Thanks to this agreement, O’Neal agreed to have the case dismissed. The NBA legend also settled a separate case involving FTX and is awaiting court approval.

O’Neal was in trouble with a class-action lawsuit filed in September 2023. The case stemmed from the famous sports commentator promoting the Astrals NFT project. On May 23, O’Neal served this case at the Kaseya Center (formerly FTX Arena) during an NBA game.

The plaintiffs alleged that O’Neal promoted the Astrals NFTs, and as a result, many people who invested in NFT collectibles were aggrieved.

Although NFTs have gained immense popularity in the world of digital assets, participating in such projects carries some risks for investors. The Astrals NFT collection consisted of 10,000 digital collectibles created by Damien Guimoneau and featured O’Neal’s famous name in its promotion.

Astrals NFTs offered users the opportunity to socialize and interact with the basketball star in a virtual world. However, the plaintiffs stated that investors purchased NFTs due to O’Neal’s promotion. Although O’Neal stated that he was not leaving the project, investors thought he was trying to abandon the project.

Following the lawsuit, the value of NFTs began to decline and investors suffered financial losses. As a result, in September 2023, investors filed a lawsuit against O’Neal.

Investors claimed that Astrals NFTs were directly linked to O’Neal’s celebrity status, which attracted investors to the project. Although O’Neal stated that he was not leaving the project, the plaintiffs argued that he was trying to distance himself from the project.

During the court proceedings, on August 16, a Miami federal court ruled that the plaintiffs’ claims were valid and that O’Neal should be identified as the seller of NFTs.

After years of wrangling in a class-action lawsuit, O’Neal settled for $11 million for promoting Astrals NFTs. This settlement corresponded to the dismissal of the class action lawsuit.

O’Neal’s signing comes at a time when NFTs are starting to rebound. NFT sales volumes increased significantly in October, breaking a seven-month lull. Monthly sales volume of NFTs in October reached $356 million, an 18% increase compared to September.

The rise in the NFT market came alongside the overall recovery in Bitcoin and crypto markets. Through mid-November, NFT sales increased by 94% and digital collectibles generated $181 million in sales. Increasing transactions on leading blockchains such as Ethereum, Bitcoin and Solana contributed greatly to this increase.

O’Neal’s making a significant payment and the dismissal of the case during the litigation process regarding the Astrals NFT project could be an important turning point for the future of NFTs.

O’Neal’s signing of this agreement shows that the participation of famous names in the projects in the NFT world may pose risks. However, as the NFT market continues to grow, interest in digital collectibles continues to grow.