The developments in Web 3.0, decentralized finance (DeFi), and non-fungible tokens (NFTs) have pushed the creation and adoption of the Metaverse across the world. Yuga Labs, founder of the Bored Ape Yacht Club, has also jumped into the space, building a Metaverse that incorporates NFTs from various platforms to develop one of the largest Metaverse platforms. The Otherside NFT Metaverse uses ApeCoin as its native and governance token. This article has everything you need to know about the Otherside NFT Metaverse.
What is the Otherside NFT Metaverse?
Otherside NFT is the latest development from Yuga Labs. It will be a massively multiplayer online role-playing game (MMORPG) that will be connected to the Bored Ape Yacht Club (BAYC) ecosystem. The platform will allow up to 10,000 participants to use playable NFTs to play together simultaneously.
The NFT Otherside ecosystem aims to be as interactive and immersive as possible, with a natural voice chat and playable NFT characters. The Otherside ecosystem will also evolve constantly, developed by holders of the Otherside Land NFTs referred to as Otherdeeds.
The players can collaborate to shape the Otherside NFT ecosystem by taking part in prototype builds, tests, and demos to shape the design and experience of the gaming platform. This means that the Otherside NFT platform is a combination of Web 3.0 platforms and interactive gaming experiences such as the ones offered by games such as Dragons and Dungeons. Investors can also be able to take part in the development of the Otherside Metaverse via the ApeCoin Decentralized autonomous ecosystem (DAO).
Just like other Metaverse projects, players can explore an open world, buy, own, and sell land, and harvest resources to earn passive income. Only landholders who own Otherside NFTs can access the Otherside NFT platform. You can purchase the Otherside NFTs on the OpenSea NFT marketplace. At the time of writing, the NFTs had a floor price of 0.63 ETH.
Components of the Otherside NFT Metaverse
The NFT Otherside ecosystem comprises many components that create an ever-evolving, inclusive Metaverse ecosystem with playable characters. Let’s discuss the components of the platform.
Playable NFT Characters
By allowing various NFTs to take part in the Otherside NFT Metaverse as playable characters, the project creators ensure there is more diversity in the platform and that those unable to buy the most expensive NFTs can still be part of the platform.
The incorporation of other NFTs has expanded the project’s reach which is good for its growth.
Otherside Land NFTs
The Otherside NFT Metaverse has different types of land available as Otherdeeds. This also means that the ecosystem can be made up of all types of space, including coral reefs, completely imagined realities, castles surrounded by larvae, and more. The land parcels are built from various types of sediment: chemical goo, cosmic dream, biogenic swamp, rainbow atmos, and infinite expanse.
Each Otherdeed land parcel also comes with different traits, such as artifacts, environment, environment tier, Kodas, sediment, sediment tier, and resources (northern, eastern, southern, and western). These create an exciting and varied Metaverse that can be customized according to the needs of the users.
Kodas
The Kodas are NFT characters introduced by Otherside NFT to create a new level of experience. They are primal mysterious beings that are central to the entire Otherside experience.
There are 10,000 Kodas within the original 100,000 Otherside Land NFTs. This translates to an initial 1 over 10 chance of getting a Koda when buying land. Although it is not very clear how players will interact with the Kodas, they are believed to be the next blue chip NFT collection.
Who Created the Otherside NFT World?
Yuga Labs, the company behind BAYC and ApeCoin, is the primary creator of Otherside. Other bigwigs supporting the project include:
#1: Andreesen Horowitz, or “a16z crypto”
This is a venture-capital firm and it spearheaded the first seed round for Otherside NFT Metaverse via its crypto fund. Its large capital helped it secure a place for Chris Lyons, one of its general partners, on Yuga Lab’s board for the Otherside project.
#2: Animoca Brands
Animoca Brands is a venture-capital firm and a software company, and one of the companies behind The Sandbox, a popular Metaverse and virtual real estate ecosystem. The company is already established in the NFT and Metaverse space, and it is helping in developing the Otherside NFT Metaverse through technology and funding.
#3: Improbable
Improbable is a technology company that has introduced new technology in the Metaverse. The company is supporting the Otherside NFT project via its gaming software. With the support of Improbable and Animoca Brands, Otherside aims at building a massive, interactive, and secure platform across virtual worlds.
How to Buy an Otherside NFT
It is easy to buy Otherside NFTs on OpenSea. The OpenSea NFT marketplace has the highest number of NFTs listed for sale. The platform will require you to connect your NFT wallet to the platform before purchasing the NFT. Some of the popular NFT wallets are MetaMask, WalletConnect, and Coinbase Wallet. MetaMask is the easiest NFT wallet to use because you can install it as a browser extension.
Your wallet should also be funded with enough ETH for buying the Otherside NFT of your choice. You can buy the ETH from crypto exchanges such as Coinbase and CoinMarketCap and transfer it to your wallet.
Once ready, search for Otherdeed for Otherside on OpenSea, and ensure that the collection has a blue verification tick. Once you identify the Otherside NFT of interest, click “Buy Now” to purchase it. ETH will be deducted from your wallet and you will become the new owner of the Otherside NFT. Note that you may incur additional charges other than the price of the NFT, for example, gas fees, which is the cost of running and recording a transaction on the blockchain.
Issues of the Otherside NFT
There are two major issues with the Otherside NFT project:
#1: Gas Fees
Otherside NFT runs on Ethereum, a proof-of-work blockchain network. The initial plan was to have a set price for the Otherdeed NFTs, but the fact that it runs on a congested blockchain network meant that gas fees could cost almost as the Otherdeed NFT itself.
Otherdeed NFTs worth $200 million were sold within 15 minutes after the launch of the project. This saw the Ethereum gas fees spike to $5,000 per transaction, and Ethereum crashed. This caused Otherside to pause the sales, which means that only 55,000 of the 100,000 NFTs launched were sold during the first round of sales.
Some buyers also found that their purchases were not successful, but they had been charged gas fees. This left users with a bad experience.
#2: Prohibitions and Laws
Another issue with the Otherside NFT Metaverse that has left many Metaverse fans and NFT collectors with raised eyebrows is hidden and questionable rules.
For example, the Koda licensing agreement for a Koda NFT can be revoked, meaning that Yuga Labs can take away the holder’s license for their Koda NFT.
The terms and conditions also impose restrictions on the transfer of Kodas. To many, this is against the ethos of decentralization.
The Future of the Otherside NFT Metaverse
The Otherside NFT Metaverse has exploded and maintained user interest in a big way. The future of the project will be aided by its wealthy leaders and supporters in the Metaverse and the gaming software industry, and of course, the popular BAYC collection.
Although the project alienates some due to the high price of Otherside NFTs, it aims to incorporate as many users as possible by incorporating playable NFT characters from other ecosystems. This will enable the project to grow its user base and build a more diversified Metaverse.
Since the platform will evolve based on Otherside NFT holders and participants in the ApeCoin DAO, even those with no capital to enter the top can give their opinion on how it develops.
Other than the issues discussed above, the excitement about the project remains high. Combined with expert advisors in the gaming software industry and Metaverse, and strong financial support, Otherside NFT could emerge as a key player in shaping the future of the Metaverse.
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