Shaquille O'Neal, the NBA Legend Turned Business Mogul, Consistently Voiced Skepticism About Cryptocurrency

Shaquille O'Neal, the NBA legend turned business mogul, has consistently voiced skepticism about cryptocurrency, yet evidence reveals he dipped into the market

Shaquille O'Neal, the NBA legend turned business mogul, has been a vocal skeptic of cryptocurrency, yet evidence reveals a surprising move—a $20,000 foray into Ethereum (ETH /USD) to purchase NFTs in 2021.

What Happened: “I don't understand it, so I will probably stay away from it until I get a full understanding,” O’Neal told CNBC in 2022.

This statement, made during an interview about his role in the class-action lawsuit over Astrals NFTs and FTX, highlights a nuanced relationship with the crypto world.

O'Neal's journey with crypto lacks evidence of direct purchases of Bitcoin (BTC /USD) or XRP (XRP /USD). However, his engagement with Ethereum came in September 2021 when he bought Creature World NFTs.

DappRadar and Clutchpoints confirm he spent around 6.5 Ethereum on two NFTs: Creature #9018 for 5 ETH and Creature #9299 for 1.55 ETH, which at the time would have amounted to approximately $20,000.

O'Neal had changed his X profile picture to Creature #9018, showcasing his ownership and aligning it with his wallet activity, operating under the pseudonym “manofdominance” on OpenSea.

This move came just weeks after he disclosed on September 10, 2021, that he hadn't invested in crypto due to its complexity. This suggests a distinction between buying crypto for NFT transactions and holding it as a long-term asset.

However, O'Neal's promotional footprint, largely in 2023, has overshadowed these personal transactions.

O'Neal settled a class-action lawsuit concerning his endorsement of Astrals NFTs and FTX. The lawsuit claimed he deceived investors by using his fame to promote Astrals NFTs—10,000 Solana (SOL /USD)-based avatars—as unregistered securities, in addition to his role in FTX commercials.

"I was just a paid spokesperson for a commercial," O'Neal stated in a 2022 interview with CNBC, attempting to distance himself from deeper involvement following FTX's collapse.

The settlement, awaiting court approval on March 5, 2025, will provide compensation to investors who encountered losses. This highlights the legal repercussions of O'Neal's crypto affiliations, contrasting with his personal investment decisions.