Yuga Labs, the creators of the legendary Bored Ape Yacht Club (BAYC) NFT-collection, continues to contribute to the development of Web3 by introducing its Metaverse that is effectively integrated with other NFT innovations offered by the company.
What Is Otherside Metaverse?
At the moment, not all details of the project are publicly known as Yuga Labs’ developers have only announced the general structure of the project and its implications for users and members of the broader crypto community. The new Metaverse will be realized in a form of a new RPG world system that will be compatible with other elite NFT projects released by Yuga Labs and its partners. In particular, Mutant Ape Yacht Club, CryptoPunks, and Cool Cats present the major interest for current users, confirming the formation of a unique community.
The Metaverse offers an interesting story aimed to generate interest in potentially new members of the community. While fishing, an Ape is exposed to a completely different reality known as Otherside. Moreover, its current positioning is that the Metaverse functionality and potential benefits are not restricted exclusively to elite members of the Bored Ape Yacht Club but may also be available for other NFT enthusiasts. Although some important details about the project are still missing, the current interest in the project is critically high, indicating the high chances of its rapid growth in the following months.
Minting Options
Yuga Labs allowed for minting for Otherside’s NFTs on April 30th through its official website. The flat rate of 305 APE is established to be allowed to mint for NFTs, and in this manner, the demand for ApeCoin is also effectively stimulated. However, as ApeCoin is an ERC-20 token, users also have to hold some ETH to cover gas fees. One of the direct consequences of the project’s implementation was the radical increase in gas fees in Ethereum’s network.
Such disproportionally high gas fees reveal some scalability problems in Ethereum’s network that still exist, although its developers claim they will be resolved in the near future after transitioning to Ethereum 2.0. At the same time, the Bored Ape Yacht Club’s members’ influence on the market rates is considerable, confirming the high role played by the project in redistributing crypto assets within the Web3 ecosystem. Yuga Labs also required all participants to complete KYC requirements to participate in the minting process. Members of the BAYC and MAYC Clubs can claim NFTs for a period of 21 days after the auction.
Virtual Land Plans
Members of the crypto community are speculating about the possibility of purchasing land in the new Metaverse as it constitutes one of the major directions for benefiting from the project’s development in the long term. Currently, there are no official confirmations regarding virtual land purchasing options. However, the unofficial sources claim that 200,000 virtual land plots may be offered at the price of 1 ETH. Yuga Labs’ developers can make each piece of land unique with its location, natural resources, etc. being different from all other pieces. In this manner, the future price formation may be more flexible, reflecting differences in land plots’ characteristics.
Although the NFT drop was successfully completed, Yuga Labs may require additional time to offer the fully functional game to its users. Considering the example of the Sandbox and similar Metaverse projects, several months may be needed to address all technical challenges. In any case, Yuga Labs successfully promotes the consumer demand for its NFTs, thus generating additional financial and reputational benefits. Numerous scams also emerged in the last several days, indicating the need to follow only official links and information channels.
Implications for ApeCoin
In addition to the rapid growth of Otherside’s popularity, there are also significant price implications for ApeCoin. APE has successfully reached the Top-30 tokens by their market capitalization. Its price reached the historical maximum of above $27 followed by the rapid correction.
APE has a strong support level at the price of $15, and it can prevent the token from declining further. The first major objective after reversing the current local trend is $18 with the second resistance level being $24. Overall, APE has a considerable potential for testing its historical maximums within the next few months in case Otherside’s project continues to develop as expected.
Source: https://crypto.news/bored-ape-yacht-club-presents-otherside-metaverse/