- Adam Weitsman acquired over 5,000 NFTs from Yuga Labs in a direct OTC deal to support the Otherside metaverse.
- The purchase involved nearly half of Yuga Labs’ held NFTs and boosted the Otherside floor price to 0.19 ETH.
- Yuga Labs is focusing on Otherside after selling CryptoPunks and Moonbirds IP amid a 95% drop in NFT trading volume.
Billionaire Adam Weitsman has made a major move into the NFT space by acquiring over 5,000 digital assets from Yuga Labs. The acquisition includes NFTs from Otherside collections such as Otherdeeds, Mega Kodas, and Weapon Kodas. The transaction was completed through a direct, over-the-counter deal with Yuga Labs. This development comes as the web3 studio shifts its focus toward metaverse gaming, after divesting several of its former top collections.
Adam Weitsman Long-Term Commitment to the Otherside Ecosystem
Adam Weitsman confirmed that he intends to lock the newly acquired NFTs for several years. He described the purchase as a long-term investment in Otherside, Yuga Labs’ metaverse gaming project. In a post shared on X, he expressed interest in expanding his collection further through open market acquisitions later this year.
The deal reportedly involved nearly half of Yuga Labs’ own Otherside inventory, which originally included 10,400 NFTs. The announcement pushed the Otherside floor price to a one-month high of 0.19 ETH, according to data from OpenSea. In 2023 and early 2024, Yuga Labs sold key intellectual property, including CryptoPunks and Moonbirds, to other entities. This move allowed the company to shift its resources toward developing Otherside.
The project, described as a multiplayer, web3-enabled gaming world, held its first virtual meetups and events just days before Weitsman’s acquisition. Trading volume in NFT markets has dropped 95% from its peak, based on DappRadar’s March report. Despite this downturn, Yuga Labs is concentrating on building out Otherside, aiming to restore interest in metaverse-driven gaming.
Community Reactions and Future Expansion
Greg Solano, co-founder of Yuga Labs, acknowledged Adam Weitsman’s involvement and referred to him as a committed partner in the project’s next phase. The acquisition represents one of the largest direct NFT deals in the Otherside ecosystem to date.
According to the project’s website, Otherside will mix elements of MMORPGs and web3 ownership. Holders of Otherdeeds will control land and characters like Kodas within the game. Yuga Labs also plans to release more NFTs in upcoming phases, targeting both general audiences and high-net-worth collectors.
The Otherside collections are currently traded by a small group of collectors. While the initial hype around metaverse NFTs faded, recent developments indicate a slow return to active gaming projects. At this stage, the in-game utility of these NFTs remains limited, but updates are expected. Adam Weitsman entry marks a notable shift in activity, signaling renewed investor confidence in metaverse-linked digital assets.
