What is Otherside NFT? About The Next Blue Chip Collection of BAYC
One of those unicorn success stories you only read about in fairy tales occurred with the Bored Ape Yacht Club collection. However, they still have a lot of exciting projects ahead of them. This also applies to the Otherside NFT, Yuga Lab's beta vision of the world's largest metaverse. But What is Otherside NFT? Market247.io will go over all information you need to know about the Otherside NFT project in this article.
What is Otherside NFT?
The folks behind BAYC NFTs basically launched their grandiose metaverse project with this, their largest product launch to date. The titles to various virtual plots of land in the Otherside metaverse are represented by the Otherside NFTs, sometimes known as Otherdeeds. Each Otherdeed NFT is valued by Yuga Labs at $7000 and is only offered in ApeCoin, the official cryptocurrency. Due to the high demand for virtual land NFTs, the price of the NFTs gradually increased to over $19,000.
The Otherside NFT project was unveiled by Yuga Labs on Twitter in March 2022. The Bored Ape NFT universe has been expanded! It is an online role-playing game with a large community that can accommodate up to 10,000 players at once. Additionally, its rich, dynamic virtual world makes use of playable NFTs. The Otherdeeds are the owners of the Otherside territory.
Through prototype builds, demos, and tests, the players collaborate to create a universe. As a result, it is a combination of interactive gaming and Web 3.0 platforms. Investors use the ApeCoin decentralized autonomous organization to join the Otherside (DAO).
By doing this, the designers of the Otherside NFT can engage with a wider range of people outside the BAYC holder community. Additionally, users will be able to switch between metaverses as it will be an interoperable experience. In essence, it's a universal open-world game!
What are Otherdeeds and Kodas?
Otherside is made up of several components in order to create an inclusive, ever-evolving Metaverse with playable characters and an element of intrigue.
Otherdeeds is a great place to start when trying to figure out how Otherside works. Otherdeeds are dynamic NFTs created as a group that includes all of the game elements. Each Otherdeed comes with its own set of resources, and some (very few) come with a Koda (more on that in a moment).
Each plot of land in Otherside has up to four replenishing resources. Users will be able to harvest and use these resources in the game. Some are more uncommon than others. Anima (for research), ore (metal), shard (stone), and root are among them (wood). Each land is also built on one of five different types of sediment. Each is given a tier. There are five of them: Biogenic Swamp (tier 5), Chemical Goo (tier 4), Rainbow Atmos (tier 3), Cosmic Dream (tier 2), and Infinite Expanse (tier 2). (tier 1).
Otherdeeds was launched as a collection of 55,000 parcels of land for public sale on April 30, 2022. However, it should be noted that the total supply of Otherdeeds is 100,000, with the remaining 45,000 parcels reserved for Bored Ape NFT holders and Yuga Labs employees and partners.
Rather than displaying a static representation of a plot of land, Yuga Labs designed Otherdeeds to evolve in response to what users do in the game. However, it is said that their true potential will be revealed only with time, adding to the mystery surrounding these digital plots.
Learn more: https://www.nftciti.io/collections/149
Yuga describes Kodas as beings who "ushered us into the Otherside." The lore surrounding Kodas is purposefully hazy, as users aren't supposed to know what they are or why they exist — other than that they have a significant connection to the Otherside land. There are a total of 10,000 Kodas available within the first 100,000 Otherside Land NFTs (of a total of 200,000), implying a 1 in 10 chance of receiving a Koda when purchasing land. It's unclear how players will interact with them or what will happen in their storyline, but some believe Kodas could be the next blue chip NFT collection.
Who is behind the Otherside NFT project?
It's worth noting that, at this point in the Bored Ape adventure, Yuga Labs isn't the only entity steering the ship. Although the four founders of Yuga Labs came up with the idea for BAYC and were instrumental in bringing the Otherside project to life, the show is now run by a number of additional companies and individuals.
Andreesen Horowitz, also known as "a16z crypto," is a venture capital firm that led the first seed round for Otherside NFT Metaverse via its crypto fund. Because of the firm's substantial capital, one of its general partners, Chris Lyons, was appointed to Yuga Lab's board of directors for the Metaverse project.
Animoca brands include Animoca Brands is a gaming software company and venture capital firm that is one of the companies behind the massively popular Metaverse and virtual real estate platform, The Sandbox. Animoca Brands, an established player in the space, is assisting in the development of the Otherside NFT Metaverse through funding and technology.
Through its gaming software, this British company Improbable that is pioneering new technology in the Metaverse space is also assisting the Otherside NFT project. Otherside hopes to build a massive, secure, and interactive platform across virtual worlds with the help of Improbable and Animoca.
How Can You Get Otherside NFTs?
The Otherside NFTs were made available for purchase by the general public and are now traded throughout the NFT ecosystem. Originally, the BAYC Otherside land was supposed to be sold via Dutch Auction. Before the sale, NFT investors can place bids on the items. As a result, sellers or project creators can use the bids to determine the ideal ceiling price for the NFT.
Dutch auctions have never been a favourite of the NFT community, and the Otherside NFT project was no exception. Yuga Labs chose to release the Otherdeeds in two waves. However, Yuga Labs' plan never materialized in the first place because the sale never progressed to the second wave.
The first wave of the Otherside land NFT mint can provide conclusive proof of how the sale went. Yuga Labs set the price of the Otherdeed NFT at 305 ApeCoin, with one ApeCoin costing nearly $20. As a result, the cost of one Otherdeed NFT at the time of launch had to be around $6100. The cost of the NFTs, on the other hand, had no effect on the interest of investors who purchased the NFTs with higher transaction fees. Only investors with tens of thousands of dollars in liquid crypto could participate in the sale.
Hopefully, you have already had the answer for “what is Otherside NFT"?. The Otherside metaverse would complement BAYC initiatives while also fostering the growth of a new community. Simultaneously, the Otherside metaverse would provide numerous avenues for creative expression in the form of dynamic NFTs. Regardless of the consequences of Otherside's public sale, NFTs will strengthen the priorities for future NFT drops. As of now, the Otherside is another formidable addition to the future metaverse platforms.
Continue your exploration by visiting the links below to learn more about the Otherside NFT project.
What exactly is the Otherside market?
The Otherside marketplace is the primary location for purchasing and selling in-game assets. Ape Coin will be the only transaction currency, and developers can use the SDK to create characters, outfits, tools, structures, and games. These are also available for purchase and sale in the marketplace.
What NFT collections will work with The Otherside?
At launch, the collections listed will have 3D models ready to go as playable characters. Other collections that are not listed but are parts of the Yuga family, such as World of Women, Toadz, and others, can be imported or created with the Otherside SDK.
NFTciti.io - New NFT Marketplace Project
NFTciti is the first marketplace to share revenue with NFT creators. It’s built to be easy to use and a joy to explore, whether you’re a longtime NFT enthusiast or a newbie just encountering the blockchain miracle for the first time. On NFTciti, collectors can easily stay updated with the latest information about NFT collections and manage their portfolios with high security. Initially, NFTciti will support Polygon-based NFT, then expand to support other blockchains.
Market247.io offers fundamental and technique analysis about potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors making investment decisions. All information provided by Market247.io is just as a reference, not an investment advice.
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