NBA legend Shaquille O’Neal signs $11M Astrals NFT settlement

NBA legend and sports commentator Shaquille O’Neal has signed an $11 million settlement to dismiss a class-action lawsuit tied to his promotion of the Astrals NFT project. The agreement marks a major development after a lengthy legal battle that saw O’Neal being served with the lawsuit during a May 2023 NBA game at the Kaseya Center (formerly the FTX Arena). The suit alleged that O’Neal’s promotion of the Astrals NFT collection, which consisted of 10,000 digital collectibles, played a key role in investors purchasing these NFTs due to his celebrity influence.

Following legal proceedings, including an August ruling from a Miami federal judge recognizing the validity of claims that O’Neal acted as a "seller" of the NFTs, O’Neal opted to settle. The plaintiffs asserted that O'Neal's involvement and promotion of Astrals contributed to their perceived value, and when the basketball star appeared to distance himself from the project, the value of the NFTs plummeted, causing investor losses.

This settlement comes at a notable time for the NFT market, which has recently shown signs of recovery. In October, NFT sales volumes rebounded after a seven-month slump, with monthly sales reaching $356 million—a significant 18% increase from September. Additionally, the broader crypto market's resurgence, with gains in key blockchains like Ethereum, Bitcoin, and Solana, has driven NFT market activity higher, with sales surging by 94% in mid-November.

O’Neal's settlement and the recent uptick in NFT market performance signal ongoing shifts in the digital collectibles space, as investors and celebrities alike navigate the volatile and evolving landscape.

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