ApeCoin price has started the week on a positive note after the Bored Ape Yacht Club (BAYC) opened Otherside metaverse for business and invited 4,300 “Voyagers” for a first-look tech demo and tour on Saturday.
At the time of writing, APE was trading at $6.00 and had hit a daily high of $6.21. The price of APE has surged by more than 30% over the past week.
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The ApeCoin (APE) token was launched by the ApeCoin DAO earlier this year and can be claimed by both BAYC and Mutant Ape Yacht Club (MAYC) holders. The APE token is a utility token that powers a wide selection of projects from the BAYC universe and notably the recently unveiled metaverse game Otherside.
Otherside metaverse
Otherside is a metaverse gaming platform created by the creators of the Bored Ape Yacht Club.
The first phase of Otherside metaverse was opened on Saturday to holders of Otherdeeds NFTs that act as deeds to plots of digital land within the Otherside metaverse platform.
Otherdeeds NFTs were minted in May this year and it briefly sent Ethereum gas prices soaring after more than $157 million Ether was burned as gas fees. But the minting process did not go without a glitch as there were reports of some Otherdeeds NFTs being sold at more than double the sale price of 305 APE (Approx. $5,800 at the time) in gas fees. Others also saw their transactions fail despite paying the gas fees.
According to Etherscan, following the reported complaints from Otherdeeds minting participants, Yuga Labs, the creator of BAYC, spent 90.57 ETH refunding the affected persons. Afterward, Yuga Labs said it intends to migrate ApeCoin off the Ethereum blockchain to its own blockchain.
The 4,300 players duped as “Voyagers” invited for the first phase of Otherside metaverse were to participate in a first-look tech demo and tour of the Otherside immersive, which is an ape avatar-navigated online platform.
According to Yuga Labs, all the 4,300 players selected for the “First Trip” took part in yesterday’s digital excursion to the “Biogenic Swamp” at the center of the Otherside.
In a litepaper released shortly after yesterday’s First Trip:
“Phase 1 will see Otherdeed owners navigate Voyager’s Journey, an 11-part narrative game “surrounding a mysterious Obelisk that has appeared in the Otherside universe… We believe in the extraordinary power of community and have seen firsthand how it can be a significant force for good in this industry. We aim to incentivize, empower, and recognize the expression, creativity, and ingenuity of Otherside’s community of contributors.”
Otherside metaverse is unique since it is currently only accessible to the Otherdeeds owners contrary to other platforms which are open to all internet users. Otherdeeds NFTs are currently selling at about 2.8 ETH (Approx. $3,800).
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Source: https://invezz.com/news/2022/07/18/otherside-metaverse-apecoin-price-surges-after-bayc-opened-otherside/