G2 Esports files $5.25M lawsuit against short-term NFT partner Bondly

by Adam Fitch  ·  Updated 
G2 Esports files $5.25M lawsuit against short-term NFT partner Bondly

G2 Esports filed a lawsuit on March 16 which alleges that its former blockchain partner Bondly misled the organization about its capacity to fulfil the terms of their deal.

The background: G2 Esports' dealings with companies specializing in NFTs have been mixed, to put it politely.

The lawsuit: The esports organization feels as if it was sold a dream by the company, which claims to "execute every step of the process" in bringing NFTs to life.

  • G2 is looking to claim damages of over $5.25M, as first reported by The Washington Post.
  • Contracts attached to the lawsuit filing state that the parties entered a two-year deal on June 2, 2021, that would see Bondly be tasked with developing and selling G2's digital products.
  • Bondly also had responsibility for an annual rights fee of $2M and an advance guarantee of $1.25M, the latter of which it could recoup as the NFTs were sold.
  • The esports org has alleged that a Bondly representative claimed the company was "past the point of being able to successfully deliver an NFT program" not long after the first rights fee invoice was received.
  • The filing continues with G2 claiming that it couldn't agree with Bondly on who was responsible for particular activities and the crypto company (unsuccessfully) proposed a pause in their agreement.
TSM's deal is widely regarded as the biggest deal in esports to date.

The landscape: The relationship between esports and blockchain technology has been rocky thus far.

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