Tyga accuses the company of suing him for failed NFT to seek bailout

Tyga accuses the company of suing him for failed NFT to seek bailout

Tyga has responded to a company suing him for allegedly breaching a $500,000 contract to promote an NFT line, denying any blame and instead accusing them of seeking a bailout for their failed product.

According to court documents obtained by Radar online on Tuesday (14 March) Tyga has decided to reject all claims from the British company Kreation Technologies.

The lawsuit was filed in 2022, and accuses both Tyga and a media company that brokered the deal of breach of contract and debt fraud.

Kreation claims Tyga agreed to participate in four NFT drops, each including one of three unique NFT compilations to be created by the “Dip” rapper. The company claims it agreed to pay him a minimum of $500,000 with $100,000 due within two days of the deal being executed, then the remaining balance in installments as he completed various requirements of the contract.

On the flip side, Kreation would collect their $500k first, then pay Tyga additional percentages of profits beyond that. But Tyga apparently did not make any of the required social media posts, nor did he participate in any other promotion or creation of the NFTs.

While releasing the first drop, Kreation scrapped the rest of the project due to Tyga’s lack of participation.

Tyga, for his part, said he was not responsible for Kreations’ failure to launch a successful NFT project.

“The deal turned out to be a bad deal for [Kreation] not by reason of any acts or non-performance of [Tyga] but because the cryptocurrency market loudly and publicly crashed during the agreement period. [Kreation] is now seeking a bailout for its failed investment and sued NSMG and [Tyga]”, says his submitted answer.

See also  NFTs and intellectual property rights

Tyga Makes Avril Lavigne Relationship Instagram Official

Tyga argued that he was not a party to the agreement in question and therefore should be dismissed. The case is still ongoing.

Unfortunately, Tyga is no stranger to litigation. Earlier this year, he made headlines for allegedly failing to pay a seven-figure lawsuit he lost for defaulting on payments on a pair of exotic sports cars he bought in the mid-2010s.

In 2022, Tyga’s “Wavy Baby” sneaker collaboration with MSCHF was sued by Vans for allegedly ripping off their signature sneaker silhouette.

A federal judge in Brooklyn ultimately sided with Vans, banning future sales of the sneaker while granting an injunction against Tyga and MSCHF.

Before that, Midway Rent a Car filed a lawsuit in 2019, claiming Tyga owed $441,000 for a Ferrari and a Rolls-Royce — not to be confused with the earlier car lawsuit. The Cali native eventually agreed to a payment plan, and both vehicles were reportedly repossessed.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *