Rapper Tyga denies breaching $500k NFT contract in ongoing lawsuit
Tyga, the American rapper, has refuted allegations of violating a contract worth $500,000 to endorse a collection of NFTs. Instead, he has accused Kreation Technologies, the plaintiff, of attempting to rescue their unprofitable product. Tyga has submitted a request to dismiss all charges while the legal proceedings continue.
NFT deal gone wrong: Tyga sued by Kreation Technologies for breach of contract
In 2022, Kreation Technologies, a UK-based corporation, filed a lawsuit accusing Tyga and a media firm of facilitating the violation of a contract and engaging in deceitful conduct. As per the lawsuit, Tyga committed to taking part in four NFT releases, each one featuring a unique NFT collection crafted by the rapper.
Kreation maintains that it agreed to pay Tyga at least $500,000, with $100,000 due within 48 hours of the deal’s execution and the remaining amount disbursed in installments as Tyga met specific contractual requirements.
Nonetheless, Kreation asserts that Tyga did not make any of the obligatory social media posts, and neither did he contribute to any other marketing or creation of the NFTs. Consequently, Kreation launched the initial release but canceled the remainder of the project owing to Tyga’s lack of involvement.
Tyga faces lawsuit over alleged breach of NFT contract while battling previous legal battles
Tyga has responded, contending that he bears no responsibility for Kreation’s unsuccessful NFT venture. He argues that the cryptocurrency market crash occurred during the contract’s period, leading to a detrimental outcome for Kreation.
He maintains that Kreation is attempting to recover its losses by filing a lawsuit against him. Furthermore, Tyga argues that he was not a party to the concerned agreement and should be dismissed from the case.
Regrettably, Tyga has a history of facing lawsuits. In the past year, he gained media attention for allegedly failing to pay off a seven-figure lawsuit that he lost for defaulting on payments for a pair of exotic sports cars he acquired in the mid-2010s.
In 2022, Vans filed a lawsuit against Tyga’s “Wavy Baby” sneaker collaboration with MSCHF, accusing it of infringing on their signature sneaker design. A federal judge in Brooklyn eventually ruled in favor of Vans and prohibited future sales of the sneaker while granting an injunction against Tyga and MSCHF.
Tyga blames Kreation for NFT project failure in the ongoing legal battle
As Tyga and Kreation Technologies’ legal dispute progresses, the rapper insists that he is not accountable for the NFT project’s collapse. Despite facing lawsuits in the past, Tyga maintains that the project’s failure resulted from the company’s imprudent investment decisions and the fluctuating cryptocurrency market. The case is ongoing, and it remains to be seen how the court will adjudicate the matter.