Impact Theory Founders Key Refund Program (2023)

Impact Theory remains full steam ahead on developing Project Kyzen, Merry Modz, our webcomics, our YouTube content and other Key initiatives and are excited about what the future holds.

The company is offering a voluntary refund to Impact Theory Founders Key (Founders Key) holders. Thankfully, because we made the decision not to utilize the vast majority of the revenue generated from the sale of the Founders Keys for development, and instead used other capital sources to finance everything, we are able to offer a full refund to all Key holders.

As another gesture of goodwill, Impact Theory is also offering a voluntary refund of the Merry Modz digital collectibles that will start in January 2024 once the Founders Key refund has been completed. Impact Theory stands by our products and wants to ensure that our community is happy with their purchases, and if not, are provided the opportunity to get a refund.

Why is Impact Theory offering a refund?

We are offering the voluntary refund for two reasons:

1. Given the uncertainty lingering in the industry, we know some people in our community would like to exit the project.
2. By refunding the Founders Keys and exchanging them for a new free digital collectible, called the Impact Theory OG (ITOG) token, we can maximize our ability to continue aggressively developing our slate of projects and engage with our community consistent with our good faith and best understanding of all applicable laws, rules, and regulations.

It is important to us as developers and community leaders to ensure that people understand that any and all digital assets that Impact Theory produces are collectibles with utility within the exciting new landscape of Borderless Entertainment. We do not support customers treating our digital assets as anything other than that. They are NOT investment vehicles, they will not deliver payouts, and people should purchase them assuming that their only value is in owning the digital assets. Despite our ongoing development, we will NOT commit to any roadmap (past, present, or future), nor should owners of any of our digital assets, free or paid, consider the assets a promise of future rewards or increasing value.

We remain excited about and committed to telling stories and building games and experiences that delight our community. As long as we’re developing, we will look for ways to use the new ITOG token given in exchange for the Founder’s Key as a way to deepen the community’s emotional engagement with what we create, and to allow us to leverage the power of digital assets to engage our community.

Founders Key Roadmap and Utility

As of September 15 2023, the Founders Key roadmap no longer applies, and all utility attached to the Founders Keys will cease to be supported immediately, and the Founders Keys that are not refunded will simply be digital collectibles with no utility. All Founders Keys that are refunded to Impact Theory will be burned.

As mentioned above though, we are transferring some of the Founders Keys utility to people who participate in this new voluntary refund and return their Founders Keys to Impact Theory to be burned, in exchange for an ITOG token.

We want to establish a dynamic community where our language around development goals and direction are understood as communication with our most engaged users, not promises of future outcomes. We will share our excitement, we will engage our community and others in the projects that we are creating, but we are focused on the long-term positive effects of building things people love.

The community will be kept informed of any potential utility related to the ITOGs, but we reserve the right to make changes at any time, including entirely stopping any and all development of any kind in relation to the ITOGs.

What is the Impact Theory OG token?

The ITOG will be sent to people on a one-to-one basis per Founders Key that is refunded, and match the tier of the refunded Key. The new token will be on Immutable X, an Ethereum Layer 2 scaling solution and there will be four tiers:

• LE — Legendary Elite (this will be exchanged for Legendary Keys that were minted for 3ETH)
• Legendary
• Heroic
• Relentless

We are collecting the metadata from the Founders Keys and may in the future add that data to the new ITOGs, for novelty purposes only as an ode to the Founders Keys, but this is not guaranteed. Please also note that Impact Theory will receive no royalties on the future sales of the ITOGs if holders choose to sell them on the secondary market.

All utility from the Founders Keys will transfer to the new ITOG with the exception of the Legendary Right to Partner program, although all existing RTP projects will be grandfathered and permitted to continue. All utility is subject to change at anytime.

NOTE — if you’re refunding a Founders Key, ensure the wallet you use to send it back is registered with IMX to ensure you can receive your new ITOG via airdrop.

How do you get a refund for your Founders Key?

Impact Theory is voluntarily offering to refund Founders Keys for its community members, at the cost they were minted or purchased for in ETH, plus 0.008ETH per Key to account for the gas fees of the original transaction.

