Tyga Fights Back After Being Accused Of Fraud In $500k NFT Deal, Rapper Blames Cryptocurrency Market Crash

In court documents, Kreation said it entered right into a deal with Newstyle Media, which was acting on behalf of Tyga. The parties agreed to work on a NFT challenge the place the rapper’s identify, likeness, music and paintings can be incorporated.

NFT is a cryptographic asset that is “built into a blockchain with distinctive identification codes and metadata that distinguish them from one another.”

The company stated Tyga agreed to participate in four NFT “drops” or releases — every would come with on of three unique NFT collections that have been to be created by Tyga.

Kreation said Tyga agreed to a $500k minimal with $100k due within 2 days of the deal being executed. The remaining balance was to be paid as the rapper accomplished completely different requirements from the contract.

The deal said Kreation can be paid the first $500k that came in. Tyga was to be paid further percentages off earnings that exceeded $500k.

However, they claim Tyga did not make required posts on Instagram and Twitter. To make matters worse, Kreation stated the rapper did not take part or cooperate in the promotion of the NFTs. They claim Tyga canceled media interviews, social media appearances which delayed the NFT drops.

Kreation stated they launched on drop however then scrapped the the rest of the challenge because of Tyga not promoting the NFTs. The company mentioned the entire ordeal caused its business substantial hurt.

In Tyga’s newly filed response, the rapper mentioned he was not liable for Kreation’s failure to launch a successful NFT project.

He said, “The Agreement turned out to be a foul deal for [Kreation] not because of any actions or non-performance of [Tyga] however because the cryptocurrency market loudly and publicly crashed in the course of the time period of the Agreement. [Kreation] now seeks a bailout for its failed investment and sued NSMG and [Tyga].”