Rapper Tyga sued for breach of contract over a $500k NFT Project
An NFT company has documented a lawsuit against rapper Tyga, actual name Michael Ray Nguyen-Stevenson, for violation of treaty on an NFT project.
Kreation Technologies has reportedly sued the rapper after he evacuated a $500,000 chance, according to Yahoo Entertainment. Tyga was expected to produce a unique exhibition of digital artworks based on his name, likeness, appearance, and music.
The artist seemingly conceded to make it easier for NFTs to be designed, created, produced, marketed, sold, and distributed.
Tyga collected a $100,000 signing bonus for the NFT project. The proposal, which was declared openly in June, previously involved Tyga.
The superstar’s recent entrance into the NFT arena and his first into the field of contemporary CryptoArt with collaborators Kreation is “Ten Thousand TYGA,” the PFP NFT collection, according to the statement.
The treaty would include three drops: one with 10,000 unique NFTs, one with 75 unique NFTs, and one limited drop that would be sold to a single customer, the lawsuit states.
According to Kreation, Tyga’s “use of his stature and public devotees to support and garner awareness” of the drops was “essential to the project’s success.”
An earlier statement described the NFT project as a “much anticipated Pharaoh-inspired” collection with iconic, “techno-futuristic” pharaonic tombs.
Kreation said that the rapper had broken his pledge. He opted not to tweet or post on Instagram about the initiative, and as a result, he abolished media appearances on Twitter Spaces and Reddit’s “Ask Me Anything” forums.
According to the business, problems arose with a new strategic partner they used as an NFT marketplace as a result of the arrangement going sour. And now, he’s been sued.
Is this story relevant to you? I guess not. But I just want you to remember that you should always sign a contract… So that you can sue! 🥱😁