Do you still remember us mentioning the Ape Metaverse in our previous article: Why Yuga Labs launched ApeCoin and its impact on NFTs? Just last week, the highly-anticipated land NFTs Otherdeeds in the Ape Metaverse launched. We cover this new development in this article.
Otherdeed for Otherside
During its widely-covered mint on 1st May, gas fees on the Ethereum network skyrocketed and the blockchain briefly crashed. Gas increased into the thousands for single transactions and over 55,000 ETH was burnt within 24 hours. Trading volume on OpenSea also tripled that day. It was like the MET Gala, but for NFTs — everyone was talking about it.
Source: @rchen8 / Twitter (Dune Analytics)
You're probably already familiar with Otherdeed, but briefly, here are some key points to know.
Otherside is the name of the Ape Metaverse. Based on the official introduction by Yuga Labs, Otherside is a MMORPG gamified, interoperable metaverse, which claims to be fully decentralized and compatible with other NFTs.
This means that players can not only include IPs under Yuga Labs (e.g. Bored Apes, Mutant Apes) on Otherside, but may also integrate other popular collections. This is big - if successful, Otherside could see a huge influx of NFTs migrating from wallets to its metaverse.
Otherdeed is the land NFT on Otherside (think land deeds). Every spot in the image below is an Otherdeed.
Credit: Otherside / Yuga Labs
The first round distribution is as follows:
- “10,000 Otherdeeds are for BAYC holders to claim – for the Biogenic Swamp at the center of the Otherside“
- “20,000 Otherdeeds are for MAYC holders to claim – for the Chemical Goo on the outskirts of the swamp“
- “55,000 Otherdeeds are for purchase with ApeCoin – for the Rainbow Atmos, Cosmic Dream, and Infinite Expanse“
- “15,000 Otherdeeds are for Yuga and other project developers – for the Rainbow Atmos, Cosmic Dream, and Infinite Expanse“
There is also a new 3D NFT character called Koda. 10,000 Koda have been randomly deployed on Otherside. Currently, there is no official explanation on their function.
Credit: Otherside / Yuga Labs
Challenges to the Otherside
The entire NFT space has been enthralled by Otherside. However, when the dust settles, there are some things to consider.
Firstly, Otherside has become the main focus in the market. People have high expectations for this Metaverse and thus, every step Yuga Labs makes will be significant. The game rules and how these resources, Koda and other Otherside elements work together may make or break the game.
Another aspect is monetization. We cannot deny that in the current state of Web3, speculators still account for a relatively large portion. The FOMO (fear-of-missing-out) generated by Otherdeed stems from the popularity of BAYC & MAYC and the knowledge that these collections sell for insanely huge amounts. Even ApeCoin (soon to be the Official Circulating Token in Otherside) is subjected to lots of speculation. Balancing economic benefits and a fulfilling Web3 experience would be imperative to ensure the game’s sustainability.
Last but not least, although the first round of the Otherdeed for Otherside launch is grandiose, Otherdeed continues to circulate mostly among existing holders. There is a lack of new joiners due to the high entry cost. To make it a truly decentralized Metaverse world, Otherside needs to have a low barrier to entry — and not only for existing NFT or crypto market participants — but also for those who are interested in the space and yet have not tried to enter before.
The views expressed in this article are the author's alone and do not necessarily represent the views of ApolloX.
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