Athlete's University or athletic department, and any other laws, rules, regulations, or policies.
Student-Athletes acknowledge that it is their sole responsibility to report any Name, Image, and Likeness (NIL) activities to their respective University where required. Fan inc. does not assist with this reporting in any way and will not be responsible or liable for ensuring compliance with reporting obligations or any consequences related to failure to report. It is up to the Student-Athlete to maintain proper records and comply with any applicable laws, rules, or regulations concerning the reporting of NIL activities.
Upon activating their Account with Fan inc., Student-Athletes agree that their settings are automatically configured to accept all Transactions. By creating and activating an account, Student-Athletes are obligated to accept all Transactions made by Fans. If a Student-Athlete wishes to refuse any Transactions, they must close their account in accordance with Fan inc.'s guide on closing your account.
Fan inc. reserves the right (though not obliged) to cancel any Transaction if: (i) the payment method is declined; or (ii) if the Fan has been banned or removed from the Site for any reason. If Fan inc. cancels the Transaction, a refund of the Transaction will be processed to the original payment method.
Student-Athletes understand and agree that they are solely responsible for any fees or costs incurred in connection with, and for paying any applicable income, sales, or other taxes that they may be subject to as a result of using the Services. Fan inc. offers Student-Athletes the option to opt-in to withhold a percentage of their earnings for federal quarterly estimated taxes. If a Student-Athlete opts into this withholding process, they may choose between four preset options of 10%, 12%, 22%, and 24%, or enter a custom tax rate for their federal quarterly taxes. This decision is entirely up to the Student-Athlete, and Fan inc. will not be responsible for any underpayment or overpayment of taxes. Student-Athletes further understand that their Account will be set up to automatically accept any Transactions.
