Rapper Tyga is being sued by an NFT company, which claims he underwrote a $500,000 project involving the creation of a custom digital art set.
According to legal documents, obtained by The Blast, Tyga reportedly signed a massive deal with a company called Kreation Technologies to produce three sets of NFTs. Of course, the deal consisted of the rapper agreeing to help “facilitate the design, creation, production, marketing, sale, and distribution of NFT in exchange for the use and incorporation of TYGA’s name, image, likeness, music, and artwork.”
Shockingly, the deal was worth half a MILLION dollars to Tyga in payouts, starting with $100K — just to sign the deal.
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Tyga Accused Of Failing To Promote NFT Project
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In the lawsuit, the company claims the deal consists of three “points” — one with 10,000 unique NFTs, one with 75 unique NFTs, and a final one exclusive for sale to one buyer. As you can imagine, Kreation insisted that it was “crucial to the success” of the Project that Tyga “use his status and public following to support and gain exposure” to the drop.
A press release is available online promoting the deal, saying it’s a “highly anticipated collection inspired by the Pharaohs” and will feature the iconic tomb of the pharaoh crash with a “technological futuristic” vibe.
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At the time, the company’s co-founder said, “Fans want a richer, more personalized engagement with their musical idols, and this collection delivers, both in the real world and in the Metaverse. Tyga’s new NFT collection will take his engagement with fans to a whole new level.” , and Kreation is proud to be a part of making it happen.” Adding, “NFT is redefining the way things are done in the world of music and art.”
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Rapper Tyga Sued Over Massive NFT Offer, Company Wants Money Back
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The problem is that the company accused Tyga of not holding up his offer, first by not posting the project on Instagram or Twitter and then canceling media interviews and social media appearances on Twitter Spaces and Reddit’s ‘Ask Me Anything’ forum. The company claims that on the day of NFT’s drop, Tyga again failed to promote the art on his social media accounts and failed to “participate materially in the promotion and marketing of the project.”
Unfortunately, Kreation says the deal falling apart was not only a disaster — but also caused issues with a new strategic partner they were using as an NFT marketplace. The company said the market received a letter from Tyga’s lawyers to release the NFTs, and they complied based on the legal issues that existed.
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BTW — For those of you living under a rock, non-fungible tokens, commonly referred to by their acronym “NFT,” are cryptographic assets built into the blockchain with unique identification codes and metadata that distinguish them from one another.
Tyga has yet to respond to the suit, the case is ongoing.
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Source: thtrangdai.edu.vn/en/
