The Bored Ape Yacht Club or BAYC NFTs have been all around in the headlines of crypto news. Now, BAYC aims to move ahead into the metaverse with the Otherside project. The BAYC Otherside land was available for the public on April 30, 2022. The team behind the Bored Ape Yacht Club, Yuga Labs, had announced the Otherside project in March 2022.
Many speculations regarding the Otherside project started making the rounds. Some assumptions regarding the Otherside land NFT suggest that it is just another addition to the existing collection of BAYC NFTs. However, the Otherside project does not have any similarities to the secondary collections on BAYC, such as the Bored Ape Kennel Club.
Yuga Labs successfully raised around $285 million with the public debut of the Otherside project, albeit with unbelievably higher transaction rates. Imagine the rush for the Otherside land sale debut, which must have congested Ethereum, resulting in higher transaction fees. As a matter of fact, the transaction fees in the first 24 hours following the debut amounted to more than $176 million. Is it just another overhyped metaverse project? How will it serve the BAYC ecosystem in the long term? Let us find the answers in the following discussion on the basics of the Otherside project by BAYC.
Aspiring to Become a Certified NFT Expert? Enroll in Certified NFT Professional (CNFTP) Course Now!
What is the Otherside Project?
The obvious question in anyone’s mind right now would be, “What is Otherside NFT?” and why is it in demand. It is the biggest product launch by Yuga Labs, and it is basically an ambitious metaverse project by the team behind BAYC NFTs. The Otherside NFTs referred to as Otherdeeds, are representatives of the titles to different parcels of virtual land in the Otherside metaverse. Yuga Labs priced each Otherdeed NFT at $7000, available only in the official cryptocurrency, ApeCoin. Gradually, the price of the NFTs climbed up to around $19,000 with the heavy demand for the virtual land NFTs.
What will the Otherside land in the metaverse look like? This is where beginners are more likely to wonder about the Otherside metaverse. The Otherside metaverse project would be similar to a Massively Multiplayer Online Role-Playing Game MMORPG. The Otherside project would remain connected with the Bored Ape ecosystem.
How Will Otherside Fit with BAYC NFTs?
According to the developers behind the Otherside project, the new metaverse would feature a unique blend of mechanisms from MMORPGs and web3-based virtual spaces. Some of the important highlights of the BAYC Otherside land in the Otherside metaverse include verifiable ownership of land parcels. In addition, the facility for transforming NFTs into playable characters alongside the facility of concurrent gaming for over 10,000 people ensures that BAYC NFTs and the Otherside metaverse can work in unison.
The Otherside project would qualify as a unique metaverse with support for interoperable experiences, allowing users to transition between metaverse platforms. Interestingly, the Otherside land NFT is not the only supported collection along with BAYC NFTs. You can find popular NFT collections in the Otherside metaverse, with prominent names such as CrypToadz, Cool Cats, and World of Women, among others. Basically, the Otherside metaverse project would evolve as an open-world game, which would help collectors gain ownership of land. In addition, they can engage with many other ecosystems alongside the unique creatures living in them.
Aspiring to Become a Certified Metaverse Expert? Enroll in Certified Metaverse Professional (CMP) Certification Course Now!
The Otherside Metaverse
As of now, Yuga Labs has not announced any specific details regarding the working of the game. On the other hand, the Otherside land sale has created many doubts regarding the expected features in the new metaverse game. What can you expect in the Otherside project? The team at Yuga Labs has pointed out the possibilities of the following features in the Otherside metaverse.
- Immersive gameplay experiences augmented with the capabilities of AI and physics.
- Features for natural voice chat.
- Multiplayer features, powered by M2 technology of Improbable.
- Power for managing over half a billion transactions in one second.
- Reduced bandwidth and rendering issues through machine learning.
However vague that may seem, the technical details of the Otherside land NFT project are still under the wraps. The team has not revealed any specific information about the infrastructure or technology underlying the Otherside metaverse. Let us reflect further on whatever information we have about the Otherside project, such as the origins of the project.
Creators of Otherside
The origins of the Otherside land metaverse would also draw references to the creators behind the new metaverse. Interestingly, Yuga Labs is not the only company behind the Otherside metaverse. The four members of Yuga Labs served as integral parts in the journey toward introducing the Otherside project.
In addition, many other companies and individuals have made many vital contributions over the course of the project’s journey. The most notable partner of Yuga Labs in the journey of creating the Otherside project is the venture-capital firm Andreessen Horowitz, which offered the maximum share of investment in the seed round of Yuga Labs.
The other notable players in the BAYC Otherside land metaverse project include Improbable and Animoca Brands. Interestingly, Animoca Brands has served as a vital force underlying the popular metaverse platform, The Sandbox. On the other hand, Improbable is a British metaverse technology aimed to improve interoperability between metaverse platforms in Otherside project. Finally, the ApeCoin DAO would play a vital role in guiding governance on the Otherside metaverse. The ApeCoin DAO focuses primarily on administration of DAO proposals, alongside ensuring alignment of operations with a vision for the larger ApeCoin community.
