Source: Cointelegraph Original: "{title}"
Former NBA star Shaquille O’Neal has received final court approval for a $11 million settlement agreement in a class action lawsuit involving buyers of Astrals NFTs.
A federal judge in Florida, Federico Moreno, approved the settlement agreement between O’Neal and the class action group led by Daniel Harper in an order issued on April 1, which was made public on April 8.
The agreement creates a fund of up to $11 million for eligible class members and grants $2.9 million in attorney fees and expenses. All individuals who purchased Astrals NFTs between May 2022 and January 15, 2023, as well as those who bought the project's native GLXY tokens before mid-January, are eligible.
Judge Moreno's order stated, "The fees requested by the lead plaintiff's attorneys were found to be fair and reasonable upon review and were approved by the plaintiffs."
O’Neal was sued in May 2023 for his role in founding and promoting the Solana-based Astrals NFT project, which was claimed to involve the "issuance and sale of unregistered securities."
The class action group stated that they purchased Astrals NFTs due to O’Neal's "conduct" in promoting the project and consequently "suffered investment losses."
In August 2023, Judge Moreno acknowledged the class action's allegations that the former NBA player was a seller of the NFTs. O’Neal agreed to the settlement in November.
Final settlement judgment screenshot. Source: Courtlistener
NFT Sales Decline
The Astrals NFT series consists of 10,000 unique 3D digital collectibles, created in April 2022 by artist Damien Guimoneau as part of a Solana-based project that promotes a virtual world where users can socialize and play with others, including basketball stars.
According to data from the NFT marketplace OpenSea, the series has seen no activity or sales in the past two years.
Overall, NFT sales remain in a deep bear market, with data from CryptoSlam showing that as of April 7, only $27 million was sold, far below the over $2 billion in weekly sales at the end of 2021.
Related: AI agency platform Virtuals sees revenue plummet to $500 a day, token down 90%
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