Astrals NFT Case Closed: Shaquille O’Neal Agrees to $11M Settlement
Shaquille O’Neal, a former NBA player and sports commentator, has consented to a class action settlement fund for investors in Astrals NFT. During an NBA game at the Kaseya Center, previously the FTX Arena, on May 23, O’Neal received notice of the Astral NFT lawsuit. The celebrity’s endorsement of the Astrals NFT project was at the center of the class-action case.
A Miami federal court judge acknowledged on August 16 that the plaintiffs had a legitimate claim that the former NBA player was selling the NFTs. This implied that the sports commentator had to provide an explanation. O’Neal agreed to pay $11 million to resolve the dispute for his promotion of Astrals NFTs after a year of back and forth. In exchange for the class-action lawsuit being dismissed, the NBA legend accepted the settlement.
NFT Sales Rebound as O’Neal Settles Class-Action Lawsuit
O’Neal’s celebrity standing was allegedly linked to Astral assets, and many investors purchased in because he supported the NFTs, according to the plaintiffs. Although O’Neal claimed he was not abandoning the initiative, the plaintiffs thought the NBA player was attempting to disassociate himself from it. Following this, investors lost money as the value of the NFTs declined. In September 2023, the NFT investors sued O’Neal as a result of this.
O’Neal’s settlement coincides with NFTs’ sales volume recovery. NFT monthly sales volumes ended a seven-month decline in October. NFT’s monthly sales volumes increased by 18% to $356 million from September, which was the company’s lowest month in 2024. Additionally, the number of transactions increased by 42% month over month to 7.2 million. The week before November 17th saw a 94% increase in NFT sales. Gains in Bitcoin and the larger cryptocurrency market drove $181 million in sales for the digital collectibles industry.
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