It's 2025 already, why are people still buying NFTs?

Original author: Erika Lee

Original translation by Chopper, Foresight News

TL;TR

• Even with the market crash, businessman and investor Adam Weitsman remains a major buyer of NFTs.
• He recently purchased 229 Meebits, shortly after buying 5,000 NFT assets from the Otherside metaverse game.
• This year he also acquired the intellectual property rights for the CryptoDickbutts and HV-MTL NFT projects, driving the resurgence of both projects.

Since the 2021-22 bull market, the NFT market has fallen sharply, but at least one billionaire collector is still investing heavily in the space.

In the largest NFT private sale this year, businessman and collector Adam Weitsman acquired 229 Meebits NFTs in a single off-exchange transaction. This is the largest known single transaction in the series—Meebits were launched in 2021 by CryptoPunks creator Larva Labs.

Even as the market continues to cool down, Weitsman continues to increase its investment in the digital arts and culture sector.

"I've always liked Meebits," Weitsman told Decrypt. "In fact, they were what got me into the Web3 space. This acquisition is my way of showing confidence to the team."

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

"I tend to act when the market is filled with negative sentiment," he said. The Meebits acquisition was completed on what he called "one of the worst days in the market"—when cryptocurrency and NFT prices plummeted across the board.

Weitsman also praised Meebits CEO Sergio Silva, whose company MeebCo acquired the IP from Yuga Labs earlier this year.

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

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

“We are honored by Adam’s continued support for Meebits and delighted that he has joined the community,” Silva told Decrypt. “His NFT collecting philosophy is refreshing and reminds us of our original motivations for entering this space: to make friends, build a community, and support creators we trust.”

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

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

The acquisition includes several extremely rare Meebits, such as the Skull series #16803 (only 57 pieces were issued), the Elephant wearing a Skull T-shirt #367, and the Human wearing an ultra-rare punk T-shirt #7063.

Weitsman's confidence in the Web3 space runs deep. A key backer of Yuga Labs, he recently significantly expanded his portfolio in the metaverse game Otherside, acquiring 5,000 Otherdeed plots, a giant Koda, and weapon Kodas, demonstrating his strong belief in the future of the Boring Ape-themed metaverse game. These assets were all acquired directly from Yuga Labs.

"I also pledge to make a series of acquisitions in the open market this year," Weitsman wrote on the X platform after acquiring Otherside assets. "This project is significant for the entire industry, and I will do my best to help it bring success to everyone."

Earlier this year, Weitsman also made headlines in the industry. He partnered with PenusDAO to acquire the intellectual property of CryptoDickbutts, facilitated by Eli Scheinman, known for facilitating high-end NFT acquisitions; 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 boom of a few years ago has subsided, with fewer sky-high transactions and a significant drop in overall transaction 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 that those who have persevered to this day—artists, collectors, entrepreneurs—are the core of what keeps this field vibrant," Weitsman said. "This ecosystem is built on creativity and community, and that's exactly what I want to protect."

Launched in 2021 by Larva Labs, creators of CryptoPunks and Autoglyphs, Meebits features 20,000 unique, tokenized 3D pixel characters designed for the metaverse. Now, under the leadership of MeebCo, the series is being reinvented through narrative creation, art upgrades, and real-world collaborations.

Despite the challenging market environment, Weitsman remains one of the few well-known collectors who continues to actively acquire assets, and his collecting philosophy is always based on firm conviction rather than market hype.

"Everyone I've met in this field has been incredibly positive," he said. "I hope to continue contributing to that positive atmosphere."