Billionaire Adam Weitsman Acquires 5,000 Yuga NFTs Amid 95% Market Plunge

- Adam Weitsman purchases over 5,000 Yuga Labs NFTs, including Otherdeeds, Mega Kodas, and Weapon Kodas. - The acquisition supports Yuga Labs' focus on developing Otherside, an MMORPG-style web3 metaverse. On August 4, 2025, The Block reported that scrap-metal billionaire Adam Weitsman made a substantial investment in the NFT market by acquiring over 5,000 tokens from Yuga Labs. The acquisition, which includes notable collections such as Otherdeeds, Mega Kodas, and Weapon Kodas, is intended to support the company's ambitious metaverse project, Otherside. This acquisition comes amid a severe downturn in the NFT market, as trading volumes for popular collections have plummeted by 95% from their peak levels, leading many market participants to question the long-term viability of NFTs. However, Weitsman's investment underscores his confidence in Yuga Labs’ strategic pivot toward Otherside. This project is an MMORPG-style web3 metaverse designed to integrate gamified experiences with interoperability across platforms. To prioritize its metaverse vision, Yuga Labs redirected its resources and sold other major NFT brands, including Moonbirds and CryptoPunks. Otherside’s virtual land parcels, known as "Otherdeeds," initially generated $317 million in sales during their May 2022 launch, although follow-up trading volumes have declined markedly. Weitsman plans to continue expanding his Yuga Labs holdings throughout 2025, a move that reinforces his belief in Otherside's development potential and its vision for aligning web3 technologies with immersive gaming mechanics. Meanwhile, according to CoinMarketCap on August 4, Ethereum (ETH) was trading at $1,829, reflecting a 3.4% drop in 24-hour trading volume. As the blockchain supporting Yuga Labs' NFT collections, shifts in ETH pricing directly impact the company’s market activities.