Businessman Adam Weitsman has purchased 5,000 NFTs from the Otherside collection, including Otherdeeds, Mega Kodas, and Weapon Kodas. The deal was made directly with Yuga Labs and marks the largest over-the-counter acquisition of assets from this collection. Weitsman stated that he plans to continue acquiring tokens on the open market.
The move coincides with Yuga Labs’ attempt to relaunch the Otherside metaverse and strengthen its position in the gaming NFT sector. The collection’s value rose immediately after the news.
What We Know About the Deal
Weitsman confirmed the transaction on X, noting that he acquired the tokens directly from Yuga Labs’ reserves. He also announced his intention to lock up the assets for years and support the project over the long term. According to nftpricefloor, the floor price of Otherside for Otherside has increased by 8,05% in the past 24 hours to 0.19 ETH.
Response from Co-Founders and Yuga Labs’ Plans
Yuga Labs co-founder Wylie Aronow publicly thanked Weitsman for his involvement. Greg Solano, the other co-founder, called him the ideal partner and a builder of the next phase of Otherside.
Previously, Yuga Labs began restructuring its IP portfolio, selling rights to CryptoPunks and Moonbirds to external curators. The company has shifted its focus to gaming assets. In July, Otherside became accessible to users, followed shortly by its first virtual event – the Bubble Event.
What’s Happening with the Otherside Collection
Before the deal, Yuga Labs held 10,400 Otherside tokens. After transferring 5,000 NFTs, the company retains about half. According to analysts, this could indicate a shift in strategy: instead of holding the assets, the company appears to be betting on market engagement and community-driven value growth through external investors.
The Otherside collection was created several years ago but remained in the shadow of projects like Bored Apes and CryptoPunks. The project is now undergoing a second wave of development, supported by renewed interest in gaming NFTs and metaverse initiatives.
Collection’s Opportunities and Limitations
Trading activity around Otherside remains limited, with only a few dozen active participants. However, Yuga Labs plans to expand the collection and onboard new players. The game is already attracting hundreds of users to special events, but the utility of the NFTs has not yet been fully unlocked.
The company hopes that the metaverse will eventually incorporate crypto-based reward mechanics and reignite interest in the play-to-earn format.
Also Read
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
