After the success of Bored Ape Yacht Club — Yuga Labs has announced the launch of Otherside, a BAYC-inspired metaverse, bound to revolutionize digital art and the NFT world.
Otherdeed for Othersided NFT collection is the first NFT project that will unlock doors to the secrets of the Otherside — a world where virtual reality meets the gaming industry for an indulging and futuristic Web3 experience.
Since its launch, the collection has recorded $320 million in sales. With such a great record, Otherside’s worth is said to be increased even more in the coming years.
Find out everything about Yuga Labs’ newest NFT project:
Previously on March 19, 2022, Yuga Labs dropped a sudden trailer for the Otherdeed for Otherside metaverse. The world was blown away by the realistic visuals and details teased in the trailer anticipating its launch in April.
Prior to its launch, a lot of assumptions and anticipation were attached to this metaverse project. The trailer revealed Yuga Labs’ NFT projects like BAYC, CryptoPunks, Meebits, etc. as part of a brand-new metaverse called Otherdeed for Otherside. The company announced this platform would comprise virtual lands, special NFTs, and other exclusive items never revealed before.
This caused a sudden burst of interest in the NFT community, and the worth of the Ape coin(APE) (Yuga Labs’ native cryptocurrency) — which can be used to buy NFTs rose in the market — hitting a record-breaking maximum of $27 and maintaining the resistance level at $15.
This indicated that high traffic of investors awaited the launch of the metaverse since its announcement.
In April, Yuga Labs exclusively announced the launch of virtual land NFT collection called Otherdeed on the marketplace as part of the Otherside project. This created a buzz around the world as it is the company’s first-ever drop linked to the metaverse project.
Otherdeed NFT collection recorded $561M trading volume in just 24 hours.
Although the launch was riddled with many ups and downs, Otherdeed for Otherside is still the most highly anticipated metaverse project rivaling some of the best metaverse projects of 2022 like Alien Worlds, Axie Infinity, and Decentraland.
What is Yuga Labs’ Otherdeed for Otherside metaverse?
Otherside by Yuga Labs is a metaverse role-playing game or gamified metaverse that supports all the Yuga Labs’ blue-chip NFT projects.
Otherside is the combination of MMORPG mechanics (massively multiplayer online RPG) and Web3 virtual worlds together into one platform. It is also known as the MetaRPG — a new concept of metaverse role-playing games that many companies are coming forward with; however, Otherside is going large scale by bringing in more trading and buying opportunities never seen before.
The Otherside project began last year after the success of the Ape Collection.
As soon as Yuga Labs announced its plan for launching the metaverse, it managed to collect around $450M with a value of $4B to make this project successful. The co-founder of Yuga Labs, Gordon Goner, wanted to create “an interoperable world” that is “completely decentralized.” They also partnered with various game studios to bring the vision of Otherside to reality by combining the aspects of gaming and animation, giving a whole RPG effect.
Yuga Labs aims to create a metaverse where people other than BAYC holders can thrive. Otherside members are also called the Voyagers who will contribute to the development of the metaverse. The CEO said Nicole Muniz, “We’re opening the door to effectively a walled garden and saying ‘Everybody’s welcome.’”
Yuga Labs team has announced some of the important details and future plans to Otherside:
- People will own and trade virtual lands using Apecoin on Otherside.
- NFTs will become Playable Characters. These characters are available as PFP in web2 but on web3 they will be alive and operated by the owners.
- Holders will be able to mint, dress, and do every kind of stuff that a usual role-playing game offers.
- Natural voice chat will be included in Otherside
- The gameplay will be “supported by AI and physics”
- It will update to handle over half a billion operations every second
To create a more diverse and interactive space, Yuga Labs claims that around 10,000 people can play together on the Otherside. This means the platform will become a social medium between creators, collectors, and investors, bringing in more opportunities.
CEO Muniz says “We have seen how walled-gardens and closed networks exploit the people that spend time on the services for the benefit of few. By enabling ownership in an open network, we think Otherside will attract creators and become a world that has something for everyone. This adventure is too big for one ape, one club. This is a new MetaRPG, with new rules. And it’s all of ours to play.”
Otherdeed: the First Virtual Lands NFTs Drop
Otherdeed is the first NFT collection drop from the Otherside project launched on 30th April 2022. Yuga Labs explains this collection as the “key to claiming land in Otherside.” In other words, these NFTs are plots that owners will nurture as Yuga Labs releases more resources within the metaverse.
According to Yuga Labs, Otherdeed is the “blend of environment, sediment, and treasures” which are rarity traits to rank in the NFT marketplace. Each NFT you see on OpenSea belongs to sediment, and it has a Koda or no Koda, — and contains some hidden treasures.
Through Otherdeed, individuals can explore various resources as they mint and engage in the metaverse.
