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.
CBW - External Analyst