G2 Esports has elected to sue Bondly, its previous partner in an NFT-related deal for a whopping $5 million; here’s more about this development.
G2 Esports, a European esports company, filed a lawsuit alleging that Bondly, a blockchain-focused company, misled G2 while failing to deliver on crucial agreements in their contract. They filed the lawsuit at the Los Angeles County Superior Court.
In 2021, G2 Esports and Bondly partnered to produce a myriad of NFTs about G2’s ventures, and it seems like a few months later, at least one party to this agreement is unhappy about how it has played out.
According to a tweet by @leadergrev on Twitter, “NEW: G2 Esports is suing the blockchain tech company Bondly, alleging that it botched a deal for the development and sale of G2 branded NFTs. It filed the suit on 16 March in the Los Angeles County Superior Court.”
In the lawsuit, the company outlined Bondly’s alleged inability to deliver on certain aspects of their agreement. According to G2 Esports, Bondly failed to produce what they negotiated, further claiming significant damage. G2 Esports claims that Bondly explained its inability to produce an NFT program almost immediately after receiving the primary invoice for rights use.
After months of dispute, both companies failed to find an amicable solution. According to G2, Bondly attempted to terminate the contract due to a “lack of cooperation.” A general theme of G2’s lawsuit is that Bondly acted deliberately to deceive them.
G2 vs Bondly
According to copies of contracts attached to the filing by G2, on 2 June 2021, G2 Esports and Bondly entered into a two-year exclusive partnership. As a party to the partnership, Bondly’s task was helping market G2’s NFTs.
Bondly is also liable for the payment of $2 million as an annual rights fee and $1.25 million in advanced guarantee paid in instalments. The partnership contract also states that G2 Esports granted Bondly access to its intellectual properties, including videos, images, audio, and other digital assets relating to G2 and its esports teams.
According to the filing, “Bondly and its agents knew that their representations were false when they made them or made the representations recklessly and without regard to their truth, They knew they could not perform, but cunningly waited until G2 had publicly announced its partnership with Bondly to its millions of fans to reap the benefits of publicity through the highly valuable G2 brand.”
The future of Web3 Partnerships
A considerable aspect of the Web3 space is partnerships, and it’s safe to say that without partnerships, it’ll be harder to get this space to where it is now. With that in mind, there will always be wrong partners and partnerships.
The fiasco between G2 Esports and Bondly is a sad development, but it’s essential to remember that companies and individuals globally enter bad partnerships daily. It’ll be exciting to see how the G2 Sports and Bondly fiasco plays out.