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Billionaire Adam Weitsman says he has acquired 5,000 Otherdeed non-fungible tokens from Yuga Labs, creators of the popular Bored Ape Yacht Club NFT collection, for an undisclosed sum.

“Today is a special day for me,” Weitsman said Monday on X. “I’m making a long-term investment in Otherside and acquiring over 5,000 Otherdeeds, Mega Kodas and Weapon Kodas direct from Yuga Labs to continue building my collection. I have also committed to making a series of acquisitions on the open market this year.”

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Otherdeeds are NFTs representing land deeds in Otherside, a 3D blockchain-based virtual world created by Yuga Labs. These Otherdeeds have a 100,000 supply, with Weitsman’s recent purchase representing 5% of the total.

Like many other metaverse projects, Otherside was announced during the height of the NFT craze in 2021. The project had garnered significant hype due to the success of the Bored Ape Yacht Club collection and raised over $300 million from the sale of 55,000 Otherdeed NFTs in April 2022. But as with most other metaverse and NFT projects, interest in Otherdeed has plummeted following the 2022 cryptocurrency bear market.

Amid the downturn, Yuga Labs has been forced to sell IPs like Moonbirds and CryptoPunks while shifting focus to Otherside. Weitsman cited this Otherside focus among his motivations for the recent NFT sweep.

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“I have recently seen Yuga refocus and prioritize Otherside,” he said Monday. “There is a lot riding on this project for the whole space and I will do my best to help make it a success for everyone.”

An avid art collector, Weitsman has built a reputation as a long-term investor and advocate of NFTs over the years. This reputation shines through in the recent Yuga Labs deal.

He told Now Media on Monday that his motivations were not financial, noting that as part of the contract, he can’t sell the Otherdeed NFTs despite a “multimillion dollar commitment” on his part.

“This space needs a beacon of hope,” he said. “I don’t have a financial interest in Yuga, so I can be very objective. I’m not biased toward the thing. I just want what’s best for the space.”

Weitsman told Now Media that he chose Otherside because he loved the aesthetics and believed in the Yuga Labs team.

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“I love the look, the plants, resources, and artifacts. I’m really drawn to that,” he said. “I love mythology. I just feel that this could be the greatest story.”

In the future, Weitsman envisions Otherside as a place where children can find solace, get inspiration and learn.

“I’ve got some ideas about kids playing this all over the world,” he told Now Media. “A place that kids can dream in. They can dream that this is their house and this is their land.”

He added that he would love to have an adviser for every 30 Otherdeeds that would teach the children to build and trade.

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This article NFTs Are Back? Billionaire Sparks Buzz With Surprise 5,000 NFT Purchase originally appeared on Benzinga.com

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