Exclusive: Rarible co-founder says NFT bubble is over, names two major narratives (5:02)
Billionaire Adam Weitsman is the owner and CEO of Upstate Shredding – Weitsman Recycling, a Owego, New York-headquartered scrap metal processing company. The billionaire is also a major collector of non-fungible tokens (NFTs).
An NFT is a unique digital certificate stored on a blockchain network that proves ownership of a specific item, such as digital art, music, or collectibles. Unlike cryptocurrencies like Bitcoin (BTC), which are identical and can be exchanged one-for-one, each NFT is one of a kind.
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Though the NFT market is going through a rather dead phase and its total market cap has declined from the peak of nearly $17 billion in April 2022 to $1.5 billion at the time of writing, Weitsman keeps buying NFTs.
On Aug. 7, the billionaire announced the purchase of a Doginal Dogs NFT on X.
Excited to share I’ve finally joined the @doginaldogs community.
10,000 dogs inscribed on Dogecoin, started as a free mint in 2024, and it’s grown into a a amazing community in the NFT space.
Thank you @barkmeta @GodsBurnt and @shieldmeta for the warm welcome and for helping… pic.twitter.com/EQ7GilpG4q
— Adam Weitsman (@AdamWeitsman) August 7, 2026
Doginal Dogs refines itself as digital trading cards. It is a collection of 10,000 pixelated dogs inscribed on the Dogecoin (DOGE) blockchain network, which claims to provide proof of ownership and authenticity.
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The project started as a free mint in 2024 and has become a popular collection over the years, even though the NFT market is no longer as valuable as earlier.
But the market conditions don't bother Weitsman's NFT acquisitions.
As per official data, the billionaire bought Doginal Dog #108 for 70,000 DOGE worth $4,862.
New @doginaldogs sale!
🐶 Doginal Dog #108
💸 70000 DOGE ($4862 USD)
🏦 https://t.co/yjAFPp2Zn7 pic.twitter.com/afPNdyUk9g
— Doginal Dogs Sales Bot (@DDSalesBot) August 7, 2026
In August last year, he bought 5,000 NFTs from Yuga Labs, the studio behind the once wildly-popular Bored Ape Yacht Club token collection.
A quick look at his X profile betrays Weitsman's deep love for blockchain-based rare digital art. As it seems, he collects NFTs for the love of the game and isn't bothered by price swings.
Dogecoin was trading at $0.07194 at the time of writing.
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