According to Cointelegraph, former NBA star Shaquille O'Neal agreed to pay $11 million in settlement to resolve a class action lawsuit from Astrals NFT investors. The case involves his promotion of the Astrals NFT project.
On May 23, O'Neal was served with lawsuit documents during an NBA game at Kaseya Center. On August 16, a federal judge in Miami ruled that the plaintiff correctly alleged that O'Neal was a seller of the NFTs.
The plaintiff claims that many investors purchased Astrals NFTs due to O'Neal's promotion. Subsequently, the value of the NFTs dropped, resulting in losses for the investors, who filed a lawsuit against O'Neal in September 2023.
Meanwhile, NFT sales volume rebounded in October, reaching monthly sales of $356 million, an 18% increase from September. In the week leading up to November 17, NFT sales surged 94%, reaching $181 million.
