Shaquille O’Neal, the iconic NBA star and sports commentator, has agreed to an $11 million settlement over his promotion of Astrals NFTs, marking the conclusion of a high-profile class-action lawsuit. The settlement, awaiting court approval, also resolves claims tied to O’Neal’s involvement in a separate FTX-related case.

The legal trouble began in May when O’Neal was served with the Astrals NFT lawsuit during an NBA game at Miami’s Kaseya Center, formerly known as the FTX Arena. The lawsuit alleged that O’Neal promoted and sold Astrals NFTs, leading investors to purchase the digital assets based on his endorsement. In August, a federal judge ruled that the plaintiffs had sufficiently demonstrated O’Neal’s role in selling the NFTs.

Astrals NFTs, a collection of 10,000 digital items created by artist Damien Guimoneau, promised a virtual world for users to interact and socialize. Investors claimed they were drawn to the project due to O’Neal’s celebrity status and promotional efforts. However, as NFT values plummeted, investors experienced significant losses, prompting the lawsuit in September 2023.

O’Neal’s settlement coincides with a revival in the NFT market. October saw a sharp rebound in monthly NFT sales volumes, reaching $356 million—an 18% increase from September. Weekly sales leading up to November 17 soared by 94%, with $181 million in transactions, driven by gains in Bitcoin and activity on major NFT blockchains like Ethereum, Bitcoin, and Solana.

As NFTs regain momentum, the industry remains a testament to the volatile yet resilient nature of the digital collectibles market. O’Neal’s case serves as a reminder of the legal and financial complexities tied to celebrity endorsements in this space.