There are two methods to apply for your refund, which depends on how you purchased your Founders Key or Merry Modz digital collectible:

All Founders Keys that were minted and are currently held in the same wallet used to mint can use the automated process by following these instructions:

1. Go to https://refund.FoundersKey.io/ and connect your wallet that holds your Founders Key(s)
2. Select which Founders Keys you’d like to refund
   Note — all the Founders Keys in your wallet will be displayed, but only the Keys that were minted and are currently held in the same wallet that was used to mint can go through this process. Other Keys that were minted and are now held in a different wallet, or were purchased on the secondary market must go through the Google Form process outlined below.
3. Enter your personal details including your full legal name as it appears on your government-issued ID.
4. Review and sign the DocuSign contract that will automatically be generated and sent to the email address that you provide on the form
5. Return to the Refund Page (do not refresh) and return the Founders Keys you’re refunding to Impact Theory, by either:
6. Reviewing and signing the MetaMask transaction to send each Key back individually, or:
7. Send the Keys back via Bulk Sender to 0xAf9af9659397EAcF5c734B4e7A95DA115B35Ee72
8. Impact Theory will then send you the ETH that you paid to mint Founders Key(s) back to the wallet that you transferred within thirty (30) business days from the date of your request.

If you need some extra help with the automatic process, please watch this short video:

Automatic process tutorial video

All Founders Keys that were minted and are now held in a different wallet, or were purchased on the secondary market, must use the following process:

1. Complete this Google Form and send the Founders Key(s) that you want to refund to 0xAf9af9659397EAcF5c734B4e7A95DA115B35Ee72
   Note — Please ensure you use your legal name as this must match the contract we will send you, and carefully follow the instructions in the form, as any incorrect information will cause delays.
2. The Impact Theory team will review your refund application and ensure the Keys you’ve returned match the Google Form submission.
3. You will receive an email from Andrew Press via Docusign to the email address you entered on the Google form. The sender’s email address will be noreply@mail.hellosign.com.
4. Follow the instructions in the email to sign and return your Refund Agreement.
   Note — your name must be your legal name and match what you entered on the Google form.
5. Impact Theory will send the appropriate amount of ETH to your wallet that you’ve entered on the Google form and which you’ve sent the Founders Keys from within thirty (30) business days of your application.

Note — Follow the instructions in the Google Form carefully as any incorrect information will delay your refund.

Frequently Asked Questions

At what price will Impact Theory refund my Founders Key?

• Impact Theory will refund the price that you paid to mint or purchase your Founders Key in ETH on the secondary market prior to today’s announcement, so long as you complete the process appropriately.

Will Impact Theory offer a refund for a Founders Key that they airdropped to me for free? e.g. a free Heroic Keys that were given to those that minted a Legendary Key for 3ETH or any Key(s) that were won as part of a giveaway?

• Whilst you will not receive a refund for a Founders Key that you received from Impact Theory for free, because you did not pay anything for it, you can still send it back to Impact Theory in exchange for an ITOG token.

How do I find my Founders Key(s) Token ID (this is needed for the Google Form)

• First locate your Founders Key(s) by copying and pasting your wallet address from MetaMask into the OpenSea search bar, which will then display the digital assets in your wallet, including the Founders Key(s).
• Then click on your Founders Key(s) and expand the details section to locate the Token ID. Please ensure you use the Token ID and not the serial number on the front of the Key.
• Check out this image to ensure you’re using the correct information, as any incorrect information will cause delays to your refund.

Will Impact Theory refund the gas that I used to mint, purchase or return the Keys to Impact Theory?

• Impact Theory will be sending an additional 0.008 ETH as a standard amount per Key being refunded.

Is there a deadline to submit a refund application?

• The opportunity to submit for a refund will be ending at the end of this month, at the close of business, 5:00 PM PT, on Thursday, February 29th, 2024. If you’re interested in receiving a refund for your ITFK, please ensure your submission is received by 2/29/24 at 5:00 p.m. PT.
• We will not offer refunds to any submissions received after that date and time, and Impact Theory cannot and does not represent that any ITFK not submitted for refund will have any value to their holders after that date.

My wallet contains both Founders Keys that were minted and held and Keys that were purchased on the secondary market, can I use the automated process?

