Bondly gets sued by G2 Esports over scrapped NFTs on Polygon and before its latest push, the NFTs never materialized so let’s find out more in today’s latest blockchain news.
The Esports club G2 Esports filed a lawsuit against NFT provider Bondly and the company announced their partnership in 2021. Bondly gets sued because as G2 alleges, it misled the club about the NFT production capabilities and didn’t meet the deadline. When the gaming club announced plans to launch a Solana-based NFT, there was a question mark hanging over the users’ heads: what happened to the NFT deal with Bondly which was announced in June 2021?
G2 Esports filed a lawsuit against Bondly according to the latest reports with the filing alleging that the Bondly leadership misled G2 about the ability to create an NFT collectible in the partnership while failing to deliver on the set deadlines. The esports team alleged $5.25 million in damages that resulted from the deal which was a two-year agreement and according to the contract’s field with the court, Bondly was supposed to pay a $2 million annual licensing fee to G2 Esports and an advance of $1.25 million.
G2 wrote in the filing that it sent an invoice for the first right payment for Bondly while the crypto company responded that it was past the point of being able to deliver an NFT program. Bondly wanted to pause the partnership and G3 refused so bondly sought to terminate the partnership due to G2’s unwillingness to find a solution. The filing reads:
“Bondly and its agents knew that their representations were false when they made them, or made the representations recklessly and without regard to their truth. They knew they could not perform, but cunningly waited until G2 had publicly announced its partnership with Bondly to its millions of fans to reap the benefits of publicity through the highly valuable G2 brand.”
Bondly is a company that specializes in NFT collectibles and planned to launch a licensed NFT based on the G2 Esports and the team and competitors on Polygon which is a sidechain scaling solution for ETH. The G2 Esports NFT was announced to launch on June 30, 2021, but it never happened. G2 Esports launched a separate new NFT collection and the Solana-based collection was created with Metaplex and treated the NFT profile pictures like a membership pass to the club for fans of the team.