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Documenting The Otherside Metaverse by YugaLabs
Hello, welcome to The Otherside. By @farezv.
I will be writing about navigating The Otherside (a Metaverse video game) with on and off chain trends and perhaps development SDK stuff once I get my hands on it.
As we enter a new era of the Internet with Web3’s latest craze of cryptographic ownership of digital land, I wanted to start writing Metaverse content so I can keep up on the digital assets landscape.
If you’ve been paying attention to the world of DeFi/NFTs/Crypto, you’ve likely noticed that @YugaLabs (creators of Bored Ape Yacht Club & other collections) released their massive Otherside land sale this past weekend and basically brought Ethereum to it’s knees.
Ethereum’s gas fees up to exorbitant levels with some people paying 1-2 ETH just in gas fees + their mint cost of 305 APE coin per piece of land.
This historic mint brought in millions of dollars with 55,0000 pieces of land being up for sale at 305 APE per land NFT minted. At $15 per APE as of writing, this is $251,625,000 USD in primary sale revenues.
This doesn’t include the massive revenue opportunity of 5% off of secondary sales from markets like OpenSea and LooksRare on which, this collection has been trending.
OpenSea’s Daily Volume was at nearly half a billion USD. Billion with a B!
Absolutely historic trading day. All because a bunch of jpeg degens (like me) wanted to buy digital land.
Speaking of, here’s mine. I paid way too much for this MAYC land but hey, you know what they say about (digital) real estate right? Location, location, location. But in this case, there’s more to this Metaverse land than meets the eye.
Where in the Otherside Metaverse is my plot?
Between the second and the third ring. Does this matter? We’ll see. It’s too early to tell as YugaLabs have been tight lipped about how location will play into the land value. One thing’s for certain though, the main Bored Ape Yacht “Club” is dead in the centre.
What does all this mean?
Here’s a quick primer. Bored Ape Yacht Club and Mutant Ape Yacht Club are the primary and secondary NFT collections released by YugaLabs in April of 2021.
Most NFTs collections are limited edition (usually 10,000 to 20,000) “pictures” of some animal or form of art. These days audio visual NFTs exist and music NFTs are taking the blockchain world by storm.
If you don’t know what Non-Fungible-Tokens are?, start here.
As I dive deeper into this ecosystem, I will update this blog with both evergreen and “new content” based on blockchain data trends, community questions and SDK guides.
Seeing how YugaLabs want the community “Voyagers” to create the Otherside, I want this blog to become the one stop shop for everything Otherside!
Stay tuned, I’ve signed up for Otherside’s software development kit (SDK) as well.
In the next post, we’ll go over some land statistics and what various land traits mean (based on current public metadata information).