Otherdeeds and Kodas
The discussions on “What is Otherside NFT?” would be incomplete without referring to Otherdeeds and Kodas. They are significant highlights in the working of the Otherside project. Otherdeeds are basically dynamic NFTs, which have been developed as an NFT collection with all the game elements of Otherside. All Otherdeed NFTs come with a set of resources, and some parcels of land also include Kodas.
Every Otherdeed or parcel of land in the Otherside project features around four replenishing resources. Users can harvest the resources for the game, with some resources being rare than others. The four replenishing resources include root or wood, ore or metal, anima for research, and shard or stone. In addition, another trait of the Otherside land NFT points to the variation in sediment type. You can notice five tiers of sediments such,
- Biogenic Swamp- Tier 5
- Chemical Goo- Tier 4
- Rainbow Atmos- Tier 3
- Cosmic Dream- Tier 2
- Infinite Expanse- Tier 1
The team behind the Otherside project launched around 55,000 parcels of virtual land in its public sale debut. However, the total supply of Otherdeed NFTs is 100,000, whereas the 45,000 parcels of land have been reserved for Yuga Labs partners, employees, and BAYC NFT owners.
Another notable highlight of the Otherside land sale implies that the Otherdeeds have not been tailored as usual virtual land NFTs. On the contrary, the Otherside NFTs have been tailored as dynamic NFTs which can evolve along with the user’s requirements in the game. While Otherdeeds are the dynamically evolving pieces of land in the Otherside metaverse, Kodas are the creatures living in the different ecosystems. Just like every other detail of the Otherside metaverse project, the technical information about Kodas and their availability is minimal. All users can know about Kodas as of now is that they are an integral part of the Otherside ecosystem.
Curious to know the role of NFT in the Metaverse? Read the detailed guide on NFTs and their role in the Metaverse
How Can You Get Otherside NFTs?
The Otherside NFTs were released for public sale and are now traded throughout the NFT ecosystem. Initially, the BAYC Otherside land was supposed to go on sale through a Dutch Auction method. NFT investors can bid on the items before the sale begins. As a result, sellers or project creators can determine the ideal ceiling price for the NFT on the basis of the bids.
Dutch auctions have not been one of the favorites of the NFT community, and the Otherside NFT project did not exhibit any difference. Yuga Labs opted for releasing the Otherdeeds in two different waves. However, the plan of Yuga Labs never materialized in the first place as the sale never proceeded to the second wave.
The details of the first wave of the Otherside land NFT mint can offer conclusive proof regarding how the sale went. Yuga Labs set the cost of the Otherdeed NFT at 305 ApeCoin, with one ApeCoin priced at almost $20. Therefore, the cost of one Otherdeed NFT at the time of launch must have been around $6100. However, the cost of the NFTs did not affect the interest of investors who purchased the NFTs with higher transaction fees. Investors in possession of tens of thousands of funds in liquid crypto could only participate in the sale.
The Consequences of the Sale
The unreal transaction prices in the Otherside land sale implied some critical concerns for the team and the project in general. Within a few days of the launch of the Otherside NFT sale, one Otherdeed NFT reached the price of almost $11,000 on secondary marketplaces. Furthermore, the team successfully reeled in more than $300 million in terms of revenue from the NFT sales.
On the contrary, Yuga Labs promised that they would refund the transaction fees to investors, albeit without any clear idea regarding the method to do so. The Otherdeeds NFT drop actually created many concerns for other NFT projects or collections in the future. The NFT community is not happy with NFT drops as a viable mechanism, as developers don’t analyze the options clearly.
Licensing of Otherdeeds
Another important highlight in the Otherside land metaverse would refer to ownership of the virtual land. What is ownership of an Otherdeed and the implications associated with it? The ownership of an Otherdeed NFT entitles you to trade it, which has been crucial in the Otherdeed NFT market, reaching a value of around 200,000 ETH in secondary sales.
However, the Otherdeed NFT does not entitle the owner to rights of any image or intellectual property pertaining to the NFT. The Otherside Licensing Agreement also serves as a vital highlight for the Otherside land NFT ecosystem. The licensing agreement prevents any NFT owner from making profits from other creators’ NFTs. As of now, the Otherdeeds serve personal and non-commercial utility of display in a virtual gallery.
The success of Yuga Labs with Bored Ape Yacht Club NFTs has been one of the prominent feathers in their cap. Now, the BAYC Otherside land in the new metaverse project sets the grounds for a new open-world ecosystem within the Bored Ape universe. The Otherside metaverse would fit in perfectly with BAYC initiatives while supporting the growth of a new community.
At the same time, Otherside metaverse would open many doors for creative expression in the form of dynamic NFTs. Despite the consequences of the public sale of Otherside, NFTs will strengthen the priorities for future NFT drops. As of now, the Otherside is another formidable addition among metaverse platforms for the future. Keep exploring to learn more about BAYC NFTs and how the Otherside works.
Join our annual/monthly membership program and get unlimited access to 25+ professional courses and 55+ on-demand webinars.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
The post BAYC’s Otherside Land – Everything You Need to Know appeared first on 101 Blockchains.