Basketball star, media personality and all-round loveable giant, Shaquille O’Neal, has received a class action complaint over his involvement in the Astrals NFT project. According to the official document, the charges against Mr O’Neal include the ‘offer and sale of unregistered securities, including tokens and NFTs.’
Launched on the Solana Network back in the distant realm of March 2022, Astrals dropped 10k NFTs that would act as avatars in the Astralverse. However, as markets turned sour, the floor price cratered, dropping from an all-time high of 16 $SOL in April 2022 to the 1.22 $SOL for the currently lowest priced NFT in the collection.
Through the complaint, Daniel Harper alleges that Shaq promoted the sale of unregistered securities in the shape of NFTs and the platform’s $GLXY utility token. Essentially, arguing that the assets represented ‘securities’ rather than colorful, Metaverse-ready jpegs.
Shaq got sued today in a class action lawsuit for his Astrals NFT.
Why? Plaintiffs claim the Astrals tokens and NFTs (allegedly Shaq’s “brainchild”) were unregistered securities.
It’s truly never a dull day in crypto land.
— Ariel Givner, Esq. (@GivnerAriel) May 24, 2023
Sleuths Uncover Plaintiff as an Active Member of the Solana Community
As a clued-in collection of tech-hardened individuals, the NFT community was quick to track down the wallet address of the plaintiff involved. As a result, seemingly unveiling them as an active NFT collector in the Solana space with assets including a ‘Not Bored Ape,’ ‘Okay Gods,’ ‘DeY00ts,’ and a .SOL domain name. If this is indeed the wallet of the fellow initiating the class action trial, then his continued involvement with ‘unregistered securities’ could prove a sticking point.
This is not the first time Shaq’s blockchain dealings have led to him facing a jury. In tandem with the current trial, the former NBA superstar also faces charges for promoting the FTX empire before it famously and spectacularly imploded last year.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.