Tyga is fighting back.
In legal docs obtained by AllHipHop, the musician has rejected all allegations and is seeking dismissal of the claims brought against him.
A legal disagreement emerged the previous year between Kreation Technologies, a UK-based company, and two defendants: Tyga (actual name: Michael Ray Stevenson) and Newstyle Media.
Tyga NFT Lawsuit
According to court records, Kreation signed an agreement with Newstyle Media, who represents Tyga. The agreement was for an NFT production that would include the rapper’s name, likeness, song, and artwork.
NFTs are digital assets kept on the blockchain with unique identification numbers and metadata that distinguishes them.
Tyga decided to participate in four unique NFT “drops,” each comprising three independent sets of NFTs generated by him, according to Kreation.
Kreation and Tyga agreed that the artist would get a minimum of $500k, with the first $100k transferred within two days of the agreement. The remaining was to be paid by performing the contract’s tasks.
Additionally, Kreation ensured that their first $500k payment was guaranteed. Tyga was entitled to additional profit percentages if this sum was exceeded.
Kreation has sued rapper Tyga, saying that he did not adequately advertise their NFTs. They claim that he neglected to make the obligatory Instagram and Twitter postings while canceling media interviews and appearances.
Because of this, their NFT drops were delayed.
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Kreation said that they had intended to launch a drop, however the initiative was canceled due to Tyga’s failure to market their NFTs. This terrible occurrence 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 most recent statement, he bears no responsibility for the venture’s failure.
He said, “The Agreement turned out to be a bad deal for [Kreation] not because of any actions or non-performance of [Tyga] but because the cryptocurrency market loudly and publicly crashed during the term of the Agreement. [Kreation] now seeks a bailout for its failed investment and sued NSMG and [Tyga].”
Tyga has claimed that he should be dismissed from the prosecution since he was not involved in the transaction. It is still going on.
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