Otherdeed for Otherside Sediments: The Land Tiers
Otherside is divided into five sediments on which the lands are built. These sediments are the earliest versions of the metaverse world. Otherdeed NFTs are built upon the following sediments:
- Biogenic Swamp
- Chemical Goo
- Rainbow Atmos
- Cosmic Dream
- Infinite Expanse
Every Otherdeed NFT contains environment tiers within these sediments that serve as a rarity trait and makes them stand out from the rest. In other words, each NFT is unique and non-fungible.
Kodas: The Celestial Beings of the Otherside
When an individual mints an Otherdeed, each NFT contains rare resources and items. Yuga Labs has only revealed one of the resources called Kodas that an owner might receive in an Otherdeed.
Koda first appeared in the Otherside trailer carrying the Ape around the virtual world. According to various sources, Kodas brought us to the Otherside. They are a celestial race in Otherside who have been closely monitoring human evolution and waiting for the time to reveal themselves to the world.
These Kodas are quite valuable but Mega Kodas are the rarest of all and very hard to mint. Only a few people have succeeded in pulling a Mega Koda from the Otherdeed. For example; Otherdeed #55171 and #5702 are two among a few NFTs that contain a Mega Koda.
Nothing much is revealed about Mega Koda or how many they exist on Otherside — only the value has been described. Many people are in search of Otherdeed listings that contain Mega Koda because those NFTs are bound to increase in worth and give way to more resources on the Otherside in the future.
Otherside Resources: The Natural Materials
The natural materials are available on each land in Otherside. There are four replenishing resources as raw materials to nurture the lands by harvesting and utilizing them.
- Anima for Research
- Ore for Metals
- Shard for Stone
- Root for Wood
Just like role-playing games that require users to collect raw materials and use them to build the land, Otherside bases the same rule in its metaverse. In a way, you can build your own land bringing in creativity and productivity while raising its worth in the market.
Otherside Artifacts: the Hidden Treasures
Within Otherdeed, individuals can discover hidden treasures called artifacts. These artifacts are quite rare and valuable in the Otherside world. Some of the artifacts found in Otherdeed NFTs include Ancient Coin, Jar of Koda Farts, Celestial Orb, Mystical Crown, Sloth Juice, Fairy in a Jar, Tavo, Raven, and many more.
Although there isn’t much detail on how these artifacts will be used as they hold some secrets to the world of Otherside. Like in the trailer by Yuga Labs when the protagonist drinks a blue bottle that says “Drink Me” which later reveals the whole text “Don’t Drink Me.”
Many believe it is a reference to the “Drink Me” bottle in Alice in Wonderland. Therefore, these artifacts might hold some kind of concept or story making them rare treasures in the metaverse.
To explore more about the Otherdeed NFT collection, an image posted on the website describes the dynamics of the NFT. See the image below to find more about Otherdeed.
All these above-mentioned characteristics of Otherdeed indicate that this NFT plot will not be static; instead, it will keep evolving as Yuga Labs reveals more and more projects. This will keep the holders engaged and interested in the MetaRPG.
Otherdeed for Otherside NFT Collection Sales Record
Otherdeed was launched on 30th April with 55,000 NFTs available on the NFT marketplace for the general public to buy. For the initial sale, the limited mint was set to only two NFTs per wallet for a fixed price.
According to the Cryptoslam data, Yuga Labs recorded 271,425 ETH in sales which is around 645M dollars for the NFTs which is considered a huge record for an NFT collection up to date.
Another 45,000 Otherdeeds were released by Yuga Labs exclusively for NFT holders and team members. 10,000 Otherdeeds were reserved for Bored Ape Yacht Club holders and 20,000 for Mutant Ape Yacht Club holders. Each NFT holder received 1 Otherdeed for each NFT owned. The remaining 15,000 Otherdeeds were reserved for Yuga Labs Team.
Yuga Labs plans on releasing a total of 200,000 Otherdeed. The 100,000 are divided as mentioned above, while the remaining 100,000 will be allotted to Voyagers as a reward for holding Otherdeeds and contributing to the development of Otherside.
According to Dune Analytics, the top 10 highest sales of Otherdeed NFTs range between $700,000 and $1.5M. These sales indicate that Otherdeeds are here to stay and dominate both the metaverse and NFT industry.
On the OpenSea marketplace, Otherdeeed trading volume is around $249.6K ETH, which is about $595M in USD, which is quite high compared to other NFT drops this year. The floor price of Otherdeed starts at $3.24 ETH with 34.1K owners at the time of writing.
Yuga Labs Faces Transaction and Minting Crisis
Compared to the previous NFT drops where Yuga Labs sold NFTs through Dutch Auction, the team decided to use a different approach for the Otherdeed NFT collection.
Dutch Auction is quite common for NFT collection drops in which the price starts from the highest bid and then lowers until the buyers can afford it.
However, for the past year, many complained about the auction being unfair to buyers — pushing Yuga Labs to find alternatives.
For equal distribution, the team decided to release NFTs with a limit to allow minting for only two Otherdeed per wallet. The team believed that by limiting the number of users minting NFTs, the gas prices might not go up.
