Yes, you can ignore that warning, it will not harm your site.
And you can read the theme minimum requirements here: https://xstore.helpscoutdocs.com/article/60-xstore-theme-requirements
These numbers are actually the server numbers set on your site from the hosting, it will allow the space on your server to your site and also the time on your server to your site to run the query and perform successfully. The higher the number will be the better the performance.
Maximum execution time (max_execution_time) is a time limit on how long a PHP script can run.
The Max Input Var value represents how many variables for a single function your server can use to avoid overloads. Depending on your script or website, you may need to change this value.
Hope this is clear enough now.
Regards 8Themes Team.
One standard license is valid only for 1 project. Running multiple projects on a single license is a copyright violation.