by Posted on September 7, 2022 at 1:36 pm
Rapper Tyga is being sued by an NFT company, which claims he bailed on a $500,000 project involving creating a custom set of digital art.
According to legal documents, obtained by The Blast, Tyga reportedly entered into a massive deal with a company called Kreation Technologies to put out 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 NFTs in exchange for the use and incorporation of TYGA’s name, image, likeness, music, and artwork.”
Shockingly, the deal was worth a whopping half a MILLION dollars payable to Tyga in payments, starting with $100K — just to sign the deal.
In the lawsuit, the company claims the deal would consist of three “drops” — one with 10,000 unique NFTs, one with 75 unique NFTs, and one last exclusive one to be sold to one buyer. As you can imagine, Kreation points out it was “critical to the success” of the Project that Tyga “utilize his status and public following to endorse and gain exposure” to the drops.
A press release can be found online promoting the deal, saying it was a “highly anticipated Pharaoh-inspired” collection and would feature iconic tombs of accident pharaohs with a “techno-futuristic” vibe.
At the time, the co-founder of the company said, “Fans want richer and more personalized engagement with their musical idols, and this collection delivers just that, both in the real world and the Metaverse. Tyga’s new NFT collection will take his engagement with fans to a whole new level, and Kreation is proud to be part of making it a reality.” Adding, “NFTs are redefining how things are done in the worlds of music and art.”
The problem is the company accuses Tyga of not holding up his end of the bargain, first by not posting about the project on Instagram or Twitter and then canceling media interviews and social media appearances on Twitter’s Spaces and Reddit’s ‘Ask Me Anything’ forums. The company claims on the day of the NFT drop, Tyga again failed to promote the art on his social media accounts and failed to “materially participate in the promotion and marketing of the project.”
Unfortunately, Kreation says the deal falling apart not only was a disaster — but, also caused issues with a new strategic partner they were using as an NFT marketplace. The company says the marketplace received a letter from Tyga’s lawyer to remove the NFTs, and they complied based on a legal issue being in existence.
BTW — For those of you living under a rock, a non-fungible token, commonly referred to by its acronym “NFT,” is a cryptographic asset that is built into a blockchain with unique identification codes and metadata that distinguish them from each other.
Tyga has yet to respond to the suit, the case is ongoing.
Filed Under: Exclusive, MSN, News, Stars, The Law, Top Stories, Yahoo
COPYRIGHT © 2019-2022 THE BLAST. ALL RIGHTS RESERVED.
Author
Administraroot