• You can only use the automated process for Founders Keys that were minted and are currently held in the same wallet used to mint. All other Keys must go through the Google Form process, even if they’re in the same wallet as the the minted Keys.
• You can use the automated process for the minted Keys and the manual process for the others even if they’re in the same wallet.

I minted my Founders Key(s) but transferred it to a different wallet, if I transfer it back to the wallet I minted it to, can I used the automated process?

• Yes, so long as the Founders Key(s) is currently held in the same wallet that it was used to mint, you can use the automated process.

After I minted or purchased my Founders Keys, I transferred them to a different wallet, will I still be able to have my Keys refunded?

• Yes, you can refund these Keys, please use the Google Form process for your application for any Key that was minted but now currently held in a different wallet or that was purchased on the secondary market.

Am I able to refund a Founders Key that was purchased on the secondary market?

• Yes, Impact Theory will refund Founders Keys that were minted and purchased on the secondary market, subject to an individual review and Impact Theory reserves the right to refuse to refund a Founders Key that has been involved in suspicious activity, including price manipulation.

What happens if I don’t send my Founders Key back to Impact Theory?

• Impact Theory will be unable to refund any Founders Keys that are not returned to them.

What happens if I send my Founders Key to the wrong wallet address?

• If you send your Founders Key to the incorrect wallet address, Impact Theory will be unable to refund your Founders Key. Please be diligent when returning your Key to Impact Theory.

Can I get a refund for a Founders Key that I’ve already sold?

• No, you can only refund Founders Keys in your possession that you then send back to Impact Theory when instructed to do so.

What happens to the Founders Keys that are sent back to Impact Theory?

• All Founders Keys that are returned and refunded by Impact Theory will be burned.

Do I have to return my Founders Key to Impact Theory before I receive my ETH?

• Yes, Impact Theory will only send ETH to the people who have sent their Founders Keys back. You have entered into a legally binding contract, so we assure you that we’ll send the ETH back to you upon receipt of the Founders Keys. Please be aware this was the same process in the previous round of Impact Theory refunding Founders Keys.

Are all three tiers of Founders Keys eligible to be refunded by Impact Theory?

• Yes, Legendary, Heroic and Relentless Keys are eligible to be refunded by Impact Theory, and you will receive an Impact Theory OG token in exchange for the tier of Key you refunded. If you refund a Legendary Founders Key that was minted for 3ETH (Token IDs 1–1387) you will receive a ‘Legendary Elite’ OG Token.

How long after I send my Founders Key back to Impact Theory will it take to receive my ETH?

• Impact Theory will send your ETH back to you within thirty (30) business days of receiving your application, subject to review.
• This does not include the Impact Theory holiday shutdown between 12/15/23–1/2/24, during which point, no refund submissions will be processed.

Can I get funds sent to me in fiat currency e.g. USD?

• No, as the Keys were minted or purchased in ETH, they must be refunded by Impact Theory in ETH, i.e. the same currency used to mint or purchase them.

If I opt into the process, do I have to return all my Keys?

• No, you can refund any Founders Keys you want, but remember that any Founders Keys you choose to keep, will have zero utility.

What happens if I opt to keep my Founders Key?

• Any Founders Keys that are not refunded, will have zero utility or roadmap and simply become digital artwork.

Is the SEC forcing Impact Theory to refund the Founders Keys?

• No, the refund of the Founders Keys is voluntary and completely separate from the settlement with the SEC.

What happens to my ITU access that was redeemed with my Founders Key?

• Your ITU subscription will continue to run until its expiration date, at which point if you hold an ITOG, you will be able to redeem a new ITU subscription using your new token.
• Please contact support@impacttheory.com for any ITU related queries.

What happens to the Founders Key Utility?

• All utility from the Founders Keys will transfer to the new ITOG with the exception of the Legendary Right to Partner program which will cease to exist, although all existing RTP projects will be grandfathered and permitted to continue. All utility is subject to change at anytime.

If you still have questions please contact Impact Theory via refund@impacttheory.com

How do I receive the new ITOG?

• Ensure the wallet you use to send back a Founders Key to Impact Theory is registered with IMX so you can receive your new ITOG via airdrop.