Scrap Billionaire Buys 5000 Yuga NFTs in Major OTC Deal

Billionaire Adam Weitsman, founder of a major scrap metal processing firm, has entered the NFT space with a direct OTC deal to acquire over 5,000 digital assets from Yuga Labs. The transaction includes NFTs from the Otherside metaverse, specifically Otherdeeds, Mega Kodas, and Weapon Kodas. Weitsman confirmed the purchase on X, calling it a long-term investment in the metaverse project and indicating plans for additional acquisitions on the open market in the near future [1].

The deal reportedly involved nearly half of Yuga Labs’ own inventory of Otherside NFTs, which originally totaled 10,400. Following the announcement, the Otherside floor price on OpenSea rose to 0.19 ETH, a one-month high. This move comes as Yuga Labs shifts its focus from its high-profile collections like CryptoPunks and Moonbirds—sold off in 2023 and early 2024—toward the development of Otherside. The company is now concentrating resources on building a web3-enabled multiplayer gaming world [2].

Weitsman’s commitment extends beyond the purchase. In a social media post, he emphasized his long-term vision for the project and his intent to lock the NFTs for several years. His involvement has been acknowledged by Yuga Labs co-founder Greg Solano, who praised Weitsman as a committed partner in the next phase of the project. Solano highlighted Weitsman’s deep interest in the creative and narrative aspects of the metaverse [3].

Otherside is positioned as a hybrid of traditional MMORPGs and web3 technologies, with NFTs granting holders control over in-game land and characters. While in-game utility is currently limited, Yuga Labs has signaled plans to release additional NFTs in upcoming phases. The project recently held its first virtual events, aiming to build momentum in a market that has seen a 95% drop in trading volume since its peak [4].

The acquisition is one of the largest direct NFT deals in the metaverse space to date and reflects a strategic shift in investor behavior. Despite the broader NFT market downturn, Weitsman’s move signals renewed confidence in the long-term potential of metaverse-linked assets. His investment also highlights the growing engagement of traditional industry leaders with blockchain and digital ownership models [5].

Analysts note that Weitsman’s deal may influence broader market sentiment, potentially drawing more institutional interest to NFTs as a legitimate asset class. However, the long-term success of such investments depends on the development of real-world utility and adoption of NFTs beyond speculative trading [6].

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Source:

[1] MSN (https://www.msn.com/en-us/money/other/scrap-metal-billionaire-adam-weitsman-bought-5-000-nft-in-a-direct-deal-with-yuga-labs/ar-AA1JTyma?ocid=finance-verthp-feeds)

[2] AInvest (https://www.ainvest.com/news/billionaire-adam-weitsman-acquires-5000-nfts-yuga-labs-long-term-investment-2508/)

[3] AInvest (https://www.ainvest.com/news/scrap-metal-billionaire-buys-5-000-yuga-labs-nfts-95-market-drop-2508/)

[4] PANews (https://www.panewslab.com/en/articles/adf39799-7d0b-45c2-b098-b9682bb4ff7b)

[5] Cryptopolitan (https://www.cryptopolitan.com/billionaire-adam-weitsman-buys-5000)