Adam Weitsman acquired over 5,000 Yuga Labs NFTs via OTC deal, backing Otherside despite a 95% NFT market decline.
Yuga Labs leans to Otherside as core IP, offloading assets like CryptoPunks and Moonbirds to focus on metaverse expansion.
Otherside launched with early events, though NFT utility remains undefined; Yuga plans more updates and in-game rewards soon.
Billionaire Adam Weitsman has purchased over 5,000 NFTs from Yuga Labs, including Otherdeeds, Mega Kodas, and Weapon Kodas. This acquisition, done directly through an over-the-counter deal, comes as Yuga Labs pivots toward its metaverse project, Otherside.
The NFT market is down over 95% from peak levels, yet Weitsman sees long-term potential in the ecosystem. According to a post on X, the investor committed not only to this initial acquisition but also to future buys from the open market.
Weitsman’s move follows Yuga Labs’ decision to reduce its holdings. The company sold nearly half of its 10,400 Otherside NFTs, marking a shift in strategy. This transaction came just days after the Otherside metaverse officially opened and hosted its first event.
Floor prices on the collection rose to a month high of 0.19 ETH following the announcement, based on DappRadar data.
Otherside Becomes Core as Yuga Labs Offloads Top IPs
In recent weeks, Yuga Labs sold intellectual property related to collections like CryptoPunks and Moonbirds to outside curators. With these moves, the company is centering its resources on the Otherside project.
Co-founder Greg Solano confirmed Weitsman's long-term commitment, saying the investor will hold the NFTs for years. Yuga Labs is positioning Otherside as its flagship collection, aiming to rebuild momentum around NFTs and metaverse gaming.
The newly sold NFTs came from items Yuga had retained since the original mint, including rare pieces from earlier releases. Many of these items had once been limited in supply and high in price, but now serve as entry points for collectors and players alike.
Game Activity Kicks Off, Undefined NFT Utility
The Otherside metaverse recently launched publicly, attracting several hundred users to its initial virtual event. However, the in game function of the NFTs remains unclear. Although players hold Otherdeeds and Kodas, their specific role in gameplay is still under development.
Still, activity is increasing. Yuga Labs confirmed plans to expand the Otherside ecosystem and host more in-game events in the coming months. Discussions around in-game rewards, possibly including crypto incentives, are ongoing but lack confirmed timelines.
Focus on Collectors as Ecosystem Builds
Weitsman's entry reflects a shift in focus toward major collectors, even as general NFT interest remains low. Yuga Labs aims to balance broader user access with targeted support from high-value buyers.
This strategy follows criticism of past mints, which were dominated by bots and front runners. The Otherside collections may grow further, with future drops expected. At this point, activity is limited to a small pool of users, though expansion efforts are underway.
As Yuga Labs narrows its focus to Otherside, support from figures like Weitsman will remain key to maintaining development momentum.
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