- For previous few months, the brains behind Bored Ape Yacht Club NFT channel have been gearing up for their greatest product release yet.
- For now, all signs indicates towards Otherside being a contender to other metaverse platforms such as the Sandbox and Decentraland.
- A consequence of buzz is that Ape enthusiasts are attempting to charge each other to become the early investor in the collection.
Otherside Land Sale
As with The Sandbox and Decentraland, economy of Otherside appears to revolve around scarce plots of virtual lands. Metaverse platforms are generally arranged as huge grids — once you acquire the deed to a land parcel as an NFT, it is yours to play around until you sell it.
The difference with land system of Otherside is that, at minimum for this infant crop of investments, folks require some recognizing information before they can acquire it.
Otherdeeds, this is what the land parcel will be called in the Otherside metaverse, will cost 305 ApeCoin each. There are a total of 55,000 Otherdeeds.
During March, Yuga Labs initiated asking folks to submit their ETH addresses alongside private info, through a mysterious website, somethingisbrewing(dot)xyz. Yuga Labs is restricting mints to 2 per registered wallets, so folks require around $13,200 worth of ApeCoin to entirely juice one another.
Know Your… Ape?
Essentially, submission method on the mysterious site was free. Because any desperate trader could easily link a wallet to the website for a shot at registration, there are possibly a lot more registered addresses than traders who genuinely have the required $6,600 in ApeCoin.
And thanks to that private information now linked with every registered wallet (the website asked for driver’s licence or National ID, passport, alongside residence proof), those registered addresses are also entirely “KYC’d.”
A lot of people who KYC’d, don’t have money to buy a lot of land
A lot of people who didn’t KYC, have money to buy a lot of land
— Tenacious.eth
In the globe full of conventional banks, KYC of clients is a standard practice, a helpful tool for countering money laundering. In cryptocurrency, though, it is something of a dirty term. Bitcoin was developed around the notion that transactions could remain pseudonymous; to cryptocurrency purists, KYC appears like a vestige of an outmoded monitoring system.
And still the system contains loopholes. The glut of KYC’d wallets has raised a kind of aftermarket on Twitter: Enterprising traders are making efforts to sell these KYC’d ETH addresses to any folk who is looking for the Otherside mint.
Source: https://www.thecoinrepublic.com/2022/05/02/do-not-acquire-kycd-wallet-for-bayc-teams-otherside-mint/