G2 sues NFT provider Bondly for $5.2 million

European esports organization G2 recently filed a lawsuit against Bondly, an NFT platform. In the lawsuit, the Esport Organization claims that Bondly intentionally deceived G2 when the two organizations partnered to create various NFT drops for G2 last summer.

What’s the lawsuit all about?

The lawsuit was filed in the L.A. County Superior Court. The esports organization is suing Bondly for more than $5.2 million in damages. That’s because Bondly allegedly failed to perform as agreed. G2 says in the lawsuit that it agreed to a two-year partnership with Bondly in which Bondly would receive access to G2’s intellectual property in exchange for a series of G2-related NFTs and millions of dollars in annual rights fees and warranty advances.

The lawsuit states that Bondly failed to fulfill product delivery deadlines. It also claims Bondly was “misleading” in the initial negotiations. G2 also alleges that Bondly attempted to pause and subsequently terminate its agreement with G2, which G2 allegedly resisted.

Bondly has worked with many well-known organizations, Youtubers and celebrities in the past to create NFTs. Bondly’s website states that they “execute every step of the process to bring authenticated digital goods to market in the areas of music, entertainment, gaming and collectibles.” So far, there don’t appear to have been any problems or anomalies with Bondly either.

Problems with NFTs

When G2 and Bondly’s partnership was announced last year, G2 CEO Carlos “ocelote” Rodríguez said on Twitter that “it’s easy to hate NFTs.” That’s because there were and still are so many people taking advantage of the hype and scamming people, but Ocelote also said that won’t be the case with G2 and that G2 “is doing this for the right reasons and will be around for decades to come.”

In fact, there’s plenty of trouble with NFTs, too. Scams are reported again and again, and the German Youtuber Montana Black was also involved in this. More and more NFTS are also being transplanted into games and have already led to insane purchases in the millions. At the moment, both G2 and Bondly are keeping a low profile and have not yet made an official statement about the lawsuit.

NFTs are currently quite a controversial topic in all kinds of areas. It remains exciting to see how the entire situation will develop in the future and when or if the bubble will burst. Here on Fragster we’ll always provide you with the latest news.