Tyga Denies Failing to Promote NFT Collection In Lawsuit Accusing Him of Breaching $500K Contract

Tyga Denies Failing to Promote NFT Collection In Lawsuit Accusing Him of Breaching $500K Contract

Tyga is not trying to dish out any money in a lawsuit accusing him of breaching a $500,000 contract.

RadarOnline reported that rapper (real name Michael Ray Stevenson) is said to have received payment from UK company Kreation Technologies to promote a line of NFTs, but he didn’t fulfill his obligation.

Kreation sued Tyga and Newstyle Media last year, alleging contract violations and promissory fraud.

The company claims in court papers that it signed a contract with Newstyle Media, who was negotiating on Tyga‘s behalf. An NFT project incorporating the rapper’s moniker, likeness, music, and artwork was agreed upon by the parties.

Tyga allegedly promised to take part in four NFT “drops” or releases, each of which would feature one of the three original NFT collections he was set to create.

He agreed to a $500,000 minimum with a $100,000 payment expected within two days of the deal’s execution. As the rapper fulfilled various obligations outlined in the contract, the remaining amount was to be paid.

However, Tyga allegedly did not publish the necessary tweets and Instagram photos and failed to take part in or collaborate with efforts to promote the NFTs. Kreation asserts that Tyga postponed social media and media events, which caused the NFT drops to be delayed.

Kreation allegedly scrapped the remainder of the project because Tyga did not promote the NFTs after the initial release. The company claims the entire situation seriously harmed its operations.

According to Radar, NFT, a cryptographic asset, is

“built into a blockchain with unique identification codes and metadata that distinguish them from each other.”

According to court records, Tyga has moved to have all claims against him dismissed and has refuted all accusations of misconduct.

The “Rack City” rapper claims he was not responsible for Kreation’s failure and that he was not an agreeing party to the deal. Therefore, in his opinion, the lawsuit should be dismissed.

Tyga 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].”

What are your thoughts on the entire situation? Let us know in the comments!