Billionaire Buys Over 5,000 Yuga Labs NFTs — Value Play or Catching a Falling Knife?

TradingKey – U.S. billionaire Adam Weitsman has made headlines with his acquisition of more than 5,000 NFTs from Yuga Labs, including Otherdeeds, Mega Kodas, and Weapon Kodas, in what he describes as a long-term investment in the Otherside metaverse.

Weitsman’s purchase was executed directly through an OTC deal with Yuga Labs, which recently sold nearly half of its Otherside holdings. He also plans to continue buying NFTs on the open market throughout the year.

Yuga Labs is best known for creating iconic NFT collections like Bored Ape Yacht Club (BAYC) and Otherside, and for acquiring CryptoPunks and Meebits. However, amid a prolonged NFT market downturn, the company has been forced to divest key IP assets, including Moonbirds and CryptoPunks, to refocus on its gaming-centric Otherside ecosystem.

Weitsman’s move comes at a time when NFT trading volumes have collapsed by over 95% from their 2021 peak. While he’s betting on a future revival of the metaverse and gamified NFTs, the risk of illiquid assets and continued price erosion remains high. Still, if institutional players begin treating NFTs as reserve assets — similar to how some firms now hold BTC and ETH — this could spark a new bull cycle.