Massive Metaverse Bet: Billionaire Acquires 5,000+ NFTs from Yuga Labs

Crypto billionaire and scrap-metal magnate Adam Weitsman has made a bold move in the NFT space, acquiring over 5,000 NFTs directly from Yuga Labs, the creators of Bored Ape Yacht Club and Otherside.

For an uninitiated, Adam Weitsman is a billionaire entrepreneur, philanthropisr, investor, and founder of Viridium LLC, a cryptocurrency mining company. Adam is best known for transforming a family scrap metal business into one of the largest privately owned recycling empires in the U.S. He’s now making waves in the crypto and NFT space. 

Key Highlights:

• NFTs Acquired: Otherdeeds, Mega Kodas, and Weapon Kodas from the Otherside metaverse collection.
• Deal Type: OTC (Over-the-Counter) transaction directly with Yuga Labs.
• Strategic Intent: Weitsman plans to lock the NFTs for years, signaling long-term commitment to the Otherside ecosystem.
• Market Impact: The Otherside collection’s floor price surged to 0.19 ETH, its highest in a month.
• Yuga Labs Shift: The company recently sold off IPs like CryptoPunks and Moonbirds to refocus on Otherside’s development.

Why It Matters:

Yuga Labs is betting big on gamified metaverse experiences, and Weitsman’s investment could be a turning point in reviving interest in Web3 gaming. The Otherside platform blends MMORPG mechanics with NFT ownership, aiming to create a “metaRPG” where players own the world.

On this NFT investment, Adam Weitsman said:

I’m making a long-term investment in Otherside… I’ve committed to making a series of acquisitions on the open market this year.

Greg Solano (Yuga Labs Co-founder), said “

Grateful to have Adam double down as a partner and builder for this next phase of Otherside.

Yuga Labs is a blockchain technology and digital asset company based in Miami, Florida. It’s best known for pioneering some of the most iconic NFT collections and pushing the boundaries of Web3 culture, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Otherside, a gamified metaverse platform blending MMORPG elements with NFT ownership.