Original Author: Erika Lee

Original Translation: Chopper, Foresight News

TL;DR

• Even with a significant market downturn, businessman and investor Adam Weitsman remains a major buyer of NFTs.
• He recently purchased 229 Meebits, and not long ago, he acquired 5,000 NFT assets from the Otherside metaverse game.
• He has also acquired the intellectual property of the CryptoDickbutts and HV-MTL NFT projects this year, driving the redevelopment of both projects.

Since the major downturn of the NFT market from the 2021-22 bull market, at least one billionaire collector continues to invest heavily in the space.

In the largest private NFT transaction of the year, businessman and collector Adam Weitsman acquired 229 Meebits NFTs in a single over-the-counter deal. This is known to be the largest single transaction for the collection—Meebits was launched by CryptoPunks creator Larva Labs in 2021.

Even as the market continues to cool, Weitsman is doubling down on digital art and culture.

"I have always loved Meebits," Weitsman said in an interview with Decrypt, "In fact, they were what first brought me into the Web3 space. This acquisition is my way of expressing confidence in the team."

He added that the timing of the transaction itself sends an important signal.

"I tend to take action when the market is filled with negative sentiment," he said. This Meebits acquisition was completed during what he described as "one of the darkest days in the market"—when cryptocurrency and NFT prices were plummeting across the board.

Weitsman also expressed his recognition of Meebits CEO Sergio Silva. Silva's company, MeebCo, acquired the IP from Yuga Labs earlier this year.

"Sergio is one of the most reliable people," Weitsman said, "I have full confidence in him as a partner and a friend."

In this transaction, the seller was represented by Charles Katz and Noah Davis of Fountain Digital, while MeebCo CEO Sergio represented Weitsman. The transaction price has not been disclosed.

"Adam's continued support for Meebits honors us, and we are thrilled to have him join the community," Silva told Decrypt, "His philosophy on NFT collecting is refreshing and reminds us of the original intention of entering this space: to make friends, build community, and support the creators we trust."

Unlike many traders in the NFT space, Weitsman's motivation is not to buy low and sell high for profit. He has never sold any NFTs in his life and states that he does not believe in selling and will not sell in the future.

"I collect NFTs because I love the artworks, the creators behind them, and the history being written," he said, "For me, it's about legacy, not making money."

The collection acquired includes several highly scarce Meebits, such as the skeleton series #16803, which has only 57 issued, the elephant #367 wearing a skeleton T-shirt, and the human #7063 dressed in a super rare punk T-shirt.

Weitsman's confidence in the Web3 space is deeply rooted. As a significant supporter of Yuga Labs, he has recently expanded his asset portfolio in the Otherside metaverse game, acquiring 5,000 Otherdeed lands, giant Koda, and weapon Koda, demonstrating strong confidence in the future of the Bored Ape-themed metaverse game. These assets were all acquired directly from Yuga Labs.

"I also committed to a series of acquisitions in the public market this year," Weitsman stated on the X platform after acquiring Otherside assets, "This project is significant for the entire industry, and I will do my utmost to help it succeed for everyone."

Earlier this year, Weitsman also made waves in the industry. He collaborated with PenusDAO, facilitated by Eli Scheinman, known for facilitating high-end NFT acquisition deals, to secure the intellectual property of CryptoDickbutts; additionally, he acquired the HV-MTL NFT project from Faraway Games. This project was originally created by Yuga Labs and later acquired by Faraway Games.

Although the NFT market frenzy from a few years ago has faded, with fewer sky-high transactions and a significant drop in overall trading volume, collectors continue to buy, sell, and utilize their assets, building communities and developing products around artworks and avatars, unaffected by market fluctuations.

"I believe those who have held on until now—artists, collectors, entrepreneurs—are the core that sustains the vitality of this space," Weitsman said, "This ecosystem is built on creativity and community, and that is what I want to protect."

Meebits, launched by Larva Labs, the creators of CryptoPunks and Autoglyphs in 2021, consists of 20,000 unique tokenized 3D pixel characters designed for metaverse scenarios. Now under the leadership of MeebCo, the collection is being reimagined through narrative creation, artistic upgrades, and real-world collaborations.

Despite the harsh market environment, Weitsman remains one of the few well-known collectors actively acquiring, and his collecting philosophy is always based on firm beliefs rather than market trends.

"Everyone I meet in this space is very positive," he said, "I hope to continue to contribute to this positive atmosphere."

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