Shaq’s $11 Million NFT Fiasco: When Crypto Meets Chaos

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In a twist that could only be described as “peak 2020s,” NBA legend Shaquille O’Neal has coughed up a cool $11 million to settle a class-action lawsuit over his promotion of the Astrals NFT project. A Florida federal judge, presumably while sipping coffee and muttering “what even is an NFT?” under their breath, approved the settlement on April 1. The order became public this week, because apparently, even the legal system has a sense of timing. 🕰️

When Shaq Met Solana: A Crypto Caper

The lawsuit, filed in May 2023, accused O’Neal of promoting unregistered securities through the Solana-based Astrals NFT collection. Investors who bought Astrals NFTs or the project’s GLXY tokens between May 2022 and January 15, 2024, are now eligible for compensation. Because nothing says “justice” like a slice of Shaq’s wallet. 💸

Judge Federico Moreno, who probably Googled “NFTs” before ruling, acknowledged that the plaintiffs had a plausible case. The settlement comes after months of legal wrangling, proving that even basketball legends can’t dunk their way out of a courtroom. 🏀⚖️

The next shot – Shaquille O’Neal and #Astrals NFTs + $GLXY tokens.

Shaq actively promoted the tokens, calling himself “Astrals Chief Astronaut.” But after the FTX collapse in November 2022, the project’s reputation took a hit, and token sales slowed significantly.$GLXY is down…

— 11th.com (@11thestate) March 28, 2025

Lawyers: The Real Winners Here

The court approved $2.9 million in attorney fees, because of course they did. Judge Moreno ruled these fees were “fair and reasonable,” which is legalese for “we’re taking our cut, thank you very much.” None of the plaintiffs objected, probably because they were too busy Googling “what’s an NFT again?” 🤔

The lawyers argued that investors lost their money because of O’Neal’s marketing campaigns, which included gems like “hop on the wave before it’s too late.” Spoiler: it was too late. 🌊

Virtual Meetings With Shaq: The Dream That Never Was

Astrals, released in April 2022, promised 10,000 one-of-a-kind 3D avatars and a fully immersive metaverse experience where users could interact with each other—and Shaq himself. Because nothing screams “metaverse” like a 7’1” basketball legend in a virtual room. 🚀

Despite the star power, the collection has been as active as a sloth on a Sunday afternoon, according to data from NFT marketplace OpenSea. 🦥

O’Neal reportedly continued to support the project even after the FTX collapse in November 2022, because apparently, optimism is free. 🌈

The court did throw O’Neal a bone, dismissing claims that he was a “control person” within the project. Because let’s face it, Shaq’s job was to look big and talk bigger, not run a crypto empire. 🦴

Shaquille O’Neal to Face Legal Action Over Astrals NFT Project and FTX Involvement
TLDR

Shaquille O’Neal faces a class action lawsuit over his involvement in the Astrals NFT project

The court dismissed allegations that O’Neal was a “control person” but found he could be cons…

— BREAKING NEWS (@NotAnotherTip) August 19, 2024

NFTs: The Market That Keeps on Falling

The settlement comes as the NFT market continues its downward spiral. Total NFT sales volume stood at just $27 million for the week ending April 7, 2025, a far cry from the $2 billion-plus weekly volumes during the market’s peak in 2021. 📉

This downward trend has been ongoing, with trading volumes falling by more than 60% in February alone. The once-hot digital collectibles market is now about as lively as a dial-up internet connection. 📴

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2025-04-09 23:15