Renowned for its influence in the non-fungible token (NFT) space, the Bored Ape Yacht Club (BAYC) is further expanding its reach into the metaverse with the launch of Otherside. Developed by Yuga Labs, the team behind BAYC, Otherside is an innovative metaverse platform.
The Bored Ape Yacht Club, a collection of 10,000 unique ape-themed NFTs, has gained recognition as one of the most valuable NFT collections in the crypto sphere. With a current valuation in the billions and a floor price of $114,000, BAYC’s success has led Yuga Labs to create other notable projects such as the Mutant Ape Yacht Club collection and Cryptopunks.
Leveraging their successful brands, Yuga Labs has developed Otherside, a metaverse platform where users interact using avatars. Distinct from traditional video game experiences, Otherside allows users to explore virtual worlds freely.
Otherside is designed around digital communities, utilizing blockchain technology for ownership opportunities. The platform incorporates digital land plots and a native currency, ApeCoin, for its economy and ecosystem. Otherside is developed in partnership with Improbable and Animoca Brands, companies specialized in metaverse technology and Web3 technology, respectively.
Otherside’s technology facilitates natural voice chat, enabling thousands of players to interact simultaneously and also offers game streaming functionality, allowing users to join from different devices, including mobile and web browsers.
Since the first teaser trailer release in March 2022, Otherside has been shrouded in anticipation. Yuga Labs also launched ApeCoin, a BAYC-themed cryptocurrency, which is governed by the ApeCoin DAO, a decentralized autonomous organization, and is not directly affiliated with BAYC or Yuga Labs.
In addition to its metaverse, Otherside includes an element of land ownership. Yuga Labs introduced Otherdeed, an NFT that signifies ownership of a virtual plot of land in the Otherside universe. The company minted these deeds in April, creating a surge of demand and significant economic activity on the Ethereum network.
Since its launch, Otherside has already achieved over $1 billion in sales volume. The platform plans to gradually release a total of 200,000 virtual plots of land, introducing more opportunities for ownership within the metaverse.
Otherside also includes alien creatures called ‘Koda,’ which are randomly distributed throughout the land deeds. Their role in the metaverse project remains a mystery, with explanations expected to be revealed in “The Voyager’s Journey,” an 11-part gaming experience for landowners.
In July 2022, Otherside allowed ‘Voyagers,’ or participants, to have an early-access tour of the platform during the ‘First Trip.’ This technical demonstration highlighted the platform’s central location, the ‘Biogenic Swamp,’ and featured a boss fight against a Koda.
With plans for seamless transitions between platforms and user-owned assets, Otherside aims to contribute to an open, interoperable metaverse. Despite this, entry into the Otherside metaverse comes with a high cost, potentially limiting access for many interested users. As the project evolves, the balance between exclusivity and accessibility will shape its role in the Web3 landscape.
Emerging from the sphere of non-fungible tokens (NFTs), the Bored Ape Yacht Club (BAYC) has branched out into the metaverse, introducing a whole new digital realm called Otherside. The driving force behind BAYC, Yuga Labs, is leveraging its brands and technological partnerships to bring this expansive, interactive universe to life.
Otherside is not just a game; it’s a metaverse platform that exists beyond the bounds of linear structure. Participants are not confined to following a set narrative but have the freedom to navigate and explore immersive virtual worlds at their own pace. This paradigm shift in user engagement is what sets Otherside apart from traditional video game experiences.
Digital ownership forms the backbone of Otherside, with blockchain technology at the heart of its functionality. Utilizing a native currency called ApeCoin, Otherside fosters an economy and ecosystem based on decentralized finance principles. The ApeCoin is a BAYC-themed cryptocurrency, launched by Yuga Labs, which functions as the primary medium of exchange within Otherside.
However, unlike other projects under the Yuga Labs umbrella, ApeCoin is governed by an independent entity, the ApeCoin DAO (Decentralized Autonomous Organization). This separation, Yuga Labs clarifies, maintains the decentralized essence of the currency.
In an unprecedented move, Yuga Labs also introduced virtual land ownership within Otherside through ‘Otherdeed,’ an NFT granting ownership of a piece of the virtual landscape. Owners of these Otherdeeds not only have stake in Otherside’s world, but they also have the opportunity to participate in playtesting for the platform.
The Otherdeed launch was met with fervor from the community, with over half a billion dollars worth of ApeCoin spent on minting Otherdeeds within 24 hours of the sale’s start. This high demand resulted in significant congestion on the Ethereum network, leading Yuga Labs to agree to refund gas fees for failed transactions during the launch.
Otherside’s universe is inhabited by ‘Koda,’ mysterious alien creatures whose purpose in the metaverse remains to be unveiled. The anticipation surrounding their role in the metaverse narrative is expected to contribute to user engagement and platform growth.
The initial access to Otherside, termed the ‘First Trip,’ saw 4,300 ‘Voyagers’ participate in an early-access technical demonstration of the platform, revealing the Biogenic Swamp’s visual allure and exciting gameplay opportunities, including a boss fight against a Koda.
However, Otherside’s ultimate goal extends beyond its current offerings. The platform is built on the M² platform, designed for interoperability and enabling seamless transition of assets across different platforms. This opens the possibility for a future where the metaverse is an integrated space with assets that users can own and move off-platform, fostering a truly open and interactive metaverse environment.
As Otherside continues to evolve and grow, it will face challenges in balancing exclusivity and accessibility. While currently, the cost of entry remains steep, the platform’s future iterations may seek to democratize access further, enabling a broader audience to participate in this expansive digital realm. The success of Otherside will hinge on its ability to navigate this fine balance, contributing positively to the continually evolving Web3 landscape.