Weitsman Acquires Over 5,000 NFTs from Yuga Labs
Billionaire and CEO of metal recycling company Upstate Shredding, Adam Weitsman, announced on Monday that he has directly purchased over 5,000 NFTs from the renowned Web3 studio Yuga Labs, and hinted at continuing “a series of acquisitions in the public market.”
Yuga Labs is known for creating the wildly popular NFT collections such as the Bored Ape Yacht Club (BAYC) and Mutant Apes (MAYC), as well as the metaverse platform Otherside. Weitsman, an avid collector, expressed his hope that this purchase will help support Yuga Labs in developing Otherside.
Weitsman wrote on social media platform X:
The NFT market peaked from 2021 to 2022, but rapidly declined in the following years, with a significant drop in trading volume. During the downturn in the NFT market, Yuga Labs was forced to sell major NFT collections, including Moonbirds and CryptoPunks. Yuga Labs co-founder Greg Solano had stated that the team would focus on its original series.
When Otherside was first launched in May 2022, the virtual land deeds known as “Otherdeeds” sold out completely within a few hours, generating $317 million in sales for Yuga Labs. These NFTs grant holders the right to own a piece of land within the game, accompanied by a creature named “Koda” that resides on that land.
However, according to data from CryptoSlam, the trading volume of Otherside almost came to a standstill shortly after the sale. Data from OpenSea indicated that as of the time of this publication, the floor price for Otherside Otherdeeds was 0.189 ETH, approximately valued at $690; while the floor price for Otherside Koda was 1.23 ETH, approximately valued at $4,495.
