What is The Otherside NFT: BAYC Makers’ Next Blue Chip Collection?
Key Questions Answered
The Metaverse is a term that is growing in popularity every day, with developments in Web 3.0, non-fungible tokens (NFTs), and decentralized finance (DeFi) pushing its creation and adoption throughout the world.
One of the biggest players in NFTs, Yuga Labs and its Bored Ape NFT collections, is now finally coming to the table, developing a Metaverse that aims to incorporate NFTs from across multiple platforms in order to create one of the largest Metaverses in existence.
The Otherside project uses ApeCoin (APE) as its governance and native crypto. APE is trading at $7.66 with a total circulating supply of 292.2 million APE for a market cap of $2.2 billion.
What Is the Otherside NFT Metaverse?
The Otherside NFT Metaverse is the latest development from Yuga Labs, the people behind the hugely successful Bored Ape Yacht Club (BAYC) and its ApeCoin (APE) crypto.
Otherside aims to be a massively multiplayer online role-playing game (MMORPG), that will be connected to the BAYC ecosystem. Here, up to 10,000 participants will be able to use playable NFTs to play together simultaneously.
The Otherside Metaverse aims to be as immersive and interactive as possible, with playable NFT characters and natural voice chat. In this same spirit, the Otherside Metaverse will be an ever-evolving world developed by the holders of the Otherside Land NFTs, known as Otherdeeds.
These players will collaborate to shape the world by participating in prototype builds, demos, and tests to shape the gaming design and experience. In this way, the Otherside NFT Metaverse will be a hybrid between Web 3.0 platforms and interactive gaming experiences like those experienced by players of games like Dungeons and Dragons. Other investors in the project will also be able to participate in the Otherside Metaverse’s development through the ApeCoin decentralized autonomous organization (DAO).
The Otherside NFT Metaverse is still under construction, but it is making moves to become one of the largest Metaverses to date. This is being done through collaborations with different NFT ecosystems, whereby players will be able to participate with playable NFTs from collections including World of Women (WoW), Cool Cats, and CrypToadz.
Otherside land NFTs come in a great variety and enable players to create the Metaverse (Source: otherside.xyz)
Building Blocks of the Otherside: Otherdeeds, Kodas, and NFT characters
In order to create an inclusive, ever-evolving Metaverse with playable characters and an element of intrigue, Otherside is composed of multiple components:
Playable NFT characters
By allowing different types of NFTs to participate in the Otherside Metaverse as playable characters, the creators can ensure that there is more diversity in the world and that those who are priced out of buying expensive Ape NFTs can still be a part of it.
This incorporation of NFT holders from other ecosystems will expand the project’s reach and in turn contribute to its growth.
- Otherside Land NFTs: The different land types available as Otherdeeds (the deeds to virtual land on the Otherside) mean that the Metaverse can be formed up of all types of space, from coral reefs to castles surrounded by lava, completely imagined realities, and more. The land parcels are created from different types of sediment: biogenic swamp, chemical goo, rainbow atmos, cosmic dream, and infinite expanse.
Additionally, each Otherdeed land parcel is formed up of various traits: environment, environment tier, sediment, sediment tier, resources (northern, eastern, southern, western), artifacts, and Kodas—thereby creating a varied and exciting digital universe that can be tailored as the users/creators wish.
- Kodas: To create a new level of intrigue, the creators of the NFT Otherside world introduced a completely separate series of NFT characters known as Kodas, primal mysterious beings that will apparently be central to the whole Otherside experience.
There are a total of 10,000 Kodas within the initially available 100,000 Otherside Land NFTs (of a total of 200,000) i.e. an initial 1 in 10 chance of receiving a Koda when buying land. How players will interact with them and what will happen in their storyline remains a mystery, however, some believe that Kodas could be the next blue chip NFT collection.
The mysterious beings known as Kodas who live in the Otherside Metaverse vary based on their world or Land NFT. (Source: otherside.xyz/world)
Who Is Behind the Otherside NFT World?
Yuga Labs, as the company behind ApeCoin and the BAYC, is the primary creator of the Otherside Metaverse. Other bigwigs backing the Otherside NFT Metaverse include:
- Andreesen Horowitz, or “a16z crypto”: This venture-capital firm led the first seed round for Otherside NFT Metaverse through its crypto fund. The firm’s large capital led to it securing a place for one of its general partners, Chris Lyons, on Yuga Lab’s board for the Metaverse project.
- Animoca brands: A gaming software company and venture-capital firm, Animoca Brands is one of the companies behind the hugely popular Metaverse and virtual real estate platform, The Sandbox. Already an established player in the space, Animoca Brands is helping build the Otherside NFT Metaverse through funding and technology.
- Improbable: This British company pioneering new technology in the Metaverse space is also aiding the Otherside NFT project through its gaming software. With Improbable and Animoca’s help, Otherside aims to create a massive, secure, and interactive platform across virtual worlds.
The NFT Otherside metaverse will include NFT characters from various ecosystems. (Source: otherside.xyz/world)
Otherside and the NFT Community: A Rocky Road
Despite the hype in the lead up to the project’s release in April (APE was the only coin in the top 20 to see its value turn bullish during the preceding week), as well as Yuga Labs earning $318 million from the original sales of Otherdeeds, the kickoff for the project did not go smoothly.
