Otherdeed for Otherside Metaverse NFT

After the 2022 NFT market decline, creators and founders were forced to devise strategies to sustain their NFT community. Yuga Lab’s response was the development of an NFT gaming platform called Otherside Metaverse. You might have heard a lot about the Otherside NFT game and Otherdeed for Otherside, but you’re probably wondering: What is Otherdeed for Otherside?

Don’t worry. By the end of today’s guide, you’ll have answers to most of your questions.

Key insights 

• Otherside is an NFT metaverse MMORPGS game developed by Yuga Labs.
• The “Otherdeed” for Otherside is the NFT that grants access to lands within the Otherside metaverse. There are a total of 100,000 unique collections available.
• The first demo of Otherside was released in mid-July 2022, attracting over 4,500 participants, which caused a stir in the Ethereum network.
• Otherdeeds NFT was the top selling NFT in may 2021. 
• Individuals who own Bored Ape Yacht Club (BAYC) or Mutant Ape Yacht Club (Mutants) NFTs can claim access to Otherside.

Ratings and success story

There’s no denying that Otherdeed made waves, even in the bear market. Its initial launch took place on April 30, 2022. Remarkably, within just 24 hours, Yuga Labs generated over $561 million in sales. That’s a massive success other NFT projects would want to replicate.

Furthermore, the 100,000-collection NFT now boasts a total trading volume of over 610,000 ETH on OpenSea, equivalent to over $1 billion. In fact, Otherdeed still has over 17,000 owners on OpenSea holding onto it. Naturally, the floor price has seen a decline over time, with a current cost of 0.518 ETH to own one.

This remarkable success comes as no surprise, given Yuga Labs’ reputation in the NFT space with prior successes like Meebits and CryptoPunks.

“Not every project can replicate Yuga Lab’s success alone. It built on its years of experience coupled with innovation. So, even if your project is innovative, the experience still has a role to play.”

But if you’re looking to launch a project in this bear market, doing it alone can be a bit challenging. Yuga Labs banked on their reputation, but this might not be the same for an early-stage startup, for example. So, you might need a web 3.0 agency to guide you through this journey.

If this rings a bell, feel free to reach out to us for a free consultation. We’re here to assist NFT projects in creating effective pre-mint and post-launch strategies for your collections.

That said, let’s dive a bit deeper into Yuga Labs.

History and founders

Otherdeed for Otherside was founded by Yuga Labs, a name likely familiar to those active in the NFT space. The company was founded in 2021, and it quickly gathered attention by launching the Bored Apes Yacht Club (BAYC) and acquiring CryptoPunks.

BAYC is arguably the most profitable NFT project to date. It debuted on May 1, 2022, with a floor price of approximately 0.08 ETH. Within just a few months, by August 2021, it was worth over 35 ETH per piece. Presently, the project is valued in the billions.

For a time, Yuga Labs’ founders remained a mystery. The only available information indicated that they operated under the pseudonyms, Garamel and Gordon Goner. However, they were later revealed to be Wylie Aronow, a former student, and Greg Salono, a writer.

Using $APE (ApeCoin)

ApeCoin, which is otherwise referred to as $APE, is an ERC-20 governance and utility token that is used within the APE ecosystem for the purpose of empowering a decentralized community building at the forefront of Web 3. The Otherside  Ape Coin will also serve as the native currency that will be used in the metaverse for purchases and other things.

But aside from its use on Otherside interoperable metaverse, $APE has some interesting utilities that you might be interested in, including:

• Incentivization: ApeCoin is a tool in the digital economy for third-party developers that enables them to take part in the ecosystem through the incorporation of APE into projects, including games and services.
• Access: You will be able to get access to different parts of the ecosystem by using $APE. These are areas that would not be available otherwise, such as services, events, merch, and exclusive games.
• Means of payment: $APE is the utility token for the ecosystem, meaning all participants can use an open, shared currency without the need for centralized intermediaries.
• Governance: Finally, ApeCoin is also the governance token for the ecosystem, enabling holders of $APE to take part in the ApeCoin DAO.

