NBA legend Shaquille O’Neal has agreed to pay $11 million to settle a class-action lawsuit over his promotion of the failed Astrals NFT project, marking one of the largest celebrity crypto settlements to date. A Florida federal judge approved the settlement on April 1, with details becoming public on April 8.
Settlement Details and Impact on NFT Market
The lawsuit, initially filed in May 2023, centered around O’Neal’s promotion of unregistered securities through the Solana-based Astrals NFT collection. Investors who purchased Astrals NFTs or GLXY tokens between May 2022 and January 15, 2024, will receive compensation from the settlement fund.
Project Promises vs. Reality
The Astrals project launched in April 2022, offering 10,000 unique 3D avatars and promising an immersive metaverse experience with direct access to O’Neal. Despite these ambitious plans and O’Neal’s role as “Chief Astronaut,” the collection showed zero activity on OpenSea for the past two years.
Legal Implications and Attorney Fees
The settlement includes $2.9 million in attorney fees, deemed “fair and reasonable” by Judge Federico Moreno. While the court dismissed claims of O’Neal being a “control person,” it found sufficient evidence that his marketing efforts contributed to investor losses.
NFT Market Context
This settlement comes amid a broader NFT market decline, with weekly sales volumes dropping to $27 million – a stark contrast to the $2 billion peaks of 2021. Trading volumes fell over 60% in February 2025 alone, indicating continued market weakness.
FAQ Section
Who is eligible for compensation from the Shaq NFT settlement?
Investors who purchased Astrals NFTs or GLXY tokens between May 2022 and January 15, 2024.
How much are attorneys receiving from the settlement?
The court approved $2.9 million in attorney fees and related costs.
What was the original promise of the Astrals NFT project?
The project promised a fully immersive metaverse experience with direct user interaction with Shaquille O’Neal.