G2 Esports suing NFT company Bondly for $5m damages over \u201cbotched\u201d deal Pexels \/ G2 Esports \/ BondlyEsport and entertainment organization G2 Esports have filed a lawsuit against tech company Bondly, alleging that a failed NFT deal cost up to $5.25 million in damages. As reported by the Washington Post\u2019s Mikhail Klimentov, G2 Esports have filed a lawsuit against Bondly with the Los Angeles County Superior Court. The esports organization is seeking up to $5,250,000 in damages, caused by a failed two-year partnership that was agreed upon in June 2021. The companies announced their partnership on Twitter at that time, revealing Bondly as G2\u2019s \u201cNFT partner\u201d and promoting their first NFT\u2019s release date: June 30. Soon after, Bondly allegedly told G2 that they were \u201cpast the point of being able to successfully deliver an NFT program.\u201d The companies were unable to reach a compromise to alter or cancel their original partnership, leading to this March 2022 lawsuit. G2 Esports sue NFT partner Bondly over \u201cbotched\u201d deal 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 \u2014 \u2133ikhail Klimentov (@LeaderGrev) March 22, 2022 The lawsuit alleges that Bondly failed to meet deadlines for deliverables and fees owed to G2. Further, it notes that the tech company was \u201cmisleading\u201d during the original negotiations. These fees, which include a $2 million annual rights fee and a $1.25 million advance guarantee fee, were intended to be offset by Bondly\u2019s ability to profit from G2 NFT sales. While G2\u2019s original blog about the partnership is no longer available online, they did share two contracts in the lawsuit \u2013 describing the preceding circumstances. TO THE MOON \ud83d\ude80 We welcome Bondly as our NFT partner. First NFT \u2013 30.06: https:\/\/t.co\/c45Dfz8jEI pic.twitter.com\/HgfRSZirvL \u2014 G2 Esports (@G2esports) June 3, 2021 While G2 quickly promoted the partnership on social media, Bondly allegedly \u201csought to pause the agreement\u201d soon after receiving their first rights fee invoice. G2 then explained in the lawsuit that they rejected this proposal, leading Bondly to request a termination of the partnership over \u201cG2\u2032s unwillingness to work toward a mutually agreed upon solution.\u201d It seems that \u201cmutually agreed upon solution\u201d remains unattainable, as G2\u2019s lawsuit seeks the aforementioned $5.25 in potential damages. At present, neither G2 nor Bondly have spoken publicly about the situation.<\/p>\n","protected":false},"excerpt":{"rendered":"
G2 Esports suing NFT company Bondly for $5m damages over \u201cbotched\u201d deal Pexels \/ G2 Esports \/ BondlyEsport and entertainment organization G2 Esports have filed a lawsuit against tech company Bondly, alleging that a failed NFT deal cost up to $5.25 million in damages. As reported by the Washington Post\u2019s Mikhail Klimentov, G2 Esports have […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21879","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=21879"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21879\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=21879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=21879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=21879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}