Hi m0rnin9star,
You can use the assets for a team project, no problem with that. However, your team members with access to the assets are not allowed to take the assets to make their own projects.
For more clarity, the license for the assets is granted to the purchaser (in this case, you). As such, any derived works created using these assets are only licensed to the original purchaser (you).
In a team context, if other individuals (in this case, your friend) use Minifantasy assets to create levels, edits, or other derived content, they are not granted any license to use the original or the derived works for their personal or commercial projects (the works involving Minifantasy assets could be only used in your project, as you are the original purchaser of the assets).
As the purchaser and license holder, if you share the assets within a team, you are responsible for the correct use of the license by your team.
If your team members (your friend) wish to use Minifantasy assets on their own projects, they will need to purchase the assets to get a use license.
I hope it answers your question. If you need more information feel free to ask me any time.
have a nice week!