Billionaire Adam Weitsman has purchased 5,000 NFTs from the Otherside collection, indicating his long-term support for the project. This acquisition occurs as Yuga Labs is changing its strategy.
Adam Weitsman's NFT Acquisition
In a post on X, Adam Weitsman announced the acquisition of 5,000 NFTs from the Otherside collection, including Otherdeeds, Mega Kodas, and Weapon Kodas. The acquisition is made directly from Yuga Labs in an OTC deal.
Weitsman also plans to buy more NFTs on the open market, expressing his trust in the Otherside ecosystem.
Yuga Labs Focus on Otherside
Yuga Labs is currently reorganizing its intellectual property, selling the rights to CryptoPunks and Moonbirds to third-party curators. With the launch of the Otherside metaverse and the holding of its first virtual event, this collection is becoming a new focus for the company. Following the sale of nearly half its holdings, Yuga Labs has raised the floor price for Otherside NFTs to a one-month peak of 0.19 ETH.
Future of Otherside and NFT Collections
The Otherside collections were launched before the expansion of the Yuga Labs metaverse and may see upcoming changes. Yuga Labs aims to connect with big collectors and attract a wider audience. The future may include new items and mechanisms for rewarding players with cryptocurrency, reviving the play-to-earn model. However, interest in NFT games continues to raise doubts among investors.
Thus, Adam Weitsman's purchase reaffirms his support for the Otherside project and Yuga Labs, while the company strives to regain its position in the gaming and NFT segment.