They released a proper selling plan that stated, “At the start of the sale (wave 1), there will be a limit of 2 Otherdeeds minted per wallet. As soon as gas returns to reasonable levels and the amount of wallets minting decelerates, wave 2 will begin, during which KYCed wallets can mint up to an additional 4 Otherdeeds. Each increase in the per-wallet limit will be announced on the Otherside official channels.”
Yuga Labs claimed that the Otherdeed collection was “the largest NFT mint in history;” however, the team faced a crisis due to failed transactions.
Yuga Labs’ NFT collections require users to mint using ApeCoin, which operates on the Ethereum blockchain; it is an ERC-20 token. The fixed price for the Otherdeed NFT collection was set at $305 APE to make sure everyone can afford it.
However, despite the minting limit, people flooded the marketplaces to buy the NFT collection. In response, the gas prices went high due to an increase in demand and heavy traffic on the Ethereum mainnet.
Despite Yuga Labs’ claim for equal distribution, the big investors grabbed all the rare NFTs without any worries while small investors were stuck with paying the gas fee and facing errors in transactions. Some people paid the gas fees as high as $14,000 to buy a single NFT and some failed to receive their Otherdeed even after paying the gas price.
Seeing the transaction crisis, Yuga Labs released an official statement on Twitter: “We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck. For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas.”
On May 4, the team announced that it “refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint.” But some claim they still haven’t received any refunds.
To add more, with the launch of Otherside, many phishing attacks have been happening. Just recently, a fake website managed to con people and stole around $6.2 million in total. Despite the team’s constant insistence to not visit any websites other than official ones, many people fell victim to phishing attacks.
Later, in an interview with Decrypt, Galano explained the implications of Otherdeed hiccups by saying it was just the blockchain history repeating itself.
He explained: “For what happened to the network itself, that’s just the transaction throughput on the network, and the gas price auction working as intended. There’s a limited amount of capacity for transaction throughput when you’re dealing with any decentralized blockchain.”
Many BAYC enthusiasts wonder if this fiasco will continue for future projects on Ethereum. The only possible solution is for Yuga Labs to work with Ethereum to solve the high demand for the mint prior to the launch of any NFT project on the blockchain. Galano is optimistic that the blockchain’s recent transition to proof-of-stake is highly likely to solve these issues and increase capacity for high transaction volumes.
The Creators Behind Otherside
Yuga Labs is the creator behind Otherside. However, this metaverse is not a small project; it involves teams of professional developers, designers, and artists working together to create the perfect virtual universe.
Yuga Labs, the creator of Bored Ape Yacht Club and Mutant Ape Yacht Club, has already proven successful. This project will prove the company’s dominance in both NFT and metaverse worlds.
Yuga Labs is a community-based business led by some of the greatest figures in the crypto world. It was co-founded by Gargamel and Gordon Goner, who remained anonymous for a long time until Buzzfeed revealed their identities. They are also creators of BAYC.
Yuga Labs team also includes the general partner of a16z, Chris Lyons as the board member. A16z or Andreessen Horowitz is a venture firm that helped Yuga Labs by leading the seed round to raise funds.
For Otherside, Yuga Labs is mainly partnered with Animoca Brands and Improbable. Utilizing the technologies and expertise from both companies and a few different other game studios, Otherside is an ongoing metaverse project that is yet to reveal the greatest secrets of the world.
According to the CEO of Improbable, Herman Narula, “Otherside is going to blow people’s minds while upending decades-long ideas of what gaming is and what’s possible with open platforms.”
“Partnering with Yuga we think we are helping lay the foundation for something that will open the door to new experiences across art, entertainment, gaming, and more in a big way.” He added.
The Future of Otherside Metaverse
As a successful web3 platform with so many highly-achieved NFT projects, there’s no denying that Yuga Labs will lead the future of metaverse with Otherside. Being partners with two of the best companies in the industry and funding from Andreessen Horowitz, the Yuga Labs team is ready to hit it big.
For the Otherdeed NFT collection, the owners will receive various benefits from buying the virtual plot. They can participate in demos, prototype builds, in-person events, and contests in Otherside. Since Otherdeed is just a plot, they get to experience the development of the metaverse as the team introduces new features and resources time after time, making them the pioneers of Otherside.
Furthermore, to contribute to the development of Otherside, Yuga Labs will also be welcoming individuals and companies from various industries in building characters, character skins, structures, minigames, and more. They can work for the team and establish their career in metaverse and Web3, even if they don’t have enough technical knowledge.
To conclude, Otherside is going to become a community-involved and professionally-built metaverse where every individual gets equal opportunities to explore the world of virtual reality.
Otherdeed NFT Rarity Ranking By NFTSTUDIO24
Otherdeed #54 NFT
For more information about the Otherdeed NFT collection or Otherside, follow the official sites as follows:
Yuga Labs: https://yuga.com/
Beware of scammers. Only follow the official websites and don’t click on suspicious links to avoid a phishing attack.