G2 Esports has filed a lawsuit in LA County Superior Courts against Bondly, a blockchain company (according to The Washington Post).
The Esports organisation had entered into a two-year agreement with Bondly in June 2021, under which Bondly would create and sell official G2 NFTs. Another part of the agreement was that, in addition to a $1.25 million advance, G2 Esports was to pay an annual rights fee of $2 million, which Bondly was to recoup through the sale of NFTs.
Money is gone
Of course, no money showed up in the end. G2 Esports' lawsuit states that after the initial invoice was sent, a Bondly representative said the company could not, in fact, "deliver a successful NFT programme."
G2's lawsuit alleges that Bondly knew it could never deliver when it signed the contract, which is a serious mistake. "Bondly and its representatives knew that their assurances were false when they made them, or they made the assurances recklessly and without regard to their truth. They knew they could not deliver, but cunningly waited until G2 had publicly announced its partnership with Bondly to its millions of fans to take advantage of the publicity generated by the highly valuable G2 brand."
Bondly allegedly wanted to put the agreement on hold, but that was after the deal was publicly announced but G2 refused. Bondly then tried to terminate the agreement and rather brazenly accused G2 of not being willing to work on a solution.
All ties to Bondly's NFT project are now dead.
G2 is seeking damages of $5.25 million
Bondly's website describes the company as follows: "We are at the forefront of NFT technologies that bring creators and fans closer together [...] We are executing every step of the process to bring authenticated digital-first goods to market in music, entertainment, gaming and collectibles, with a suite of products and services that support the entire blockchain ecosystem."
Now, the organisation is working with another NFT company, Solana. The Ninjas in Pyjamas have joined the Gold Rush, as has the FaZe Clan.
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