Bored Ape Yacht Club metaverse “The Otherside” goes live. Users can now purchase virtual land, Otherdeeds. With any luck, they win rare resources or even a Koda, these are the new NFT characters in the BAYC ecosystem.
The day has come. The long-awaited launch of The Otherside is upon us. This is the metaverse of the Bored Ape Yacht Club and is set to represent the biggest event in NFT history to date: a sale of virtual properties worth over $400 million.
Only $APE, the currency of the multi-billion dollar BAYC ecosystem, is accepted. This is even now officially accepted by Opensea. Not least because of this, the price of cryptocurrency has skyrocketed in recent days. For all information about ApeCoin, we have prepared a detailed guide for you.
To be able to buy the coveted virtual land, one had to register via KYC for the past few weeks. KYC stands for “Know Your Customer”. In German, it means know your customer. This means customer identification based on money laundering requirements. However, for many crypto natives, personal identification is prohibited, which could give the secondary market a huge boost.
In total there will be 200,000 Bored Ape Yacht Clubs
Yuga Labs is the company behind The Otherside and the Bored Apes. This has put together a colorful ecosystem, which was estimated at US$4 billion in the funding round on March 22, 2022. The round took place shortly after the launch of ApeCoin. Now you start your own Metaverse.
This is why Yuga Labs now releases a total of 200,000 Otherdeeds. This should be done in 2 passes. One will take place today, April 30, 2022, and the other will be held in August. A piece of land costs $305 APE, or about 7200 USD from the point of view of the article.
At the current price of Apecoin ($APE), around $23, that’s over $1 billion for Yuga Labs. The $APE you earn is locked for a year and therefore withdrawn from the market. More details on the launch can be found in this official blog post.
In the first drop, 55,000 will be sold to the general public. 15,000 will be held for undisclosed purposes and 30,000 will be air-dropped to members of the BAYC ecosystem. This is, by far, the largest NFT drop in history.
The Other Side, Rare Resources and Kodas
Yuga Labs clarified that the Other Side a MetaRPG May be. RPG stands for Roleplaygame, in German role-playing games. Many video games have managed to bring fascinating fantasy worlds into the world and they want to orient themselves with “The Otherside”. Create a universe where users can bring their own NFTs and trade for real money.
“A whole new gaming experience where the money is real, you actually own your land and resources, everyone can bring their own NFT character, and everyone can create in-game assets. It’s not just a game , it’s a whole new economy.”
As a result, the Otherdeeds are accompanied by rare resources or even new NFT beings: the codas. There are only 10,000 of these rare celestial characters who are responsible for maintaining the virtual universe.
The general public expects these to be tradeable at over 10 ETH. With 100,000 lands, resources, and kodas, it’s also a serious test for the NFT market. Can the NFT community provide enough liquidity to maintain these prices?
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