Moving on, keep in mind that ApeCoin has a fixed token supply of one billion.

If you’re wondering what utility to perhaps introduce to your token economy or allocations, you can reach out to Fracas blockchain development agency, and we’ll be more than glad to create a token economy poised for success.

By the way, besides being an excellent blockchain development agency, we double as a market leading influencer agency as well. So, we have connections to influential people who can bring your crypto projects to stardom.

The launch of Otherside on BAYC

Back in the spring of 2019, Yuga Labs posted a tweet revealing that Otherside, a game powered by $APE, was going to launch this April and would be based on BAYC. More information started to come out about this exciting and fascinating game. It was set to be an MMORPG game whereby players could employ their NFTs as characters or native avatars.

At the time, a report was published by Cointelegraph, where they stated that an investor pitch deck revealed that Yuga Labs anticipated earnings of $178 million by selling virtual lands, with APE being a de-factor token to process these purchases.

The date was then set; the Otherside land sale was to get underway on the 30th of April, with Yuga Labs letting everyone know exactly one week in advance.

A few days later, we were given some details:

We were informed that you would need both ETH and ApeCoin in your wallet. While the mint would be exclusively in ApeCoin, some ETH would be required for gas.

The mint was to have a Dutch style of auction, meaning the price of ApeCoin would actually reduce over time.

For both MAYC holders and BAYC holders, they would be able to claim a non-fungible token for 21 days after the auction. In order to claim, KYC approval is not needed, but people do need to be KYC-approved for minting NFTs.

They also made it clear that any ApeCoin that would be earned from the auction would then be locked for up to one year, meaning it could not be used to vote in the ApeCoin DAO.

User experience and reviews

The Otherside project has conducted two trips so far, with the most recent one in March 2023. These trips are essentially events where people come to play the metaverse game and test it before the official launch.

The feedback they received was highly encouraging. You can see what people have to say on SprintTop.

A similar trend can be observed on social media, with anticipation building for the game’s eventual launch. Rumor has it that the beta version will be released soon.

So, what’s the other side of things?

“Otherdeed” is the key to Otherside virtual land. If you hold an Otherdeed, you can take part in prototype builds, demos, and tests so that you have a direct impact on the final design and experience the game provides.

Moreover, each Otherdeed is also a dynamic NFT, created as a collection of elements, from Kodas to resources, which will evolve as you move component pieces around.

More in-depth details about the ‘Otherside’ land sale

The Yuga Labs Otherside contained 200,000 unique plots of land, which could be claimed using Otherdeeds once the Otherside world launched.

It was the first 100,000 Otherdeeds that we made available on the 30th of April. We currently do not know about the next 100,000 Otherdeeds and when they will be revealed.

The Otherdeed NFT mint was set to happen at 9 p.m. ET on the 30th of April, with a mint price established of 305 ApeCoin per Otherdeed. There were 55,000 Otherdeeds that were up for sale to be bought using KYCed wallets.

In order to mint, there are four requirements that NFT investors must meet:

1. ApeCoin for minting
2. ETH for gas
3. KYC approval by Blockpass
4. Wallet pre-approval 

Anyone who held MAYC or BAYC NFTs was able to claim one Otherdeed for each BAYC or MAYC NFT they had. Once the first 100,000 Otherdeed NFTs were sold, MAYC and BAYC holders had 21 days to claim their Otherdeed NFTs.

Categories of traits for the land

When you purchase otherside land, you will get a digital NFT artwork icon, which is a representation of the sediment your land boasts. Every sediment comes with a unique frame (environment), which goes with it.

The dots on top of the icon represent how rare the land is, with tiers from one to five. Should there be an artifact in your land, it will be shown underneath the land, and the dots here represent otherside rarity for resources, with tiers from one to three.

There will also be a token ID displayed if your land has a Koda NFT.

