Introducing Lolly Property
Lolly Properties are ownership non-fungible tokens operated by Lolly Global Ltd. Lolly Property is issued by Lolly Blockchain Ltd on behalf of the Operator. Lolly Properties represent ownership of landing pages on Lolly, either of a location landing page (“Location Property”) or of a tag landing page (“Interest Property”) in a specific Market.
Each Lolly Property is unique and only one Property Owner can own a Lolly Property at any time.
To secure a Lolly Property, a User need to choose a Lolly Property available on lollyadvance.com and within the 28 day payment terms, either (a) pay $100, or (b) add 100 Brands to the User’s favourite Brands. Any balance remaining is offered by Lolly Global Ltd as a risk-free credit.
The option to pay by adding Brands to the User’s favourites is limited to one Lolly Property for all Users.
Lolly Property Owners receive a share of the revenues generated by the Lolly Property in the tokens received by the Operator. Revenues are credited to the Property Owner’s account on Lolly every two weeks.
Lolly Properties can be ordered on lollyadvance.com with 28 day payment terms. Sales are subject to approval, with any unpaid Lolly Property returned.
Lolly offers marketing services to brands, suppliers, and manufacturers as well as businesses, shops, and e-commerce stores. Lolly’s marketing services are paid for after delivery of the service, and on a per interaction (delivered service) basis.
Users find the brands and businesses through searching for tags or locations. The landing pages for these tags and locations are Lolly Interest Properties and Lolly Location Properties, respectively, with sponsored slots for brands and businesses.
Pioneering Property Owners are able to buy and manage these Lolly Properties, build up the revenue stream and increase the value of the Lolly Property.
Property Owners are able to sell Lolly Property to other users via the Lolly Marketplace at any time. Lolly Property can only by managed, transferred or sold after payment.
Lolly Property allows Lolly to raise funding, gain Property Owners as stakeholders to maximise the uptake and return of Lolly, and to allocate financial resources for rolling out new services and marketing campaigns across many markets.
Lolly Property Terms and Conditions
Lolly Property in General
The Operator is the issuer of a series of non-fungible tokens (“Lolly Property Tokens”, “Lolly Property”), cryptographically secured, and centrally issued by the Operator on the blockchain.
Lolly property are unregulated non-fungible tokens (“NFT”) tokens are redeemed by users to own specified landing pages in a specified Market on Lolly, for (1) a location, such as a city, town, area, island, district, mall, or street (“Location Property”), or (2) a search term or tag (“Interest Property”).
Lolly Property ownership (“Property Ownership”) grants Users and/or Brands and/or Businesses (“Property Owners”) a non-exclusive management role in the Lolly Property and a share of the revenue generated by the Lolly Property.
The Operator’s admin system allows Property Owners to sell Lolly Property to other users via a bid and offer marketplace (“Lolly Marketplace”).
The Operator automatically issues revenue shares to Property Owners in the form of Lolly Advance tokens and/or US dollars received from Brands and/or Businesses via the Lolly Property on a pro rata basis (“Revenues”).
Property Ownership can be obtained from the Operator without any cash payment, by the User selecting a number of favourite brands in lieu of paying $100 (one hundred US dollars). Payment for Property Ownership in this way is limited to one Lolly Property per User.
Any amount due for Lolly Property above $100 (one hundred US dollars) for a Lolly Property are covered by an interest-free and risk-free credit line offered by the Operator, repayable with Revenues generated by Lolly Property, sales of Lolly Property via the Lolly Marketplace, and/or by returning the Lolly Property to the Operator for credit of the original sale value of the Lolly Property (“Credit Repayment”).
Lolly Property are denominated in United States dollars in Wallets.
Know Your Customer and Anti-Money Laundering Check Requirement
The Operator uses Sum and Substance Ltd, a leading third-party system and service, (“Sumsub”, sumsub.com) to undertake Know Your Customer (“KYC”), Anti-Money Laundering (“AML”), Politically Exposed Person (“PEP”), and fraud checks on all Users wishing to purchase Lolly Advance Tokens.
