Billionaire Adam Weitsman Buys Over 5,000 Yuga Labs NFTs

Overview of the 5,000 NFTs Sale

Adam Weitsman , a billionaire metal recycling entrepreneur and CEO of Upstate Shredding – Weitsman Recycling, has emerged as an influential NFT collector in the crypto community. With a significant personal fortune, Weitsman made headlines when he spent $1.6 million to purchase the “Golden Key Sewer Pass” NFT from Yuga Labs in 2023. Yuga Labs , the company behind popular NFT collectibles like Bored Ape Yacht Club (BAYC) and the Otherside metaverse, is one of the biggest names in the Web3 space, with a valuation of up to $4 billion by 2022.

On August 4, 2025, Weitsman himself posted on X about purchasing over 5,000 NFTs from Otherside collections, including the Otherdeeds, Mega Kodas, and Weapon Kodas collections, through a direct OTC transaction with Yuga Labs. This was the first of his long-term investment strategy in the Otherside metaverse to include this transaction; he promised to lock up these NFTs for years and continue to buy more on the open market. According to sources, this amount of NFTs represents nearly half of Yuga Labs' other NFT holdings (10,400 NFTs), with an estimated value of tens of millions of dollars, depending on the current floor price of around 0.19 ETH (around $720/ETH).

The move comes as Yuga Labs focuses on building Otherside, a new metaverse project, after selling major brands like CryptoPunks and Moonbirds. Wylie Aronow and Greg Solano, co-founders of Yuga Labs, have touted Weitsman as a “partner and builder” for the next steps. But trading volumes are down 95% from their 2021 peak, making Weitsman a rare bright spot amid a storm of doubt about the future of NFTs.

Impact on the ecosystem and NFTs

Weitsman became a major investor in the NFT space by purchasing over 5,000 NFTs, boosting the value of his personal collection and demonstrating his belief in Otherside’s long-term potential. While also bringing the price of the Otherside collection to a one-month high (0.19 ETH), the deal provides Yuga Labs with significant capital to support the growth of the metaverse. This is likely to attract larger investors, especially as Yuga Labs prepares to launch events like Bubbles, Bathroom Blitz, and Otherside Outbreak, which aim to revive the play-to-earn model that was popular in 2021.

For Yuga Labs, the money from the transaction provides the resources to grow Otherside, which is expanding with new add-ons like Mega Kodas and Weapon Kodas. Backing from a billionaire like Weitsman also raises the company’s profile, attracting more investors and players as the NFT market looks to recover. The market has benefited from the rise in Otherside’s price floor, albeit small, and could see a new wave of investment if the project proves its worth in the future.

Conclude

Billionaire Adam Weitsman’s purchase of over 5,000 NFTs from Yuga Labs is a major milestone, reflecting his belief in the recovery potential of the NFT market and the Otherside metaverse. The event benefits both Weitsman and Yuga Labs, and gives hope to the NFT community, despite the risks of market volatility and the pressure of project development.

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