Metaverse

Just In: Bored Apes Creator to Launch New Metaverse, ‘Otherside’

It’s no more news that the next Tech inclined driver of the decades ahead will hinge on NFTs and their value creation to humanity as part of the world’s next workstation. Without fail, the face of art, its work forms, and every beauty element it embraces will be a thing that appeases man’s fantasy. Understanding that the world isn’t just evolving but staying evolved can be a great mechanical drive to why many smart innovators are gradually dominating NFT Hubs.

Yuga Labs

Yuga Labs, the creators of the Bored Apes Yacht Club (BAYC) non-fungible token (NFT) collection, teased the public with the launch of its metaverse called ‘Otherside’. This was also captured in a post made by the brand where it said “See you on the Otherside in April“. The proposed launch has been set to come up in April 2022. In a bid to show off and amaze many with what the new pack will feature, the trailer opens with a BAYC Ape fishing by a stretch of water. 

The trailer further illustrates a scenario where the Ape feels a tug on his rod which hoists his catch and afterward realizes a label on a bottle pulled up which says; “DRINK ME”. The ape obliges and finds himself abducted by a flying visit. The video goes on to reference other NFT collections: Mutant Ape Yacht Club, Cool Cats, CryptoPunks, CrypToadz, Meebits, Nouns, and World of Women.

A Robust Eco-system

With the trend that other brands migrating to the metaverse put up, stating how users may feel in its space, Yuga Labs didn’t say what it will be like to play in its upcoming metaverse. However, the company wrote that “Otherside” will be powered by ApeCoin. It’s not a secret anymore that the gaming company Animoca Brands is helping Yuga Labs build its upcoming metaverse. Animoca Brands’ co-founder Yat Siu is a member of the ApeCoin Foundation. Since Animoca Brands owns The Sandbox metaverse, there are rumors that “Otherside” may integrate with The Sandbox ecosystem. Currently, the Yuga Labs “Otherside” ad has close to one million views and 32,000 likes on Twitter. 

Bored Apes Can’t Bore: Hope You Get the Gist

Despite the fascinating name the brand adopted for its operation, it has never been close to being boring or getting its broad user base bored in the past few weeks. The community has been brooding and building a vast structure even with the launch of its own Cryptocurrency, ApeCoin which launched on March 17th. Currently, customers can easily find ApeCoin on all major crypto exchanges, including Coinbase, Crypto.com, and Gemini. According to Yuga Labs, the new ERC-20 token which the brand now has will play a crucial role in the future Bored Ape economy. 

About one week before launching ApeCoin, Yuga Labs made headlines after reaching a massive deal with CryptoPunks’ founder Larva Labs. With all of these NFTs under its umbrella, analysts believe Yuga Labs could be worth $5 billion. These exciting developments have sent Yuga Labs’ NFTs to new all-time highs. The Bored Ape Yacht Club is now the number one collection on OpenSea, having a floor price of 101 ETH (or about $300,000).

Bored Ape Yacht Club Topples CryptoPunks and other news

Last week, the floor price of Bored Ape Yacht Club (BAYC) NFTs flipped Larva Labs’ CryptoPunks for the first time in history. The floor price is the current lowest price at which a certain type of NFT can be purchased.

A BAYC NFT had a floor price of 53.9 ETH ($215,350) at the time, while a CryptoPunk NFT had a floor price of 52.69 ETH ($210,515).

The change is noteworthy because BAYC NFTs are considerably newer to the market than CryptoPunks, which are widely regarded as the first NFT. The earlier NFTs were introduced in April of this year, whereas the latter was introduced in 2017.

On the Ethereum blockchain, both BAYC NFTs and CryptoPunks are a collection of 10,000 distinct digital items. BAYC NFTs were created by a team of four pseudonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. CryptoPunks was created by two Canadian software developers, Matt Hall and John Watkinson, whereas BAYC NFTs were created by a team of four pseudonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.

Late in the summer, CryptoPunks prices soared, with the floor price breaking $100,000 for the first time in early August. Following the project’s biggest single day of secondary trading volume (about $143.5 million on August 28) and major headlines, such as Visa buying a CryptoPunk, the floor was above 100 ETH (around $340,000) by the end of the month.

The floor price of the Bored Ape Yacht Club was less than half that of CryptoPunks at the time. However, the Bored Apes have exploded in popularity in recent months as a result of a series of high-profile events, including the debut of a related Mutant Ape Yacht Club series (free to existing Bored Ape holders) and a star-studded exclusive performance in New York City in November.

As of the time of this writing, CruptoPunk has surged by 60.77% in the last 24 hours with a current price of $0.056439 per FLOOR, reclaiming its slot at the top.

OpenSea users get SOS airdrop

Crypto users who have made transactions on OpenSea became eligible to collect a free Ethereum token called SOS on Christmas Eve, with the quantity of SOS they received being decided by how much money they had spent on NFTs on OpenSea.

By Sunday, more than 240,000 users had claimed the token, which had increased in value by more than 1,000 percent.

The free gifts or tokens were not released by the popular NFT marketplace but by OpenDAO, an independent decentralized autonomous organization that pledged to utilize some of the tokens set aside for itself to reimburse OpenSea users for scams and to assist the expanding NFT business.

Holiday Market News

The weekend was one of the festivities and parties, and as some expected, the market did not seem to have moved much over the weekend. According to reports, Bitcoin remained boxed at $51k Ether, and other major coins made little movement during the holiday.

In the U.K, crypto trading activity was silent on Christmas day and on Boxing Day, while Bitcoin’s trading volume in several top centralized exchanges was low.