All about Yuga Labs' Otherside Metaverse
Yuga Labs’ Otherside Metaverse launched its first NFT drop last night and brought in a staggering $310 Million in just a couple of hours. Yuga Labs is the company behind the Bored Ape Yacht Club which launched in April 2021. Since then Yuga Labs has seen massive growth, to say the least.
Bored Ape Yacht Club (BAYC) is the world’s most valuable NFT collection. If you were to take the entire collection and sell it, you would make over 3 billion dollar at the time of writing. In 2021 only, Yuga Labs made a revenue of $137 million and their 2022 goals are half a billion. Pretty impressive if you think that the company is just something over 1 year old!
Their mission is clear, they want to take on Zuckerbergs’ Meta and dominate the Metaverse. Their mission is fueled by the backing of huge VCs such as Andressen Horowitz, who invested over $450 million into Yuga Labs just a couple of months ago. With the growth and funding, Yuga Labs also started to acquire some of their competitors and bought for example CryptoPunks and Meebits from Larva Labs.
The first step of this massive initiative is the sale of virtual land plots for their upcoming virtual world “Otherside”. Otherside will be connected to the NFT ecosystem, that not only expands the BAYC universe but also invites the broader community to take part and join. From recent Yuga Labs tweets and the trailer we can already tell that collections like Cool Cats, World of Woman and CrypToadz will be interoperable with Otherside. Otherside is positioned as a MMORPG - Massive Multiplayer Online Role-Playing Game.
During the Otherside mint event, people were able to purchase a so-called Otherdeed NFT, which gives you then the right for a land plot in the Otherside metaverse. The recently airdropped Ape Coin plays a significant role in the entire Otherside ecosystem. The only way to purchase Otherdeeds was with the $APE. The cost of each Otherdeed was 305 $APE or approximately 7K $ at the time of writing.
If you are interested in securing your way into the Otherside metaverse you can get the Otherdeeds now on the secondary market on Opensea. The floor price sits currently at 3x the mint price.
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