There are a total of 15 categories of traits for the land, which are as follows:

• Western Resource Tier (1–3)
• Western Resource (74)
• Southern Resource Tier (1–3)
• Southern Resource (74)
• Sediment Tier (1–3)
• Sediment (5)
• Northern Resource Tier (1–3)
• Northern Resource (74)
• Koda (10k)
• Environment Tier (1–5)
• Environment (29)
• Eastern Resource Tier (1–3)
• Eastern Resource (74)
• Category (8)
• Artefact (74)

At the moment, there is still not as much clarity out there regarding each of the traits. However, what we must make clear is that even if you have three tiers in one trait, the overall value may not be as great as you would expect.

They are important, though, as these traits combined will determine how rare your NFT is.

Every Otherdeed NFT available is a dynamic one, created as part of a collection of all of its elements, from Kodas to resources. Rather than being a static representation of a piece of your land, your Otherdeed for Otherside is designed so that it evolves along with what you decide to do in the game.

With these NFTs being dynamic, the possibility to evolve or upgrade could be there. Perhaps five or four dots are just the beginning? It is possible that people can evolve their land in a more enjoyable way with the resources they mine for it. Even if you begin on a lower tier, it does not mean it is the end of the road for you. You could make it richer in the future. Of course, this is all theoretical at the moment.

What is a Koda?

We have mentioned Koda a few times now, and you may be wondering what on earth this is! Well, every plot of land is going to have the possibility of containing some rare artifacts, natural resources, and, if you are very lucky, a Koda Otherside.

A Koda is basically an Otherside local; however, information is a bit short in terms of their role within the future metaverse. We know that they are important, though.

On the Otherside website, an introduction to the Kodas was posted. They were called the “primal beings” that ushered us into the Otherside. Helpfully, the introduction also said that we do not know what their affinity to the land is or why they have brought us here. But we have been told to tread cautiously if we meet a Koda. All very intriguing, right?

In the 100,000 plots of Otherside land NFT, there are only 10,000 Kodas. At the time of writing, the floor price for an Otherdeed with a Koda on it is approximately 20 ETH.

There have been some rumors that Kodas is going to become a separate PFP NFT project, but there has been no confirmation of this.

What we do understand at the moment, though, is that a Koda is viewed as a stamp of rarity, so those who manage to bag one will definitely be feeling lucky.

But as we will highlight a few times, this NFT collection is a dynamic one, and so this means you could potentially exchange Kodas with others in the future or airdrop one. We will have to wait and see.

How did the first 100,000 Otherdeed NFTs end up being distributed?

The first 100,000 non-fungible tokens were distributed in the following manner:

• 55,000 NFTs were purchased using ApeCoin for the Infinite Expanse, Cosmic Dream, and Rainbow Atmos.
• 20,000 NFTs are for the MAYC claim, which is for the Chemical Goo on the swamp’s outskirts.
• 10,000 NFTs are for the BAYC claim, which is for the Biogenic Swamp that is housed in the center of the Otherside
• 15,000 NFTs are for Yuga and other project developers for Infinite Expanse, Cosmic Dream, and Atmos.

Did otherdeed cause blue chips to explode? 

At first, collectors were selling their assets to acquire a piece of the Otherside land with Otherdeed. Some of these collectors were blue chip holders, which caused the prices of blue chips to drop.

However, after the Otherside land sales, the floor prices of these blue chips began to gradually rise again. This happened because holders converted their Otherdeed back into blue chips.

The top-selling NFT collection

According to Nansen, Otherdeed for Otherside was the top-selling collection of NFTs in the first few days of May 2021. In fact, on the 3rd of May, statistics showed that around 11K ETH had been spent within the previous 24-hour period.

These figures alone show that the Otherside metaverse land sale was one of the top-selling NFT collections ever. 

Was the Otherdeed NFT sale a success?

For starters, Otherdeed NFT generated over $561 million within the first 24 hours. That tells you there was a massive demand for the NFT. However, this also gave rise to various challenges that people weren’t so happy with. 

For instance, the sheer size of the event caused EtherScan to crash. Some users had to deal with failed transactions as well, leading to complaints about its blockchain website development. 