The Operator also uses Sumsub for KYC, AML, PEP, and fraud checks for any User wishing to withdraw funds over an aggregate amount of $500 (five hundred United States dollars).
Wallets
Property Owners own a wallet to hold Lolly Advance Tokens (“Wallet”).
The Wallet is denominated in US dollars.
Users, Brands, Businesses, and Entities have separate Wallets for Lolly Properties held (“User Wallets”, “Brand Wallets”, “Business Wallets”, and “Entity Wallets”). User Wallets, Brand Wallets, Business Wallets, and Entity Wallets are collectively referred to as “Wallets”.
Lolly Properties purchased by Property Owners are automatically added to their Wallets.
All access to Wallets is managed with Users’ personal login details, ensuring that every action taken by an Admin on behalf of a Brand, Business or Entity can be traced back to the User personally. Brands, Businesses and Entities do not have separate logins or signups for Lolly. Only registered Users can act as an Admin for a Brand, Business or Entity. Users acting as an Admin for a Brand, a Business or an Entity, whether as an employee, an agent, a member, or a consultant are subject to the Lolly Property Terms set out herein, and Brand Terms of Use, Business Terms of Use or Entity Terms of Use.
Registration of Users as Admin for a Brand, Business or Entity is subject to verification and/or authorisation by other Admins for the Brand/Business/Entity and/or the Operator and/or KYC, AML, PEP, and fraud checks by Sumsub.
Issuance of Lolly Property
Lolly Properties are launched and sold by the Operator. The Lolly Property will define the Lolly Property being sold, including but not limited to the:
- Name, and
- Token ID, and
- Market, and
- Property type, and
- Share of revenue generated by the Lolly Property (“Revenue”) and paid out to the Property Owner, and
- Price of the Lolly Property.
Lolly Property Pricing
Lolly Properties are issued at varying prices, depending on the anticipated traffic and Revenue potential for the Lolly Property in the Market.
The price of Lolly Property is set by the Operator.
The number of Lolly Property made available in the Market is determined by the Operator.
Lolly Property are priced at $100 (one hundred US dollars) minimum. The price of Lolly Property however can be higher.
For the avoidance of doubt, the price paid by Property Owners above $100 (one hundred US dollars) is covered by an interest-free and risk-free credit line offered by the Operator.
Buying Lolly Property
Lolly Properties are purchased from the Operator by (1) selecting a Lolly Property from lollyadvance.com, or (2) requesting a custom Location Property or Interest Property in a Market is created by the Operator and reserved for the Property Owner (“Custom Interest Property” or “Custom Location Property”) from lollyadvance.com.
Custom Interest Properties and Custom Location Properties are subject to (1) approval by the Operator, (2) availability in the Market, and (3) payment of $100 (one hundred US dollars) of the Custom Interest Property’s or Custom Location Property’s price (“Custom Fee”). The remaining price for the Custom Interest Property or Custom Location Property is offered on Property Credit.
The Operator will confirm availability and price of the Custom Interest Property or Custom Location Property. The Operator will reserve the Custom Interest Property or Custom Location Property for the Property Owner until the invoice due date.
Payment is due within 28 days of invoice issuance. For the avoidance of doubt, Custom Fees can only be paid for by card, bank transfer, PayPal, or cryptocurrency payment. Custom Fees cannot be paid for with Lolly Advance or by adding favourite brands.
Custom Interest Properties and Custom Location Properties are only created and delivered after receipt of the Custom Fee.
All Lolly Property purchases are subject to approval by the Operator. An order for Lolly Property is confirmed once the Operator issues an invoice for the order. The Operator then issues the Lolly Property to the Property Owner’s Wallet. If an order is not confirmed or requires further information or contact with the Property Owner, the Operator will notify the Property Owner concerning the order.