Two Key Issues of The Otherside NFT
- Gas fees
Although the plan had been to smoothen the process by setting a set price, the fact that it was run on a congested proof-of-work blockchain (Ethereum) compounded by an influx of buyers meant that gas fees soon cost almost as much as an Otherdeed itself.
Within minutes of launch, more than $200 million worth of Otherside Land NFTs had been sold, Ethereum gas fees skyrocketed to $5,000 per transaction, and Etherscan crashed. This led Otherside to freeze the sale, meaning that only 55,000 of the 100,000 land NFTs made available were sold during the first wave of sales.
To make matters worse, many buyers found that their purchases had not gone through, but gas fees had been charged. Otherside has promised to refund these fees, but the experience left many with a bad taste in their mouth.
- Prohibitions and laws
Another aspect of the Otherside Metaverse which has left many NFT collectors and Metaverse fans perplexed and alarmed is their somewhat hidden and questionable rules.
For example, the Koda licensing agreement for a Koda NFT is revocable. This means that Yuga Labs can take away a collector’s license for their Koda NFT.
Additionally, the terms and conditions prohibit transferals of Kodas to any individuals located in countries subject to a US embargo or those deemed to support terrorists such as Iran and Cuba. This kind of behavior runs against the ethos of decentralization.
Despite its success, Otherside will need to be careful not to alienate its users and investors. (Source: otherside.xyz/world)
Otherside Metaverse: Price History
The Otherside Metaverse’s value can best be seen through the price fluctuations in its governance token and native cryptocurrency, ApeCoin (APE).
The initial hype and excitement brought about by the leaked project proposal, the mystery surrounding the digital world’s appearance, and the secrecy surrounding the Koda NFTs led to big gains in the project’s value.
At a time when most coins were tumbling, APE was hitting new highs. Unfortunately, the rocky start to its launch, insanely high gas fees, individuals losing money, and essentially a crash of the system, led to chaos and a huge drop in its value from $24.83 hours before the launch to lows of $16.71 the next morning and $5.29 10 days later.
However, promises to refund users who lost money, discussions on starting its own blockchain, and the continued excitement for what looks to be the most interactive and exciting Metaverse yet, have helped to relaunch the project’s value (and subsequently ApeCoin’s).
APE price chart from 17 March 2022 to 24 May 2022. (Source: coinmarketcap)
What Is the Future for the Otherside Metaverse?
Despite its rocky start, the Otherside Metaverse has exploded onto the scene and maintains user interest in a big way. Its future will be aided by its wealthy backers and leaders in the gaming software industry and the Metaverse, and of course, by its extremely popular BAYC NFT collection, of which Snoop Dogg and Justin Bieber are collectors.
The Otherside Metaverse, while alienating some due to its high entry price point, still hopes to attract as many users as possible by incorporating playable NFT characters from across ecosystems. This will help grow its user base and create a more diversified Metaverse.
Additionally, as a world that will evolve based on the Otherside Land NFT holders and participants in the ApeCoin DAO, even those without the capital to enter at the top can have a say in how it develops.
One key issue and stumbling block for the project seems to be its reliance on Ethereum, as the congested chain simply cannot process the level of transactions it seems to be attracting. Thus, although the project has made moves to make amends, this is not an issue that can reoccur if it aims to keep the trust and excitement of its users. The Otherside project is currently looking into the possibility of creating its own chain, so it remains to see how this will play out.
Overall, despite some initial failures, excitement for the project remains strong. Alongside its strong financial backing, expert advisors in gaming and Metaverse software, the Otherside could well emerge a key player in shaping the future of the NFT Metaverse.
How to Buy ApeCoin on Phemex
ApeCoin (APE), as the Otherside NFT Metaverse project’s main currency and governance token, is the best way to invest in the Otherside project (except for by buying one of the affiliated NFT characters or Otherdeeds).
To invest in APE, an investor should first check the APE price and make their own technical analysis for an APE Coin price prediction. This can be done on the Phemex trading platform, which provides a clear and user-friendly interface, all the tools you need to make your analysis and trade, and a secure wallet to store your APE Coin.
Follow the steps below to find out how to invest in APE Coin with Phemex:
1 Go to Phemex.com and select “Buy Crypto.” You can select to pay using a credit card or bank transfer.
2 Sign up for a Phemex account, using a valid email address and password.
3 Deposit fiat currency (like USD, for example) or crypto into your account.
4 Search for your selected cryptocurrency, in this case APE.
5 Refer to Phemex’s live price chart to see the APE Coin price movements and make your own technical price analysis for an APE Coin price prediction. There are many technical indicators and tools to choose from to help you with your analysis.
6 Check the APE Coin to USD, other fiat currency, or cryptocurrency price. Then, to buy APE Coin, specify your maximum buy price, as well as how much APE you would like to buy.
7 Confirm your transaction.
Your APE Coin will appear in your Phemex wallet. Crypto settlements on Phemex usually appear within two hours.