The environment of the Bored Ape Yacht Club NFT is growing. It was ApeCoin, an Ethereum token designed to fuel Web3 applications, that was launched last month, and now it’s Otherside.
What exactly is the other side? It’s a metaverse gaming environment that’ll bring together a number of NFT projects, including the Apes, CryptoPunks, Meebits, Cool Cats, and others. Yuga Labs, the creators of Bored Ape, are working on the experience alongside Animoca Brands, the publisher of NFT games.
Yuga Labs will release “Otherdeed” NFTs for the game on Saturday, which are thought to be a deed to some form of virtual land in the metaverse game, similar to NFTs for The Sandbox and Decentraland. Other deeds will be sold to the general public as well as given to current Bored Ape and Mutant Ape owners.
Here’s all you need to know ahead of Saturday’s release.
What are otherdeeds, exactly?
Otherdeeds are NFTs for Otherside, a new metaverse game by Yuga Labs that has been announced in recent weeks. Bored Apes and Mutant Apes appear in a teaser video with CryptoPunks and Meebits (which Yuga Labs just bought), as well as other noteworthy NFT collections such as Cool Cats, World of Women, Nouns, and CrypToadz.
Despite the fact that many NFT collectors assume an Otherdeed will function as a deed to virtual land in the game world, this has yet to be confirmed. However, a leaked investment presentation deck that Yuga Labs co-founder Garga claimed was true (but “outdated”) goes into considerable detail about the company’s metaverse and virtual land ambitions.
According to the deck, there will be 200,000 total land plots spanning numerous drops and sales, with 10,000 alien “Koda” monsters spread randomly among them. Once the Otherside release was confirmed, Yuga poked fun at the leak, tweeting, “OK, but what the fuck is a Koda?”
While the first NFT will be released tomorrow, it’s doubtful that a playable game will be available soon. The Sandbox, Animoca’s own metaverse game, has been selling land plots for a few years now, but the Ethereum game is currently closed to the public. Yuga, on the other hand, may feed the hype cycle and drive trade in advance of the actual debut by releasing NFTs.
What’s the best way for me to get one?
On Saturday, April 30, Yuga will host a mint for Otherdeeds, with a total of 55,000 NFTs available for purchase. They can only be purchased with ApeCoin (APE) and will cost 305 APE each (about $6,100 at the time of writing). The sale will begin at 9 p.m. ET on the Otherside website.
At this time, though, not just anybody will be able to purchase an Otherdeed. Only customers who successfully completed the KYC procedure would be able to acquire one of the 55,000 NFT deeds. Yuga and Animoca launched a strange website in March that required visitors to register an Ethereum wallet and conduct know-your-customer (KYC) checks.
People who have completed the procedure will require both APE and ETH (for gas costs) in their authorized wallet. In the first wave, Yuga will allow anyone to acquire up to two otherdeeds in a single transaction, but the maximum will be increased over time based on the amount of Ethereum gas fees, as stated in this article from Thursday.
Yuga had planned to hold the auction in a Dutch auction style, in which the cost of minting an NFT drops over time, but he claimed on Thursday that such auctions are “really crap.” Instead, the price will stay unchanged, and Yuga will progressively raise the number of otherdeeds that may be purchased with a wallet in a single transaction.
What about the owners of Bored Apes?
As is customary for NFT holders of the Bored Ape, anyone who possesses a Bored Ape or Mutant Ape will be able to “claim” an Otherdeed within 21 days of the sale beginning on Saturday. Additionally, users who hold NFTs do not need to have a verified wallet that has passed KYC procedures, which include revealing a user’s full name and address.
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