Why does this billionaire continue to buy NFTs in 2025 despite the gloomy market?

The NFT market has declined sharply since the 2021–2022 bull run, but there are still billionaire collectors continuing to place big bets on digital assets. Recently, entrepreneur and collector Adam Weitsman completed one of the largest private NFT deals of the year: purchasing 229 Meebits NFTs in an OTC transaction, marking the largest known deal for this collection. Meebits was launched in 2021 by Larva Labs, the creators of CryptoPunks.

Weitsman continues to increase his bets on digital art and culture even as the market cools.

“I’ve always loved Meebits,” he shared. “They’re the reason I entered Web3. This deal reflects my confidence in the team.”

He said the timing of the transaction was part of the message: “I usually make decisions when the market is pessimistic.” The deal happened on “one of the bloodiest days,” when both crypto and NFT prices plunged.

He also emphasized his trust in Meebits CEO Sergio “Sergito” Silva—who acquired the Meebits IP from Yuga Labs earlier this year.

“Sergito is amazing,” Weitsman said. “I trust him both professionally and as a friend.”

The seller was represented by Charles Katz and Noah Davis of Fountain Digital, while MeebCo CEO Sergito represented Weitsman. The price of the deal was not disclosed.

“We appreciate Adam’s support for Meebits,” Silva shared. “The way he collects NFTs reminds us of the core values: connection, community, and supporting the builders.”

Unlike many NFT traders, Weitsman doesn’t buy to flip. He has never sold any NFT and insists he never will.

“I collect for the love of art, people, and the history being made,” he said. “This is about legacy, not liquidity.”

The batch of NFTs he purchased includes many rare Meebits such as #16803 (một trong 57 Skeletons), #367 (Elephant wearing a Skull Tee), and #7063 (Human with an ultra-rare Punk Tee).

Weitsman’s faith in Web3 is strong. As a major Yuga Labs backer, he recently added 5,000 Otherdeed, along with Mega Koda and Weapon Koda—all purchased directly from Yuga, reflecting his hopes for the Otherside metaverse game.

“I’m also committed to continuing to buy on the open market this year,” he wrote on X. “This project is hugely meaningful to the entire industry, and I’ll do my best to help contribute to its success.”

Earlier, he also made headlines by acquiring the CryptoDickbutts IP with PenisDAO in a deal brokered by Eli Scheinman, and by acquiring the HV-MTL project from Faraway Games.

Even though the NFT market is no longer as vibrant as a few years ago, serious collectors continue to buy, build communities, and create products around art and avatars.

“I think those who are still here—from artists and collectors to founders—are the ones keeping this space alive,” Weitsman said. “This ecosystem is built on creativity and community, and that’s what I want to protect.”

Launched in 2021 by Larva Labs, Meebits consists of 20,000 unique 3D voxel characters aimed at the metaverse. Now under the leadership of MeebCo, the collection is being redefined through storytelling, art, and real-world collaborations.

Despite the tough market, Weitsman remains one of the few major collectors actively buying—driven by conviction, not hype.

“Everyone I’ve met in this space is extremely positive,” he said. “And I want to continue contributing to that.”

Vuong Tien