Why Are People Still Buying NFTs? One Billionaire Collector's Bold Market Move

Even as the digital asset landscape has shifted dramatically since the 2021-22 bull market, a fascinating phenomenon persists: major investors and collectors continue acquiring NFTs with substantial capital commitments. The question of whether people are still buying NFTs finds a compelling answer in the recent actions of entrepreneur and collector Adam Weitsman, whose moves reveal a different breed of market participant than the speculative traders of previous cycles.

Adam Weitsman’s Massive Meebits Purchase Reflects Deeper Market Convictions

In what marks the largest known private transaction within the Meebits series this year, Weitsman acquired 229 Meebits NFTs in a single off-exchange deal. This acquisition signals a powerful counternarrative to mainstream market pessimism. Meebits, launched by CryptoPunks creator Larva Labs in 2021, features 20,000 unique tokenized 3D pixel characters originally designed for metaverse applications.

The timing of this investment deserves particular attention. Weitsman deliberately executed the transaction during what he described as “one of the worst days in the market,” when cryptocurrency and NFT prices plummeted across the board. When asked about his approach to market timing, he articulated a philosophy that distinguishes him from typical traders: “I tend to act when the market is filled with negative sentiment.”

The collection Weitsman secured includes exceptionally rare assets. Among them are Skull series #16803 (only 57 pieces were issued), an Elephant wearing a Skull T-shirt (#367), and a Human sporting an ultra-rare punk T-shirt (#7063). Represented by MeebCo CEO Sergio Silva in the transaction, with Fountain Digital’s Charles Katz and Noah Davis representing the sellers, the deal underscores confidence in the project’s leadership. Silva responded to the acquisition by stating: “Adam’s 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.”

A Collector’s Motivation: Community Over Capital Gains

What fundamentally distinguishes Weitsman from market speculators is his explicitly stated relationship with asset ownership. Unlike many participants in the space who pursue buy-low-sell-high strategies, Weitsman has never sold a single NFT and explicitly states he has no intention to do so. This commitment reflects a philosophical approach that transcends traditional investment metrics.

“I collect NFTs because I love these artworks, the creators behind them, and the history being written,” he explained. “For me, it’s about legacy, not making money.” This perspective suggests that people are still buying NFTs not primarily for immediate returns, but for participation in creative ecosystems and community building.

Expanding Beyond Meebits: A Multi-Project Investment Strategy

Weitsman’s commitment to Web3 extends well beyond the Meebits acquisition. As a significant backer of Yuga Labs, he recently expanded his Otherside metaverse portfolio substantially, acquiring 5,000 Otherdeed plots alongside additional assets including a giant Koda and weapon Kodas. These acquisitions came directly from Yuga Labs, demonstrating a structural confidence in the project’s long-term trajectory.

Earlier in 2025, Weitsman made additional headlines through strategic IP acquisitions. In partnership with PenusDAO and facilitated by high-end NFT transaction specialist Eli Scheinman, he secured intellectual property rights to the CryptoDickbutts project. Additionally, he acquired the HV-MTL NFT project from Faraway Games—originally created by Yuga Labs before its transfer to Faraway Games. These moves actively contributed to revitalizing both projects within the broader market.

On the X platform, Weitsman publicly committed to continued acquisition activity, stating: “I also pledge to make a series of acquisitions in the open market this year. This project is significant for the entire industry, and I will do my best to help it bring success to everyone.”

Why the Market Continues: Creativity and Conviction Over Volatility

The broader question of whether people still purchase NFTs despite market challenges finds resolution in understanding participant motivations. While speculative trading volume has contracted significantly from peak bull market levels, a dedicated cohort of creators, collectors, and entrepreneurs continues building products, developing communities, and nurturing artistic initiatives around digital assets.

Weitsman articulated this observation directly: “I believe that those who have persevered to this day—artists, collectors, entrepreneurs—are the core of what keeps this field vibrant. This ecosystem is built on creativity and community, and that’s exactly what I want to protect.”

The persistence of NFT purchasing activity among serious collectors reveals that people buying NFTs in the current environment are motivated by fundamentally different factors than those who entered during speculative bubbles. For this cohort, conviction in creator relationships, architectural development, and community participation supersedes price volatility. This represents a market evolution toward sustainable, value-based participation—suggesting that meaningful engagement with NFTs will persist regardless of macroeconomic conditions.

“Everyone I’ve met in this field has been incredibly positive,” Weitsman reflected. “I hope to continue contributing to that positive atmosphere.” This perspective encapsulates why serious investors and collectors continue their involvement: the space’s fundamental appeal transcends market cycles.