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G2 Esports sues NFT group for $5.25 million

G2 Esports sues NFT group for $5.25 million

G2 Esports sues NFT group for $5.25 million

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G2 Esports has filed a lawsuit against blockchain company Bondly in Los Angeles County Superior Court (according to The Washington Post). The esports organization has signed a two-year agreement with Bondly in June 2021, in which Bondly is supposed to create and sell official G2 NFTs. The other part was an annual royalty of $2 million to G2 Esports on top of $1.25 million upfront, which was supposed to be recovered through the NFT sale.

Well, in news that won’t surprise followers of the NFT drama, the money didn’t come to fruition. After sending the first invoice, a Bondly representative said the company was actually unable to “successfully deliver the NFT program,” G2 Esports’ lawsuit claims. Bundley allegedly wanted to shelve the deal, but that was after the deal was publicly announced, which G2 rejected: Bundley has since tried to end the deal, instead brazenly accusing G2 of being reluctant to work hard to find a solution.

G2’s lawsuit alleges that Bondley signed the contract knowing it would never deliver, a serious no-no. “Bondly and its agents knew their statements were false when they made them, or made them recklessly without regard to the facts. They knew they couldn’t enforce them, but cunningly waited until G2 told the millions Publicly announcing the partnership with Bondly fans reap the benefits of publicity through the highly valuable G2 brand.”

G2 seeks compensation of $5.25 million.

All links to the Bondly NFT project are now dead, but the social posts below are still there.

TO THE MOON 🚀We welcome Bondly as our NFT partner. First NFT – 30.06: https://t.co/c45Dfz8jEI pic.twitter.com/HgfRSZirvLJune 3, 2021

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Bondly’s website describes the company as being “at the forefront of NFT technology, bringing creators and fans closer together. […] We execute every step of the process to bring verified digital-first merchandise to the music, entertainment, gaming and collectibles markets through a range of products and services designed to support the entire blockchain ecosystem. “

That is, it makes NFTs for celebrities who don’t want to participate but want a payday. For example, it did a Logan Paul project.

Oh well, I think there is a birth every minute.Don’t take this as a great virtue for G2 Esports either: the organization is now working with other NFT Corporation, Solana. It’s not alone: ​​big names like the pajama-clad ninja have joined the gold rush, along with the usual suspects like FaZe Clan.

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Bart Thompson
Bart is esports.com.tn's List Writer . He is from Houston, Texas, and is currently pursuing a bachelor's degree in creative writing, majoring in non-fiction writing. He likes to play The Elder Scrolls Online and learn everything about The Elder Scrolls series.