Shaquille O’Neal Settles Astrals NFT Investor Lawsuit for $11 Million

Basketball legend Shaquille O’Neal paid $11 million to settle a class-action lawsuit from investors of the NFT project Astrals.

On May 23, 2023, during a basketball game at the FTX Arena (renamed Kaseya Center), O’Neal, who was commentating on the event, was served with a double subpoena. He was accused of promoting the Astrals NFT collection and endorsing the bankrupt exchange FTX.

“The fortunes of Astrals NFT investors and the value of the tokens are almost entirely tied to O’Neal’s celebrity status and the success of his promotional campaigns,” according to the plaintiffs’ documents.

The plaintiffs emphasized that the Astrals project was O’Neal’s brainchild. His son took the position of head of investor relations, and the legendary athlete’s public image became part of the marketing strategy.

#newpfp who dis? @Astrals_NFT pic.twitter.com/DzWocnR1GT

— SHAQ (@SHAQ) March 7, 2022

On August 16, 2024, a Miami court ruled that the basketball player did indeed sell non-fungible tokens and suggested that these assets could constitute securities.

According to the plaintiffs’ lawyers, O’Neal also settled a lawsuit from FTX investors, though the terms of that deal were not disclosed. In both cases, the court has yet to issue a final decision.

Launched in 2022, the Astrals NFT collection included 10,000 character cards based on the works of artist Damien Guimoneau. At the time of writing, the domain hosting the project’s website is vacant, and the account on X has not posted anything for over a year.

In November 2024, FTX lawyers filed 23 lawsuits in Delaware bankruptcy court against companies and individuals to recover funds for creditors.