G2 Esports to sue NFT provider for over $5 million in damages
Esports organization G2 Esports is set to sue their NFT provider Bondly for over $5 million in damages as the partnership turned sour.
G2 Esports and Bondly started working together back in June of 2021, but now G2 Esports is claiming that they were misled when the partnership was established, which saw NFTs created around the G2 Esports brand. Within the lawsuit G2 Esports says that Bondly misled them when it came to their capabilities and delivery deadlines, which includes payments to G2 Esports.
NEW: G2 Esports is suing the blockchain tech company Bondly, alleging that it botched a deal for the development and sale of G2 branded NFTs.
It filed the suit on March 16 in the Los Angeles County Superior Court.https://t.co/gjdYchABUB
— ℳikhail Klimentov (@LeaderGrev) March 22, 2022
In a report by the Washington Post, it’s made clear that the lawsuit was filed to the Los Angeles County Superior Court on March 16. According to this report Bondly was to pay an annual fee of $2 million including an advance of $1.25 million to be paid in multiple installments, which Bondly supposedly could make back through sales of the created NFTs. Now that deadlines have not been met, G2 Esports is suing Bondly.
It’s not the first time that Bondly has worked together with others on NFT projects, having worked with people such as influencer Logan Paul and singer Lewis Capaldi in the past. G2 Esports also isn’t the only esports team to invest in NFTs, with others such as FaZe Clan and 100 Thieves also making considerable investments.
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