G2 Esports filed a lawsuit against NFT platform Bondly


G2 Esports has filed
a lawsuit in opposition to the non-fungible token (NFT) platform Bondly. On
March 16, a lawsuit was filed in Los Angeles County Superior Court. The filing alleges
that the NFT company misled G2 when the two companies partnered in June 2021 to
create a number of NFT collectibles for the esports brand. Bondly firm
specializes in NFT collectibles and fan engagement tokens.
G2 writes in the
filing that shortly after sending Bondly’s first rights fee invoice, Bondly
allegedly informed G2 claiming that the NFT program couldn't be successfully
implemented. Hence it was unable to complete the deal. G2 additionally claims
Bondly tried to pause and consequently terminate its settlement with G2
claiming G2’s unwillingness to find a solution. Though the esports employer
allegedly rejected in both instances.
As per the report,
G2 is claiming more than $5.2 million in total damages resulting from the deal.
The esports organization claims that it and Bondly agreed to an exclusive
two-year partnership which was signed on 2nd June 2021. Under this
Bondly would gain access to G2’s intellectual property in alternate for a
sequence of G2-related NFTs and millions of dollars in annual rights fees and
guarantee advances. Bondly was supposed to pay G2 Esports a $2 million
licensing fee annually, along with a $1.25 million guarantee, as per contracts
filed with the court.
Bondly planned
to launch officially licensed NFTs based totally on G2 Esports and its groups
and opponents on Polygon, a sidechain scaling solution for Ethereum. The G2
Esports NFTs have been initially introduced to launch on June 30, 2021, however
in no way has it materialized.
When the Bondly
partnership was once introduced in June 2021, G2 CEO Carlos Rodríguez stated on
Twitter supporting its a step that G2 was doing this for the correct reasons. Both
G2 and Bondly denied commenting anything.
G2 Esports
subsequently launched a separate new NFT series in January. The Solana-based
series was once created in partnership with Metaplex and dealt with the NFT
profile pix like a membership pass to a different membership for followers of
the team. A link to G2's website claiming to provide details about the
partnership and the NFTs returns a 404 error.
Previously Bondly, had partnered with the likes of singer Lewis Capaldi and net persona Logan Paul to create NFTs.

Indrani bose
CBW - External Analyst
INDIA