Starting today, you’ll be able to ape into the Bored Ape metaverse for the first time. Here’s the most recent information on the potentially massive Otherside NFT drop.
In Summary:
- Today, Yuga Labs, the makers of the Bored Ape Yacht Club, will begin selling NFTs for their Otherside metaverse game.
- The Otherdeed NFTs are thought to be virtual real estate deeds for the gaming environment.
The Bored Ape Yacht Club NFT ecosystem is growing. It was the debut of ApeCoin, an Ethereum token to support Web3 applications, last month, and now it’s Otherside.
What exactly is Otherside? It is a metaverse game environment that will bring together many NFT projects such as Apes, CryptoPunks, Meebits, Cool Cats, and others. Yuga Labs, the creators of Bored Ape, are working on the experience alongside NFT game publisher Animoca Brands.
Yuga Labs will introduce “Otherdeed” NFTs for the game today, which are thought to act as a deed to some form of virtual land in the metaverse game, similar to such NFTs for The Sandbox and Decentraland.
Otherdeeds will be sold to the general public as well as given to existing Bored Ape and Mutant Ape owners.
Here’s all you need to know ahead of today’s release.
What are Otherdeeds?
Otherdeeds are NFTs for Otherside, a metaverse game experience teased by Yuga Labs in recent weeks.
A teaser trailer for the game shows Bored Apes and Mutant Apes interacting with CryptoPunks and Meebits (both of which Yuga Labs just bought), as well as other noteworthy NFT collections such as Cool Cats, World of Women, Nouns, and CrypToadz.
While many NFT collectors assume that an Otherdeed will act as a deed to virtual land in the game world, this has yet to be officially stated.
However, a leaked investment presentation deck that Yuga Labs co-founder Garga apparently claimed was authentic (but “outdated”) goes into considerable detail about the company’s metaverse and virtual land plans.
According to the deck, there will be 200,000 total land plots spread among numerous drops/sales, with 10,000 alien Koda creatures distributed at random among them.
Yuga later mocked the leak, writing, “OK but what the f*ck is a Koda?” when the Otherside release was confirmed.
While the first NFT drop is tomorrow, it’s unlikely that a playable game will be available anytime soon.
The Sandbox, Animoca’s own metaverse game, has been selling land plots for a few years now, but the Ethereum game is currently closed to the public.
Yuga, on the other hand, can fuel the hype cycle and drive trade in advance of the actual debut by releasing NFTs.
How can you buy one?
On Saturday, April 30, Yuga will hold the mint for Otherdeeds, with a total of 55,000 NFTs available for purchase.
They can only be purchased with ApeCoin (APE) and will cost 305 APE (about $6,100 at the time of writing). The sale will begin at 9 p.m. ET on the Otherside website.
However, at this time, not just anyone will be able to purchase an Otherdeed. In March, Yuga and Animoca launched a mystery website that required visitors to register an Ethereum wallet and conduct know-your-customer (KYC) checks—and only those who successfully completed those steps will be allowed to purchase one of the 55,000 NFT deeds.
To purchase Otherdeeds, people who have completed the process will require both APE and ETH (for gas fees) in their approved wallet.
Yuga will allow anyone to buy up to two Otherdeeds in a single transaction in the initial wave, but the maximum will be increased during the life of the sale based on the level of Ethereum gas fees.
Yuga had planned to sell the NFTs in a Dutch Auction style, in which the price to mint an NFT gradually decreases over time, but claimed on Thursday that such auctions are “really crap.”
Instead, the price will remain constant, and Yuga will gradually raise the number of Otherdeeds that can be acquired in a single wallet transaction.
What about Bored Ape holders?
As is customary for Bored Ape NFT holders, anyone who owns a Bored Ape or Mutant Ape will be able to claim an Otherdeed within 21 days of the sale beginning today.
Furthermore, NFT owners are not required to have a verified wallet that has completed KYC procedures, which include providing a user’s full name and address.
While Yuga Labs has not expressly stated so, considering the free ApeCoin and NFT drops granted to Bored Ape owners in the past, it is likely that similar land plots will be free for NFT holders to claim.
Yuga’s message stated that 55,000 Otherdeeds will be available for purchase for those with approved wallets, but did not clarify how many would be distributed to existing NFT owners.
It is unknown whether various types of land will be granted to Bored Ape or Mutant Ape owners, or if Bored Ape NFT owners will receive additional benefits.
On secondary markets, Bored Ape NFTs are substantially more valuable than later Mutant Apes, and Bored Ape owners received almost five times as much free ApeCoin at last month’s debut.
