Shaquille O’Neal Faces Legal Battle Over NFT Promotion

Written By Peter Smith

Shaquille O'Neal is facing a legal battle over his involvement in promoting Astrals NFTs, which are accused of being unregistered securities. The lawsuit, ongoing for over a year, alleges that O'Neal acted as a "seller" by encouraging investments in the NFTs and Galaxy tokens before their value plummeted. On August 16, Judge Federico Moreno ruled that O'Neal must respond to the claims regarding his role as a "seller," though the judge dismissed allegations that O'Neal had control over the project.

Filed in May 2023, the lawsuit argues that Astrals and Galaxy tokens should be classified as securities under U.S. law and accuses O'Neal of misleading investors about the project's potential value. O'Neal's legal team disputes these claims, asserting that he was neither a "seller" nor a key figure in the project and challenging the notion that the NFTs and tokens qualify as securities.

O'Neal has until September 12 to respond to the claims. The current floor price for Astrals NFTs is around $15.50, and the project operates on the Solana blockchain, featuring 10,000 NFTs, a metaverse called Astralworld, and a DAO governed by the Galaxy token.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR

Peter Smith
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