Lolly Property purchases are payable by Property Owners within 28 days of order approval and receipt of invoice. If unpaid, the Lolly Property is automatically returned to Lolly and a credit note issued.
Lolly Property Credit
The Operator offers all Property Owners a credit line for any amount above $100 (one hundred US dollars), subject to approval and at the Operator’s discretion (“Property Credit”).
Subject to acceptance of the offered Property Credit by the Property Owner, the Property Owner has an interest-free credit, repayable with Revenues generated by Lolly Property, sales of Lolly Property via the Lolly Marketplace, and/or by returning the Lolly Property to the Operator for credit of the original sale value of the Lolly Property (“Credit Repayment”).
The Operator and the Property Owner agree that if a Wallet is unused for more than 180 days, that the Operator can automatically transfer Lolly Advance or Lolly Property from the Property Owner’s Wallet to the Operator for the required value and close the Property Credit. For the avoidance of doubt, the Property Owner’s Wallet and account will remain open, and the Property Owner will continue to own and gain Revenues from the Lolly Property.
Managing Lolly Property
Property Owners are able to manage the “promotion spots” on a Lolly Property page, promoting the spots to Brands and Business. Property Owners can also act as Agents, hire Agents or manage Agents to represent the Lolly Property.
Property Owners are responsible for any community features enabled by the Property Owner and the Operator, as agreed.
Pricing is set by the Operator.
Receiving Revenues from Property Ownership
The Operator is responsible of all billing and reporting of revenues generated by the Lolly Property.
The Property Owner and the Operator will enter self-invoicing agreement, renewed every calendar year, allowing the Operator to issue invoices to itself on behalf of the Property Owner for the Revenues generated by the Lolly Property. The self-invoicing agreement is electronically issued by the Operator.
Revenues are paid at a rate of 20% (twenty percent) of the revenues generated from Brands and/or Businesses on the Lolly Property.
Revenues are paid to the Property Owner’s USD Credit Wallet.
Selling Lolly Property through the Lolly Marketplace
The Lolly Marketplace is a bid and offer secondary marketplace allowing Property Owners to offer Lolly Properties on the secondary market. Lolly Property Owners set their own price which must be equal to or above the original price paid for the Lolly Property.
A sale through the Lolly Marketplace is credited at 95% (ninety five percent) to the Property Owner’s USD Credit Wallet. 5% (five percent) and paid to the Operator as fee for covering transaction costs, currency costs, and Lolly Marketplace operating costs.
The USD Credit Wallet is denominated in US dollars.
Selling Lolly Property back to the Operator
Upon request, the Property Owner can sell their Lolly Property back to the Operator in return for Lolly Advance Tokens to purchase other Lolly Property (“Property Swap”).
A Property Swap is for the same amount as the price paid to the Operator for the Lolly Property.
For avoidance of doubt, a Property Swap is not possible for any Lolly Property bought from a third-party and/or on the secondary market.
Billing and Accounting
The Operator issues the Property Owner with invoices and payment receipts confirming any payments for Lolly Property and any Revenues received from the ownership of Lolly Property.
The Operator issues the Property Owner with purchase receipts confirming any purchases of Lolly Property.
The Operator issues the Property Owner with transfer receipts confirming any transfers from (1) within the Property Owner’s Wallet, or (2) the Property Owner’s USD Credit to the Property Owner.
The Operator issues the Property Owner with self-invoiced invoices for Revenues generated by Property Ownership. The Property Owner must sign a self-invoicing agreement, electronically issued by the Operator, to be credited and receive Revenue.
The Operator issues the Property Owner with sales notices confirming any sale of Lolly Property Tokens and the crediting of amounts to the Property Owner’s USD Credit.
The Operator issues the Property Owner with withdrawal confirmations for any transfers made from the Property Owner’s USD Credit to an external bank account or crypto account held by the Property Owner.
The Operator will, upon request, issue an annual statement to the Property Owner for tax purposes.
