Billionaire Collector Adam Weitsman Makes Massive NFT Investment Despite Market Downturn

In a Bold Move, Entrepreneur Acquires 229 Meebits NFTs in One of 2025’s Largest Private Digital Art Transactions

In a striking demonstration of confidence amid a cooling NFT market, billionaire entrepreneur Adam Weitsman has completed one of the year’s largest private digital asset acquisitions, purchasing 229 Meebits NFTs in a single over-the-counter transaction. This landmark deal represents the biggest known purchase from the Meebits collection, which was originally launched by CryptoPunks creator Larva Labs in 2021 before changing ownership.

“I’ve always loved Meebits,” Weitsman told Decrypt in an exclusive interview. “They’re actually the reason I got into Web3 in the first place. This purchase is my way of showing confidence in the team.” Weitsman’s strategic acquisition comes at a time when the broader NFT market continues to experience significantly reduced trading volumes compared to the 2021-2022 bull run that initially brought tokenized digital assets into mainstream consciousness.

The timing of the purchase was deliberate, according to Weitsman, who explained, “I try to make moves when there’s negativity.” He completed the transaction on what he described as “one of the reddest days of the market,” when cryptocurrency and NFT prices were declining across the board. This counter-cyclical investment approach highlights Weitsman’s long-term perspective on digital collectibles and the broader Web3 ecosystem.

A Collection Driven by Passion Rather Than Profit

Unlike many participants in the digital asset space who focus on short-term gains, Weitsman’s approach to NFT collecting stands apart: he has never sold a single NFT and insists he never will. “I collect because I love the art, the people, and the history being made,” he explained. “For me, this is about legacy, not liquidity.”

The transaction was facilitated by Fountain Digital’s Charles Katz and Noah Davis representing the private seller, while MeebCo CEO Sergio “Sergito” Silva represented Weitsman. While the financial details remain confidential, the acquisition includes several highly coveted Meebits – including Meebit #16803, one of just 57 Skeleton characters ever minted; #367, an Elephant wearing a distinctive Skull Tee; and #7063, a Human character featuring the ultra-rare Punk Tee.

Silva expressed appreciation for Weitsman’s ongoing support, telling Decrypt, “We’re honored by Adam’s continued support of Meebits and love having him in the community. His approach to collecting NFTs is a refreshing reminder of what originally inspired a lot of us to enter the space: make friends, build community, and support builders we believe in.”

The relationship between Weitsman and Silva appears to be a significant factor in the collector’s continued investment in the Meebits ecosystem. “Sergito is one of the best guys,” Weitsman noted. “I believe in him as a person and as a friend.” This personal connection underscores the community-driven nature of many Web3 projects, where relationships often transcend purely financial considerations.

Building a Digital Empire: Weitsman’s Growing Web3 Portfolio

Weitsman’s Meebits acquisition represents just one aspect of his comprehensive strategy to build a significant presence in the Web3 landscape. As a major supporter of Yuga Labs, the company behind the popular Bored Ape Yacht Club NFTs, he recently expanded his holdings with 5,000 Otherdeed land plots, along with Mega Kodas and Weapon Kodas – digital assets tied to the highly anticipated Otherside metaverse game.

“I have also committed to making a series of acquisitions on the open market this year,” Weitsman announced on X (formerly Twitter) following his Otherside assets purchase. “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.” This public commitment demonstrates not only his financial investment but also his dedication to actively supporting the development and success of significant Web3 projects.

Earlier this year, Weitsman made headlines by taking control of the CryptoDickbutts IP alongside PenisDAO, in a deal brokered by Eli Scheinman, who is known for structuring high-profile NFT acquisitions. He also acquired the HV-MTL NFT project from Faraway Games, which had previously taken it over from Yuga Labs. These strategic acquisitions suggest a carefully considered approach to building a diversified portfolio of digital assets with cultural significance and potential for future development.

The breadth of Weitsman’s investments across multiple collections and intellectual properties indicates his belief in a multi-faceted Web3 ecosystem rather than betting on a single project or platform. This diversification strategy may provide resilience against market volatility while allowing him to support various communities within the digital asset space.

The Evolving NFT Landscape: Community Over Hype

The NFT market has undergone significant transformation since its peak during the 2021-2022 boom period. Trading volumes have declined substantially, and mainstream media attention has diminished. However, dedicated collectors, creators, and developers continue to build within the space, focusing on long-term value creation rather than speculative frenzy.

“I think the people who are still here—the artists, the collectors, the founders—are the ones keeping the space alive,” Weitsman observed. “This ecosystem was built on creativity and community. That’s what I want to protect.” This sentiment reflects a maturing perspective within the NFT community, where sustainable growth and genuine utility are increasingly prioritized over short-term price movements.

Meebits, originally launched in 2021 by Larva Labs (the creators of CryptoPunks and Autoglyphs), offered 20,000 unique, tokenized 3D voxel characters designed for metaverse compatibility. Now under the direction of MeebCo after Sergio Silva’s firm acquired the IP from Yuga Labs earlier this year, the collection is being reimagined through storytelling, art, and real-world collaborations – demonstrating how NFT projects can evolve beyond their initial conceptualization.

The personal connections fostered through Web3 communities remain a central motivation for Weitsman. He recently shared on social media a touching anecdote about returning to his New York City apartment to find a handmade gift created by a friend from the NFT community who had stayed there. “The people I have met is why I fell in love with Web3 in the first place,” he wrote, highlighting the human relationships that underpin technological innovation.

Looking Forward: Investment Conviction in an Uncertain Market

Despite the challenging market conditions facing digital assets broadly, Weitsman remains one of the few high-profile collectors actively making substantial acquisitions. His approach appears rooted in deep conviction about the long-term significance of these assets rather than response to market hype or short-term price speculation.

“All the people I’ve met in the space are very positive,” Weitsman noted, “and I want to keep adding to that.” This focus on community building and positive contribution stands in contrast to the often volatile and sometimes adversarial nature of cryptocurrency markets more broadly.

As the NFT ecosystem continues to evolve beyond the initial hype cycle, collectors like Weitsman may play an increasingly important role in providing stability and continued development resources. By maintaining substantial holdings without selling, these long-term collectors create a foundation of support for creators and projects during market downturns.

While the mainstream excitement around NFTs has undeniably cooled since 2021, Weitsman’s significant investment signals that serious collectors continue to see value in digital ownership and community-centered projects. His approach suggests that the future of NFTs may be less about speculative trading and more about meaningful ownership, community participation, and cultural significance in an increasingly digital world.

For a market that has experienced dramatic highs and subsequent corrections, Weitsman’s consistent investment strategy offers an alternative narrative – one focused on patience, relationship-building, and genuine appreciation for digital creativity rather than quick profits. As the Web3 landscape continues to mature, this approach may ultimately prove more sustainable than the frenzied speculation that characterized earlier phases of NFT adoption.