Magazine METAVERSE
  • Jason M. Schmitt
  • 25.07.2023

The Metaverse of Ape NFTs – Just Theatre or Does it Just Feel Like it?

The Bored Ape Yacht Club is the evergreen of the NFT world, closely followed by the Crypto Punks. Both projects are owned by the company Yuga Labs and have a market volume of over $3.6 billion. Now they are bringing their NFTs to life in the Metaverse 'Otherside.' Can the apes conquer this market as well? Let's find out!

People like monkeys. Many like art. But very few spend up to seven figures on a digital image of a cartoon chimpanzee. Yet, more than 30,000 of these apes are in circulation, and there is certainly no shortage of buyers.

These NFT images are not just for speculation. They serve as invitations to networking events, limited merchandise drops, and exclusive video games and programs. This is where many members of the Bored Ape Yacht Club - including stars like Justin Bieber, Neymar Jr., and Madonna - see great potential for the future.

After several smaller gimmicks for the apes, they are now set to find their playful home in Yuga Labs' new Metaverse "Otherside," modeled in 3D. Can this Metaverse model work?

What is Otherside supposed to be?

According to Yuga Labs, Otherside is the playground where all the big NFT projects can mix and go wild. Private individuals as well as companies can buy one or more of the 200,000 plots of land in this digital world.

Apparently, the plots will allow for free and creative expression. Own objects for the game can also be designed, uploaded, placed, and sold.

For this project, Yuga Labs has brought big names on board: The CEO is the former COO of Activision Blizzard, the company that developed both World of Warcraft and Call of Duty games. The CTO is the former CTO of Epic Games, the company behind Fortnite.

To be more than just a digital exhibition of NFT art, Otherside will include game elements (quests) and, similar to World of Warcraft, offer an infinite story. More than 10,000 users will be able to move around in the game world at the same time. Fun Fact: Unlike our real world, this one is indeed flat. Interaction will be via a voice chat.

In this world, there are also computer-generated characters and creatures with which your own character can fight or interact in other ways. Monkey owners will also be able to play actively as their NFT in this world and will automatically be given a piece of land.

How is the internal economy structured?

Otherside is entirely based on decentralized blockchain technology and introduces "ApeCoin" as a means of payment. All transactions in the Otherside Metaverse will only be possible with this currency.

Like any cryptocurrency, you can buy it on most crypto exchanges, store it in your own "wallet" or "ledger," and theoretically use the coins anywhere they are accepted. If the pizzeria around the corner is ready to accept the ape currency, you can use it to buy a salami pizza.

However, you mainly need ApeCoins to buy so-called "Otherdeeds." The plots of land in Otherside, which are traded higher or lower depending on their location. They also contain creatures called "Koda" that are included in the purchase. You can also detach these from the land afterwards and sell them on the market.

Apart from these two main products, there is also "Vessel" as a kind of egg that later transforms into "Mara." These are creatures that can do work on your own plot of land depending on their type - farm, hunter, or enchantment. And of course, there are plenty of cosmetic items to purchase, like a digital Gucci chain.

So, with a few hundred to thousands of dollars investment, you have your own monkey as a game character, your own plot of land, mysterious Kodas, digital clothes, and ghost creatures that do the hard work for you in a digital world.

How are the prices of objects determined? Several factors influence the price of the plots. On the one hand, the location is crucial: At the center of the world disc is the actual Bored Ape Yacht Club, where most of the action will probably take place. So, the further a plot is from the club, the fewer players will venture there, and the cheaper it will be.

The land also varies depending on the conditions. There are sediments like "Cosmic Dream" and "Biogenic Swamp." One looks dark like a Tim Burton movie and full of lava, the other like the surface of a colorful alien planet.

In addition, these sediments are mixed together with environmental attributes and categories. This can mean that a volcano, a giant mushroom, or in rare cases even a black hole is part of the plot. The rarer the combination parts of the plots, the higher they are traded on the market. Many also contain valuable resources and rare Kodas, which significantly drive up the price.

For the Kodas, the cosmetic items, and the Vessels, the combination of rare components and "cool" looks seems to indeed determine the price.

Overall, the market is quite liquid and has many transactions, but it is also very volatile. There's always a high risk associated with such projects, as the value of items rises and falls with their use in the community. If player numbers drop, so does interest and the price... potentially even tragically plummeting to zero.

What's the current experience?

Currently, no one has permanent access to the Otherside Metaverse.

However, the first 100,000 plots of land, the first Kodas, and Vessels are already available for purchase. The remaining half will be sold and gifted to those who contribute to the development of Otherside. This includes all active landowners, developers, partners, and testers.

If you want to buy a plot of land, the prices currently start at $2,100 and go up to $1,134,725. A Koda costs between $14,300 and $54,526, a Vessel between $503 and $3,635.

So far, there have been two short testing phases with thousands of users, where one could fight against a boss and collect objects against other teams. When the full experience will be released is still unclear.

What you'll do in the Otherside Metaverse is also entirely open. Whether companies can also celebrate their events there remains unanswered. The fear that there simply isn't much to do remains, especially when looking at projects like Decentraland.

If you take the risk and bet on one of the horses in the Metaverse race, buying in Otherside is like buying a a mirage, but perhaps one adorned with gold... at least as long as the ape hype lasts.

Note: We at robotspaceship generally do not give buying recommendations, especially not in the highly volatile crypto area. For this, one should consult professional financial advisors.

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Sean Earley
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CIO / Exec. Editor

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