A Rundown of the Otherside (Ape Metaverse)
The highly anticipated Bored Ape Yacht Club (BAYC)’s metaverse land sale Otherside is premiering today after weeks of anticipation. It’s billed as the metaverse land sale to crown them all and its success might as well define the performance of future web 3 games.
The Otherside is Yuga Labs’ open metaverse role-playing game (RPG) that has generated a great deal of excitement in the Web 3.0 community. The game is compatible with all NFTs, including the major and more familiar NFT projects such as World of Women, Mutant Ape Yacht Club, CryptoToadz, Meebits, and CryptoPunks.
Although Yuga Labs is yet to give the specifics of Otherside, it has released a teaser showing a Bored Ape drinking some serum which brings the Ape into an entirely new world. Inside the new metaverse, you can see an ice landscape, a crystal landscape, a lava landscape, a sand scene, a purple mystic landscape as well as a unique earthlike landscape.
In the pitch deck of Otherside, Yuga Labs states that its main aim in creating Otherside was to build a metaverse project that transcends the Bored Ape Yacht Club (BAYC) universe and which incorporates the greater NFT community. It is expected that Otherside will be interoperable and will let users across NFT worlds to interact with different kinds of NFT projects and brands at the same time within the metaverse.
To create Otherside metaverse, Yuga Labs partnered with Animoca Brands which is the key Sandbox developer. The Otherside appears to be a multiland metaverse and it is expected that it will be widely interoperable and will support different kinds of NFT projects as well as NFT ecosystems.
Yuga Labs has also been attracting institutional investment for its Othereside metaverse project. In a recent $450 million funding round which was led by the venture capital firm Andreessen Horowitz where Yuga Labs was valued at $4 billion. Other investors that participated in the funding round included Google, Animoca Brands, Sound Ventures, Google, and MoonPay. Yuga Labs is planning to use the infusion of cash to scale up its team, rope in more creative, operations and engineering talent as well as build strategic alliances and joint ventures.
Yuga Labs announcement of Otherside came on the heels of the ApeCoin trading debut. ApeCoin is the official utility coin for the APE ecosystem and was created to strengthen the BAYC community. ApeCoin maximum supply stands at 1 billion and it currently has a circulating supply of 284.8 million. ApeCoin was launched just a few weeks back and it is already ranked 29th in terms of market capitalization. ApeCoin has affected the prices of other NFT collections.
Of What Use is the Otherside Metaverse Land?
Even before the announcement of the Otherside, Yuga Labs NFTs have always been lucrative and it is therefore expected that the Otherdeeds will just be as lucrative.
Apart from the utility of holding these NFTs, there are also the bragging rights that come with owning an NFT that is linked to the highly vibrant BAYC ecosystem.
Although details are yet to be divulged about Otherside, there have been reports that the metaverse land will feature some valuable items for the landowners in the metaverse such as natural resources, unique effects, and even a Koda.
There is speculation that the Kodas is the last of a celestial race that will bring Bored Apes along with other interoperable nonfungible tokens (NFTs) to the strange new land of Otherside. The Kodas will allegedly be assigned to 10% of the Otherside land plots and buyers who will get the Kodas will be able to trade them separately.
The Competition for the Otherside Metaverse Land
While there is a great deal of buzz surrounding the Otherside, it has serious competitors in the other metaverse and ecosystems in terms of functionality, team expertise, and utility.
Formidable metaverse projects such as Decentaland, The Sandbox, and NFT Worlds will pose serious competition. The Sandbox is particularly robust and will be a serious competitor to Otherside due to its gargantuan market capitalization and plenty of industry connections.
Buying the Otherside Metaverse Land
Otherside is set to launch on Saturday and there is still limited information on the buying process for this metaverse drop. However, there is speculation that a new website, https://somethingisbrewing.xyz/ will be used in the Otherside land sales. The purchasing process will involve know-your-customer (KYC) verifications. For the first sale, it might be too late for many metaverse land buyers to join in on the landrush.
There is also a leaked BAYC investor roadmap that suggests two land sales with the second sale scheduled for August.
Is Otherside a Good Investment?
The reputable Yuga Labs ecosystem is behind Otherside metaverse land so there is a great deal of social capital behind the NFT as well as lots of perks for investors. However, in spite of the BAYC and Yuga Labs reputation in the community, investing in any NFT carries with it some risks as there is always a considerable upside and downside potential.
The lack of information in the run-up to the Otherside drop also means that some of the more prudent investors might adopt a wait-and-see posture before they decide to throw money at the Otherside metaverse land.
However, the popularity of BAYC along with the high demand for NFT from price-sensitive investors means that the Otherside drop will still be huge, particularly in the short term. In the first few days and weeks, we can expect some volatility and FOMO effects following the launch on Saturday.