Tyga fights back.
In legal documents obtained by AllHipHop, the musician has denied all allegations and is asking for the claims against him to be dismissed.
A legal dispute emerged the previous year between Kreation Technologies, a UK-based company, and two defendants: Tyga (real name: Michael Ray Stevenson) and Newstyle Media.
Tyga NFT lawsuit
According to court records, Kreation signed an agreement with Newstyle Media, which represents Tyga. The deal was for an NFT production that would include the rapper’s name, image, song and artwork.
NFTs are digital assets held on the blockchain with unique identification numbers and metadata that distinguish them.
Tyga decided to participate in four unique NFT “drops,” each consisting of three independent sets of NFTs generated by him, according to Kreation.
Kreation and Tyga agreed that the artist would receive a minimum of $500k, with the first $100k transferred within two days of the deal. The remainder was to be paid by performing the tasks of the contract.
In addition, Kreation made sure their first $500k payment was guaranteed. Tyga was entitled to an additional percentage if this sum was exceeded.
Kreation has sued rapper Tyga, saying he didn’t adequately advertise their NFTs. They claim he failed to make the mandatory Instagram and Twitter posts while canceling media interviews and appearances.
Due to this, their NFT releases were delayed.
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Kreation said they intended to launch a fall, but the initiative was canceled due to Tyga’s failure to market his NFTs. This terrible incident cost them a lot of money.
Tyga fights back
The rapper has strongly denied any involvement with Kreation’s failed NFT project. According to the rapper’s latest statement, he bears no responsibility for the venture’s failure.
He said: “The deal turned out to be a bad deal for [Kreation] not by reason of any acts or non-performance of [Tyga] but because the cryptocurrency market loudly and publicly crashed during the agreement period. [Kreation] is now seeking a bailout for its failed investment and sued NSMG and [Tyga].”
Tyga has argued that he should be exonerated from the prosecution since he was not involved in the transaction. It is still ongoing.
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