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What is the Other Side of Yuga Labs? Inside the Bored Ape Yacht Club Metaverse – Decipher

Popular non-fungible token (NFT) collection Bored Ape Yacht Club has been seen everywhere from comic books to hamburger restaurants.

Now it’s expanding to the virtual world, with the launch of Otherside, a metaverse platform from BAYC Yuga Labs developers.

What is Bored Ape Yacht Club?

Bored Ape Yacht Club (BAYC) is a collection of 10,000 ape-themed NFTs with unique traits and characteristics. Created by Miami-based developers Yuga Labs, BAYC has over time become one of the most recognizable and beloved NFT Profile Picture (PFP) collections in the crypto space since its launch in April 2021.

The BAYC collection is valued in the billions of dollars, with a floor price of around $114,000 in August 2022, according to CoinGecko. Yuga Labs has also created a $427 million Mutant Ape Yacht Club spin-off collection and owns the rights to other projects including Cryptopunks, a series of avatars in an 8-bit style of worth $970 million.

Now, Yuga Labs is leveraging its brands to create a metaverse platform, Otherside. The metaverse is a persistent and immersive virtual world, in which participants interact using avatars.

Otherside is just one of many metaverse platforms vying for user attention; it differs from video game experiences in that its structure will not be linear, and that players will be able to explore immersive virtual worlds freely and of their own free will.

How does Otherside work?

Otherside will revolve around digital communities and ownership opportunities offered by blockchain technology, with digital land plots and a native currency, ApeCoin, which has been adopted by Otherside for its economy and ecosystem.

Otherside is built in conjunction with metaverse technology company Improbable and Animoca Brands, a development company specializing in web3 technology for entertainment and video games that owns The Sandbox, another metaverse platform.

Over 10,000 players will be able to interact simultaneously in Otherside, using M² (MSquared), a network developed specifically for large-scale metaverse projects by Improbable.

The technology will also facilitate natural voice chat that can allow thousands of players to chat at the same time, according to the Otherside website. The M² platform also incorporates game streaming functionality, meaning users won’t need high-end computers to join Otherside from web browsers and mobile devices in supported regions. .

What has been revealed so far?

In March 2022, audiences got their first hint at Otherside’s content when Yuga Labs released a trailer. In the animated short, set to “Break on Through (To The Otherside)” by The Doors, a bored monkey is abducted by a flying creature after drinking a glowing blue substance fished from the depths of a swamp.

The trailer also referenced other NFT projects: BAYC spin-off Mutant Ape Yacht Club, Cool Cats, CryptoPunksCrypToadz, Meebits, Names and Women’s World.

It followed the launch of ApeCoin (APE), a BAYC-themed cryptocurrency; owners of Bored Ape Yacht Club and Mutant Ape Yacht Club collection NFTs can claim 10,094 and 2,042 Ethereum-based tokens, respectively. ApeCoin can be traded like any other cryptocurrency and has a total market capitalization of $1.6 billion as of August 2022, according to CoinMarketCap.

While the image of the token bears the BAYC logo and Yuga Labs has stated that it will adopt the use of the coin to offer future products and services, the official line is that ApeCoin is not affiliated with BAYC or Yuga Labs, and is instead governed by ApeCoin. DAO, a decentralized autonomous organization. In a statement accompanying the launch of ApeCoin, the DAO noted that “it is probably tempting to write that ApeCoin comes from the Bored Ape Yacht Club to simplify matters, but that is not accurate.”

Have an “Other Act”

Later that month, Yuga Labs launched a mysterious website that allowed people to register Ethereum wallets with the company and complete KYC verification. ApeCoin and this website would come into play when Yuga Labs announced the Otherdeed mint.

An Otherdeed is an NFT that serves as a deed to a digital plot of land in the Otherside universe, and an access token to participate in playtesting for the product, according to the Otherside litepaper. It states that each plot of virtual land will also have its own “composition of natural elements, resources, elemental attributes” and other qualities.

People rushed to hit up these virtual acts when the sale went live in late April on the Otherside website, with supply limited to 55,000 and the mint price set at 305 APE, a worth about $5,800 at the time. The people buying the NFTs also needed Ethereum to pay the gas fees. Owners of BAYC and MAYC NFT were able to hit Otherdees for free within 21 days of the sale launching.

In 24 hours, more than half a billion dollars worth of ApeCoin was spent hitting Otherdeeds, clogging the Ethereum network and sending transaction fees through the network through the roof. As a result, over $147 million worth of Ethereum was burned while processing transactions, with Yuga Labs eventually agreeing to refund gas fees for failed transactions during the mint.

Eventually, Otherside will contain 200,000 virtual plots of land, which will be released over time, according to the project’s website. So far, the project has achieved over $1 billion in sales volume, according to Crypto Slam.

Otherside is home to thousands of “Koda”, alien creatures randomly distributed across 10,000 Otherdeeds. At the time of writing, it’s unclear how they will fit into the Metaverse Project, but their origins will be explained at some point as part of “The Voyager’s Journey”, an 11-part narrative gaming experience open to players. with NFT Otherdeed that introduces them to the fundamentals of the Metaverse Project.

“First Trip” and Beyond

In July 2022, the world got its first look at Otherside when 4,300 “Voyagers” took part in the “First Trip”. This early-access tech demo of the Metaverse Project included a tour of its central location, dubbed the “Biogenic Swamp,” and culminated in a boss fight against a Koda.

Otherside ultimately aims to one day be part of an open metaverse, where users and assets can seamlessly transition between different platforms; the M² platform on which it is built is designed with interoperability in mind, with a view to eventually creating a fully integrated metaverse.

Pseudonymous Yuga Labs co-founder Gordon Goner argued that ultimately “the future will lean towards the open, interoperable metaverse”, in which assets are “user-owned (not rented ) and able to leave the platform”.

But for now, joining the Voyagers on their journey is expensive, and the project’s push for inclusivity – often associated with free internet – remains to be seen.

As the project progresses, the balance of accessibility and exclusivity attached to previous Yuga Labs ventures will define its contribution to Web3.

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