Billionaire Adam Weitzman, an investor and owner of a metal recycling company, stated that he bought over 5000 NFTs from the web3 studio Yuga Labs, which once created the popular collection Bored Ape Yacht Club.
Today is a special day for me. I am making a long-term investment in Otherside and acquiring over 5000 Otherdeeds, Mega Kodas, and Weapon Kodas directly from Yuga Labs to continue adding to my collection, the entrepreneur wrote.
Weitzman also stated that his purchase would help support Yuga Labs' efforts to create the metaverse Otherside.
Recently, I saw that Yuga had reorganized and set priorities for [Otherside]. This project is very important for the entire community, and I will do everything possible to make it successful for everyone, he wrote.
In the background of the NFT market, the company Yuga Labs has recently been forced to sell such popular brands as Moonbirds and CryptoPunks. These collections used to be among the leaders in trading volume. In March, DappRadar reported that the trading volumes of the most popular NFT collections had decreased by 95%.
When the game Otherside was released in May 2022, virtual land parcels called Otherdeeds were sold out within a few hours, and Yuga Labs earned $317 million from the sales. NFTs give the owner the right to a land parcel in the game and the existence of a character called Koda, which lives on that parcel.