The Los Angeles Supreme Court sued their former partner, Bondle. The allegations relate to broken contracts, fraud with a loss of $5,250,000.
The story of the partnership between G2 and Bondly
The two companies signed the deal on June 2, 2021. Bondly should have been involved in the development and management of G2 Esports NFTs. For this, Bondly had to pay a commission: an annual fee of $2 million and an advance on sales of $1.25 million. They then had the right to repay this advance on the first sale. In return, G2 obtained access to the intellectual property that allowed Bondly to access images, videos and audio related to its players and sports teams. They also appeared as partners in G2 t-shirts.
end of the deal
Shortly after the first invoice was sent, a Bondly official explained to G2 that the company would not be able to offer the NFT program. According to the following exchange, G2 argues that the two parties cannot agree on who is responsible for the items set out in the contract, and Bondley tries to suspend the agreement, which the structure rejects. G2 later claimed that a few weeks later Bondley tried to terminate the contract and they were unable to reach an agreement. According to Ocelote, Bondley deceived them because he knew from the start that they would not be able to meet their obligations. After enjoying the G2 brand image, they waited for the announcement of the partnership to release.
G2 is not the only esports structure to try NFTs, other organizations such as 100 Thieves, Ninjas in Pijamas, FaZe Clan and Sentinels have already tried to invest in this type of market.
Source : Millenium
