Rapper Tyga sued for release for $500,000 NFT project
Rapper Fabric being sued by one 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 has reportedly entered into a massive deal with a company called Creation Technologies to post 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 to Tyga in payouts, starting at $100K – just to sign the deal.
Tyga accused of failing to promote the NFT project
In the lawsuit, the company claims the deal will consist of three “drops” — one with 10,000 unique NFTs, one with 75 unique NFTs, and a final exclusive one to be sold to one buyer. As you can imagine, Kreation points out that it was “critical to the success” of the project that Tyga “used his status and public following to endorse and gain exposure” for 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 pharaohs of misfortune with a “techno-futuristic” vibe.
At the time, the co-founder of the company said: “Fans want a richer and more personal 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.”
Rapper Tyga sued over massive NFT agreement, the company wants the money back
Trouble is, the company is accusing Tyga of reneging on the deal, 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 alleges on the day of the NFT decline that Tyga again failed to promote the art on his social media accounts and failed to “significantly participate in the promotion and marketing of the project.”
Unfortunately, Kreation says the deal that fell apart was not only a disaster – but also caused problems 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 that they complied based on a legal issue.
BTW – For those of you living under a rock, a non-fungible token, often referred to by the abbreviation “NFT”, is a cryptographic asset embedded in a blockchain with unique identifiers and metadata that differentiates them.
Tyga has not yet responded to the lawsuit, the case is ongoing.