The Operator uses Xero Limited, a third-party accounting system and service, (“Xero”, xero.com) for the issuance of purchase invoices, Cashback receipts, credit notes, self-invoiced Revenue payments, and withdrawal confirmations.
Taxation of Lolly Property Tokens
Lolly Property Tokens are non-fungible tokens under the United Kingdom’s Customs and Excise (HMRC) regulations.
Sales of Lolly Property Tokens are not subject to any Value Added Tax (“VAT”).
All Lolly Property Tokens are sold without any VAT charge.
Revenues generated from Property Ownership by Property Owners in the UK may be subject to VAT. Property Owners in the European Union may have to pay VAT on the revenues in their jurisdiction.
Capital gains generated from the sale of Lolly Property by Property Owners to third-parties may be subject to Capital Gain (“CGT”).
Property Owners are themselves responsible for reporting any income or capital gains to their tax authority. The Operator will do so upon request by tax authorities.
Additional terms
These Lolly Property Token Terms and Conditions incorporate:
- Definitions
- Privacy Policy
- Site Rules
- DMCA Notice
- Lolly Cookie Policy
The Operator accepts no liability for any damages that may be caused by the use of Lolly Property Tokens or USD Credit, Lolly or its contents or by data or files sent and received howsoever arising. Property Owners are themselves responsible for checking all data sent or received via the Internet for viruses and malware, including web addresses provided.
The Operator reserves the right to temporarily or permanently suspend or cancel any Property Owners in the event of wrongdoing. Property Owners whose accounts have been suspended or cancelled can no longer access Lolly.
The Operator reserves the right to temporarily or permanently suspend or cancel any Property Owners, Users, Brands, Businesses, or Admins, in the event of wrongdoing or non-payment. Property Owners whose accounts have been suspended or cancelled can no longer access any Wallets.
These Lolly Property Token Terms and Conditions are construed under the laws of England and Wales and the parties agreed to the sole jurisdiction of London, England.
You and the Operator agree that the English language version of these Lolly Property Terms and Conditions shall be controlling in all respects and shall prevail in case of any inconsistencies with translated versions, if any.
Any action by Property Owners against the Operator must be brought in the Property Owner’s individual capacity and may not be brought as a class action or any form of collective action.
Property Owners agree to defend, indemnify, and hold the Operator, its parents, subsidiaries, affiliates, and their respective officers and employees, harmless from and against any claim, demand or damage including legal fees asserted by any third-party due to or arising out of:
- any violation of applicable laws, regulations or these Lolly Property Token Terms and Conditions by you or anyone accessing Lolly through your User and/or Property Owner access, with or without your permission
- the use of Lolly Property Tokens by you or anyone accessing Lolly through your User and/or Property Owner access, with or without your permission
- any negligent acts, errors or omissions by you or anyone accessing Lolly through your User and/or Property Owner access, with or without your permission
- any injuries to or death of any person and for damages to or loss of any property, which may in any way arise out of or result from or in connection with these Lolly Property Token Terms and Conditions, except to the extent that such liabilities arise from the gross negligence or wilful misconduct of the Operator
If any provision in these Lolly Property Token Terms and Conditions is prohibited by law or judged by a court to be unlawful, void or unenforceable, the provision shall, to the extent required, be severed from the Lolly Property Token Terms and Conditions and rendered ineffective as far as possible without modifying the remaining provisions of the Lolly Property Token Terms and Conditions and shall not in any way affect any other circumstances of or the validity or enforcement of the Lolly Property Token Terms and Conditions.
The Operator reserves the right to amend these Lolly Property Token Terms and Conditions at any time. The latest Lolly Property Token Terms and Conditions are available in Lolly.
Property Owners agree to the latest Lolly Property Token Terms and Conditions by using Lolly after the date of any amendment of these Lolly Property Token Terms and Conditions.
This document was last updated 30 September 2023.
