Renowned investor and billionaire Adam Weitzman has announced a massive purchase — over 5,000 non-fungible tokens (NFTs) from Yuga Labs, the studio behind iconic collections such as Bored Ape Yacht Club (BAYC) and Otherdeed. Despite the overall decline in interest in digital assets, this deal has become one of the largest private investments in NFTs in recent years.
Strategic Bet on Otherside
Weitzman called his purchase a long-term investment in the development of Otherside, an ambitious Web3 project from Yuga Labs that combines elements of MMORPG and decentralized economy.
“I’m making a long-term investment in Otherside and acquiring over 5,000 Otherdeeds, Mega Kodas, and Weapon Kodas directly from Yuga Labs to expand my collection,” he announced on social media X (formerly Twitter).
Considering that the floor price for Otherdeed on OpenSea on the day of the transaction was around $640, the total investment amount is quite substantial.
Yuga Labs: From Leadership to Reboot
Until recently, Yuga Labs was considered the flagship of the NFT industry, but the company is currently going through a difficult period:
- In 2024, the studio sold rights to such iconic collections as Moonbirds and CryptoPunks.
- According to DappRadar, trading volumes for leading NFT projects have fallen by 95% compared to peak values.
- In late 2023, Yuga Labs changed its strategy, focusing exclusively on developing Otherside and shutting down secondary directions.
Otherside: The Last Chance for Metaverses?
The launch of Otherside in May 2022 caused a real frenzy: virtual land plots (Otherdeeds) were sold out within hours, bringing the creators $317 million. These NFTs give owners rights to land and unique creatures — Kodas, which are supposed to play a key role in gameplay.
However, after the initial surge, interest in metaverses, including Decentraland and The Sandbox, sharply declined due to the “crypto winter” and growing skepticism from investors.
Why Did the Billionaire Buy 5,000 NFTs?
Adam Weitzman’s fortune is estimated at $1.4 billion, and he is known for unconventional investment decisions. His support of Yuga Labs may be driven by several factors:
- Belief in the future of metaverses: Otherside is positioned as a world fully controlled by players, with deep NFT integration.
- Long-term perspective: amid criticism of Web3, Weitzman is likely betting on market recovery after the current correction.
- Opportunity to influence ecosystem development: large NFT holders can directly participate in shaping virtual worlds.
What Awaits Otherside and the NFT Industry?
Despite grim market trends, Yuga Labs is confident that metaverses have yet to reveal their potential. Weitzman shares this optimism:
“A lot depends on this project for the entire space. I will do everything possible to help it succeed.”
If the team implements the announced features — for example, hosting large-scale online events with thousands of players — Otherside could become a catalyst for the revival of the entire NFT industry. For now, the market is waiting not for promises, but for real results.