Yuga Labs initially implemented various measures to avoid this kind of issue. For example, they included a high clearing price of 305 ApeCoin, a maximum mint limit of two per KYC’d wallet, and on-chain KYC. But these weren’t enough. 

Eventually, they had to issue an apology for “turning off the lights on Ethereum for a while.” Yuga Labs also promised to refund the gas fee to anyone affected. 

And finally, they acknowledged that ApeCoin might need to migrate to its own chain to scale effectively in the NFT market.

Ethereum’s rate reached a new high, and people paid a lot in gas fees.

If you dig a bit deeper into the NFT market and engage in discussions on forums, you’ll notice a common complaint: high gas fees.

Due to the Otherside NFT mint, Ethereum’s burning rate reached an all-time high. Some users paid up to five ETH in gas costs for a single transaction.

Although Yuga Labs has promised to refund these fees, many mint participants remain dissatisfied. Shockingly, one user ended up paying a staggering 63,893.01 ETH in gas fees to acquire lands in the Otherside metaverse. To put it in perspective, this currently amounts to around $177 million in fiat. 

What this means is that the fees ended up being higher than the actual cost of buying the underlying Otherdeed NFTs themselves, which is far from ideal for NFT transactions. 

Even as an experienced crypto marketing company, these fees are some of the highest we’ve seen in the history of the Ethereum network

Could these fees have been avoided?

According to Will Papper, co-founder of Syndicate, a DAO infrastructure startup, simple code fixes could have lowered the gas fees. Many users were not happy that Yuga Labs did not have a gas-optimized smart contract for minting.

Would Ethereum 2.0 have prevented this issue?

Ethereum 2.0 launched late in 2022. This saw the network move to a proof-of-stake consensus mechanism, which reduced Ethereum’s carbon footprint by almost 100%.

One of the notable changes was the introduction of sharding, expected to improve transaction speeds and lower gas fees.

“One thing to always bear in mind is that Ethereum 2.0 alone doesn’t solve the gas fee issue. It’s primarily a shift in the consensus mechanism and doesn’t inherently increase network capacity.”

For potential solutions to the gas fee problem, we should look to various layer 1 blockchain platforms like Cardano, Solana, and Avalanche. These platforms offer alternatives worth exploring.

Creating ApeCoin’s own chain

In Yuga Labs’ response to the issue, they considered creating their own chain for ApeCoin as a potential solution. 

This move could have made sense given the challenges with Ethereum. However, it ended up as another case of “what could have been.” That’s because the Bored Ape community voted against the initiative and suggested sticking with Ethereum.

This decision might have been advantageous for Yuga Labs in their competition with other metaverse projects like Sandbox and Decentraland. 

ApeCoin prices and scraping the Dutch auction

We previously mentioned that Yuga Labs planned a Dutch auction, but this approach was abandoned, likely due to fluctuations in ApeCoin prices.

ApeCoin initially sold for $5 on March 17th, reaching an all-time high of $26.70 on April 28th, just before the NFT mint. However, after the sale on April 30th, ApeCoin dropped from $24.86 to $16.73, surprising many.

The reduced demand for ApeCoin may be linked to Yuga Labs opting for a flat price sale of the Otherdeed NFTs, rather than proceeding with the Dutch auction. This price fluctuation mirrors the classic interplay of the good old supply and demand. 

Conclusion 

So, here’s the scoop: all you need to understand about Otherdeed for Otherside NFTs. This NFT collection unquestionably stirred up quite a frenzy in its initial months.

High demand led to many people experiencing disappointment with failed transactions, and the associated gas fees caused quite a commotion. Nevertheless, it’s undeniable that the sale itself was a success. 

It’s now intriguing to observe how the Otherside metaverse game will eventually unfold in the coming months.  

Again, if you aim to achieve the level of success Yuga Labs has, doing marketing yourself might not be the best approach. It’s wise to consider partnering with a top-notch NFT agency.

At Fracas, we’ve dedicated extensive time to studying the industry, saving you the effort. Reach out to our web3 marketing agency today, and together, we can craft a customized marketing plan – just for you!