Billionaire Adam Weitsman Acquires Over 5000 NFTs from Yuga Labs for Long-Term Investment

Billionaire Adam Weitsman has announced the acquisition of over 5000 NFTs from Yuga Labs, including Otherdeeds, Mega Kodas, and Weapon Kodas. Weitsman, CEO of Upstate Shredding – Weitsman Recycling, has pledged to continue enriching his collection and make series of acquisitions on the open market this year. He aims to support the success of Otherside meta.

Billionaire Adam Weitsman, CEO of Upstate Shredding – Weitsman Recycling, has announced the acquisition of over 5,000 NFTs from Yuga Labs, including Otherdeeds, Mega Kodas, and Weapon Kodas. The acquisition comes as Yuga Labs refocuses its efforts on the Otherside metaverse project [1].

Weitsman, known for his investment in scrap metal processing, has pledged to continue enriching his collection and make a series of acquisitions on the open market this year. He aims to support the success of Otherside, a gamified, interoperable metaverse currently under development by Yuga Labs. The project blends mechanics from massively multiplayer online role-playing games (MMORPGs) and web3-enabled virtual worlds [2].

The purchase, announced on Monday, August 4, 2025, includes 5,000 NFTs directly from Yuga Labs in an over-the-counter (OTC) deal. Weitsman plans to lock these NFTs for years, betting on the long-term development of the Otherside metaverse. Yuga Labs has been focusing on Otherside after selling prime brands like Moonbirds and CryptoPunks to third-party curators [1].

The acquisition comes at a time when the NFT market has seen a significant decline, with trading volumes for popular collections declining by 95% in March 2025. However, Yuga Labs remains optimistic about the potential of Otherside, which aims to draw big collectors and revive interest in metaverse games [2].

Following the announcement, the floor price for an Otherside Otherdeed increased to a one-month peak of 0.19 ETH, indicating a rise in interest and value. The Otherside collections are relatively minor compared to Yuga Labs' previous collections like CryptoPunks and Bored Apes, but they show a readiness to revive metaverse games and gamified NFTs [2].

Weitsman's investment in Otherside underscores his belief in the potential of the metaverse and NFT-based gaming. The Otherside meta aims to bring back real engagement and revive the 2021 rush to metaverse games. As the game progresses, the NFT collections may go through a value discovery period, and players may start to be rewarded with crypto payments, reviving the play-to-earn model [2].

References:
[1] https://www.theblock.co/post/365485/scrap-metal-billionaire-adam-weitsman-buys-over-5000-yuga-labs-nfts
[2] https://www.cryptopolitan.com/billionaire-adam-weitsman-buys-5000-nft-directly-from-yuga-labs/