4c scrap-metal billionaire Adam Weitsman pulled a power play by purchasing 5,000 NFTs from Yuga Labs’ Otherside collection. This acquisition represents a huge vote of confidence for the burgeoning metaverse platform. This decision heralds a new approach from Otherside, wanting to spark new buzz about metaverse gaming and attract authentic players. The acquisition has already sent ripples throughout the market. This is because Otherdeeds, Mega Kodas, and Weapon Kodas are included in this deal, which catapulted Otherside’s floor price to a one-month high of 0.19 ETH.
Otherside, a gamified collection developed by Yuga Labs, recently opened its metaverse to users, hosting its first Bubble event and virtual meetup. While the NFT market is certainly going through a downturn, Weitsman’s huge bet indicates that he has great faith in Otherside’s long-term potential. At the moment, only a few dozen participants are regularly trading Otherside items. That speaks to the project’s nascent state and future, but signals thrilling growth to come.
Weitsman was able to make his acquisition right through Yuga Labs. He has plans to increase his holdings further through open market purchases. For liquidity reasons, he intends to ‘stake’ these NFTs for 5-10 years. This action demonstrates his deep conviction that the Otherside metaverse has considerable long-term growth and prosperity. With this move, Yuga Labs is taking an incredibly bold and strategic turn with its IP. They’re selling off CryptoPunks and Moonbirds to focus efforts on Otherside.
"Today is a special day for me. I'm making a long-term investment in Otherside and acquiring over 5,000 Otherdeeds, Mega Kodas and Weapon Kodas direct from @yugalabs to continue building my collection. I have also committed to making a series of acquisitions on the open market…" - Adam Weitsman
Yuga Labs co-founder Wylie Aronow has taken Weitsman’s conviction and support public.
"Grateful to have Adam double down as a partner and builder for this next phase of Otherside. No one better to have in our corner,” - Greg Solano
Yuga Labs has increasingly pointed to development of the Otherside metaverse as a possible main event. Which, not coincidentally, goes hand in hand with a rising tide of interest in gaming and NFTs returning in 2025. While the in-game utility of Otherside characters and items remains somewhat ambiguous, Weitsman's investment suggests confidence in Yuga Labs' ability to develop compelling use cases and drive adoption.
