Scrap-Metal Billionaire Buys 5,000 Yuga Labs NFTs Amid 95% Market Drop

Billionaire Adam Weitsman, whose wealth is rooted in a scrap metal processing business, has acquired over 5,000 NFTs from Yuga Labs, the firm behind the iconic Bored Ape Yacht Club collection [1]. The purchase includes a mix of Otherdeeds, Mega Kodas, and Weapon Kodas, all part of Yuga Labs’ ongoing metaverse project, Otherside. Weitsman announced the move on X, emphasizing his commitment to long-term investment and supporting Yuga Labs in building out its virtual world.

Weitsman’s acquisition is one of the largest in recent months, occurring at a time when the broader NFT market has seen a significant decline. According to DappRadar, trading volumes for top NFT collections have dropped by 95% compared to earlier peaks [1]. Despite this, Yuga Labs has continued to prioritize the development of Otherside, a metaverse project described as a gamified, interoperable virtual space with elements of MMORPGs and web3-enabled interaction.

The project launched in May 2022 with record-breaking sales of virtual land parcels known as Otherdeeds. In its first hours, the collection generated $317 million in revenue [1]. However, trading volume quickly plateaued, and as of recent OpenSea data, the floor price for an Otherdeed stood at around $640. Weitsman expressed confidence in Yuga Labs’ renewed focus on metaverse development and pledged to make additional open-market acquisitions throughout the year.

His move aligns with a broader trend of high-net-worth individuals viewing NFTs as a hybrid of digital art and speculative investment. Although the market has cooled, large-scale purchases like Weitsman’s suggest that certain NFTs—particularly those from well-established brands—continue to hold symbolic and financial value. These assets offer not only potential for future utility but also serve as markers of status in both the digital and physical worlds.

Weitsman’s investment highlights the continued interest in Yuga Labs' NFTs, despite broader market volatility. It also signals a belief in the long-term potential of metaverse projects, even as many similar initiatives have stalled due to declining crypto prices and bear market conditions [1]. Yuga Labs’ early entry into the NFT space and consistent innovation have helped its collections maintain a level of prestige, even amid market corrections.

The purchase reinforces the idea that NFTs remain a relevant asset class for elite investors, particularly those with a background in traditional industries. As the NFT landscape evolves, the actions of high-profile figures like Weitsman may influence market sentiment and shape the trajectory of web3 adoption.

Source:

[1] Scrap-metal billionaire Adam Weitsman buys over 5000 ... (https://www.theblock.co/post/365485/scrap-metal-billionaire-adam-weitsman-buys-over-5000-yuga-labs-nfts?utm_medium=rss&utm_source=rss)