Bored Ape to Rake In Over $330 Million in ‘Otherside’ Metaverse Land Sales this Weekend
Yugas Labs, pioneers in NFTs and the creators of the NFT Bored Ape Yacht Club (BAYC), are set to rake in just over $330 million from the sales of 55,000 lots located in its Otherside game. The metaverse land sale is launching this weekend. It is billed as the biggest ever non-fungible token launch.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
Yuga Labs will be offering up to 55,000 plots of virtual land located in its upcoming metaverse game Otherside. These will be sold as NFT “deeds” starting on Saturday.
Every deed in Otherside will give the holder the rights to the metaverse land inside the game. Otherside hasn’t yet been widely reviewed and is yet to be released but is expected to be a roaring success.
Every deed in Otherside, dubbed ‘Otherdeeds’, will cost 305 ApeCoin. ApeCoin is the cryptocurrency that Yuga Labs launched last month that is currently valued at just over $20 so a plot of metaverse land in the game will cost just over $6,000.
Dutch auctions are actually bullshit, so Otherdeeds will be sold for a flat price of 305 ApeCoin 🧵.
— OthersideMeta (@OthersideMeta) April 29, 2022
Non-fungible tokens (NFTs) leverage blockchain technology to prove the ownership of the digital asset and is a market that is currently worth billions of dollars. It entails selling different kinds of virtual goods as NFTs ranging from pictures to computer-generated art, cartoon characters, videos, clips and so much more. The price of an NFT can range from just a few dollars to tens of thousands of dollars. Some NFTs have sold for millions of dollars.
The metaverse land in the Otherside is expected to sell out and should this happen, Yuga Labs, along with its partners as well as the gaming giant Animoca Brands, are expected to gross $335 million in sales. This estimate is based on the current ApeCoin value, which stands at $20 at the moment but has been volatile in recent days.
Otherside will be a test lab that will shape the success of future web3 games. It will also determine whether Yuga Labs, currently valued at $4 billion based on a funding round last month, can translate its exclusive and highly popular BAYC series of characters into a quintessential NFT. This could, potentially, drive the expensive and highly speculative tokens into the mainstream.
Holders of popular NFT collections like World of Women and Cool Cats will be able to play characters they own inside the Otherside metaverse. However, Yuga Labs is yet to reveal details of the gameplay in Otherside or what owners of the metaverse land in the game can do with their lots.
The metaverse is spreading like bushfire. Some of the leading tech companies such as Epic Games and Meta have bet big on the metaverse and injected billions of dollars in investments into its development. The metaverse is billed as the next evolution of cyberspace where human beings will be immersed in a 3D world of avatars inside different types of AR/VR gadgets and accessories. The future metaverse is also widely referred to as “Web3”.
Otherside is currently the most highly anticipated web3 game and the success of other upcoming web3 games will also hinge on its success. Its popularity is also, to a large extent, due to the fact that it is also being anticipated by one of the most vibrant communities of NFT fans – the Bored Ape owners.
In mid-March, owners, creators, and backers of the Bored Ape Yacht Club NFTs received billions of dollars in ApeCoin. The coins can now be bought or traded by just about any investor in the major cryptocurrency changes such as Binance, FTX, and Coinbase.
The Otherside launch was first announced over six weeks ago and the anticipation in the run-up to this weekend’s launch has seen ApeCoin price double in just the past week according to data on CoinMarketCap.com. The price rose from $14 and hit a peak of $27 on Thursday this week before finally settling down to $22 on Friday.
The rise in the price of ApeCoin saw other NFT traders selling off their holdings in other collections so as to plough their money into ApeCoin. Correspondingly, the prices of the other NFT projects also fell as the fortunes of ApeCoin rose.
In spite of that, this month still saw an overall rise in NFT trading volumes following a sharp fall in 2021. Bored Ape’s starting price has now hit an all-time high of about 150 ETH or over $400,000. When it went on sale one year ago, it was priced at roughly $250.
Blockchain-based metaverse games have been doing incredibly well this year. Several developers on platforms like Decentraland and Sandbox raked in millions of dollars in sales of virtual land in spite of the fact that these platforms only have a limited set of users.