As a seasoned researcher with a penchant for deciphering the intricacies of the digital world, I find myself both amused and saddened by the recent turn of events involving Shaquille O’Neal and the NFT market. On one hand, it’s heartening to see accountability being upheld in the crypto sphere, a realm often criticized for its lack of regulation. However, as someone who has witnessed the meteoric rise and fall of numerous cryptocurrencies and digital assets, I can’t help but feel a twinge of déjà vu.
Legendary NBA athlete and sports analyst Shaquille O’Neal has reached an agreement on a collective settlement for investors in Astrals non-fungible tokens (NFTs). Additionally, the basketball great has settled disputes in a different lawsuit involving FTX, and is now waiting for judicial approval.
On May 23rd, a court summons for the Astral NFT lawsuit was delivered to O’Neal during an NBA match held at the Kaseya Center (previously known as FTX Arena). This class-action suit pertains to O’Neil’s endorsement of the Astrals NFT initiative.
On August 16th, a federal court judge in Miami acknowledged that the ex-NBA player had been correctly accused by the plaintiffs of selling Non-Fungible Tokens (NFTs). As a result, the sports analyst was required to respond to these allegations.
Following twelve months of negotiations, O’Neal ultimately agreed to an $11 million deal to endorse Astral’s NFTs. In doing so, he consented to drop the class action lawsuit against him.
Users bought Astral NFTs because of O’Neal promotions
Damien Guimoneau’s Astrals NFT series encompassed 10,000 unique digital assets. These NFTs fostered an online community where individuals could interact and engage in activities, even featuring a well-known basketball player.
The plaintiffs argued that Astral’s assets were tied to Shaquille O’Neal’s fame, and numerous investors chose to invest because he endorsed the NFTs. Despite O’Neal stating his continued involvement in the project, the plaintiffs suspected that the basketball legend was attempting to disassociate himself from it.
Following this event, NFT prices began to decrease, causing significant financial losses for investors. Consequently, these investors decided to file a lawsuit against O’Neal in September 2023.
NFTs continue sales volume momentum
O’Neal’s settlement occurs at a time when NFT sales volumes are on the rise. In October, NFT monthly sales volumes ended a seven-month slump, surpassing $356 million – a 18% increase from September, which was its lowest point in 2024. Furthermore, transactions increased by 42% month-on-month, totaling 7.2 million.
During the seven days prior to November 17th, there was a substantial 94% increase in NFT sales. This boosted the digital collectibles market to an impressive $181 million in total sales. The rise in transactions can be attributed to the growth in Bitcoin and the overall crypto market. Notably, the surge was mainly driven by increased trading activity on prominent NFT blockchains such as Ethereum, Bitcoin, and Solana.
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2024-11-19 14:53