Bondly is being sued by G2 Esports for scrapped NFTs on Polygon

G2 signed with Bondly in 2021 for Polygon NFTs that never materialized, prior to their latest Solana NFT drive.

G2 Esports filed suit against Bondly in Los Angeles County Superior Court on March 16
Bondly Finance

According to The Washington Post, G2 Esports filed a lawsuit against Bondly in Los Angeles County Superior Court on March 16.

Moreover, the study notes that Bondly's leadership misled G2 about the partnership's potential to develop NFT collectibles and failed to meet stated timelines.

The esports team claims total damages of $5.25 million as a result of the two-year exclusive agreement struck on June 2, 2021.

Bondly was meant to pay a $2 million annual licensing fee to G2 Esports, as well as a guaranteed advance of $1.25 million, according to papers filed with the court, according to the article.

When G2 sent Bondly an invoice for his first rights payment, the crypto business reacted by saying it was "beyond the point of being able to properly execute an NFT application," according to the lawsuit.

In addition, the Post reports that Bondly requested a pause in the cooperation, but G2 refused; Bondly then tried to cancel the agreement, citing G2's refusal to find a solution.

According to the complaint, "Bondly and its agents knew their statements were fraudulent when they made them, or made the assertions recklessly and without regard to their truth."

"They knew they wouldn't be able to perform, but they cleverly waited until G2 had officially announced its relationship with Bondly to its millions of admirers in order to benefit from the enormously valuable G2 brand's publicity."

Bondly, a company that specializes in NFT collectibles and fan engagement tokens, plans to release officially-licensed NFTs based on G2 Esports, its teams, and opponents on Polygon, an Ethereum sidechain scaling solution.

The G2 Esports NFTs were supposed to debut on June 30, 2021, but they never happened.