What are Otherdeeds in metaverse Otherside? One thing is certain: BAYC’s new project had at least one of the most spectacular NFT launches to date.
Suppose you are fishing on the edge of a swamp. Suddenly you have a hold: a bottle with a strange luminescent substance. A sensible person naturally leaves such a bottle for what it is. But luckily you are a bored monkey who immediately knows what this fluorescent drink tastes like adventure and great opportunities in an already mythical metaverse…
At the end of April, the gateway of the Bored Ape Yacht Club was opened to a new metaverse: Otherside. This is a mysterious new world where you can now claim your own piece of the planet, an Otherdeed. The BAYC NFT collection of 10,000 PFP NFTs is one of the most valuable, if not the most valuable NFT collections available today. The launch of Otherside by the team behind this collection was therefore also an event where expectations were high.
The launch and sale of the Otherdeeds land NFTs were very similar to the trip our bored monkey took after drinking the potion: hysterical scenes on the blockchain with prices changing at the speed of a rollercoaster and the Ethereum network almost crashing.
So a trip to Otherside is “not for the faint-hearted”, that’s clear. But what is Otherside, what are Otherdeeds? We’ll tell you everything in this article. So get ready for a trip to Otherside for a quest for valuable Otherdeeds and other opportunities in this metaverse.
What is Bored Ape Yacht Club?
What actually started it all? Just over a year ago, in April 2021, “It was a collection of 10,000 generated NFT collectibles launched our universe The collection was a project of Yuga Labs, a group of then-unknown and anonymous friends with the necessary knowledge and talent who plunged into the NFT world with this project. The Bored Apes was their first project as Yuga Labs.The 4 founders started with the Bored Apes an NFT project that with sales exceeding USD million a worldwide cultural NFT revolution.A
Bored Ape NFT turned out to be not only a l nice picture to collect. It is also your access to the club and all its opportunities and possibilities. The monkeys quickly became a huge success with the prices for an NFT going upside down many times. The record amount paid for a Bored Ape is now more than 3.4 million USD.
Yuga Labs is the epic center from which the collection is managed and new projects are developed. In addition to the BAYC project, they have been managing the intellectual property of Cryptopunks and Meebits. They acquired these from Larva Labs, the founders of these projects.
Several new projects and NFT products have already emerged from the Bored Yacht Club. For example, in July 2021 there was a drop of dog NFTs from the Bored Yacht Club Kennel. All Bored Apes could participate in the drop and only had to pay the cost of minting. At the end of the summer of 2021, there was a drop of Serum NFTs. Giving your Bored Ape this serum gave you a mutated NFT monkey. This created the so-called Mutant Ape Yacht Club.
It soon became clear: this world and this universe are too small for these monkeys. Yuga Labs has also hinted several times that its own metaverse was only a matter of time… and that time seems to have arrived.
The launch of your own token was the next step in this. The Apecoin (APE) was launched in March 2022. This coin has also had a spectacular run in a short time. In a short time, the coin flew from high to low and back again. This was partly caused by the crash of the entire crypto market that took place in early May 2022. It peaked at USD 26.70 on April 28 at the time of the Otherdeeds sale. The tokens have a total supply of 1 billion tokens. An all-time low was reached on May 11 at USD 5.28. The own token will play an important role within the announced metaverse. More to come about Apecoin in this article.
In this video you can see exactly how the Bored Apes ended up in Otherside.
What is the OtherSide?
Otherside is a galactic archipelago made up of small islands, the Otherdeeds. It starts somewhere at the biochemical swamp where the Bored Apes reside and extends to “The infinite expanse”.
Otherside will eventually develop into an MMORPG: a massive multiplayer online role-playing game. In this, you can play with your character with others and against others in different games online.
Otherside with the Otherdeeds is slowly being unlocked. How this metaverse will develop further nobody knows exactly, not even the Yugalabs team. Because the goal of Otherside is that this will continue to grow from the community and collaborations. We are working on an SDK, a software development kit, with which projects, brands, but also you as a player can add new elements to Otherdeeds, such as games or new characters.
We’ll just have to wait and see. The game and the world of Otherside are still in full development. July 16, 2022, will be an exciting day. first trip planned to Otherside for Otherdeeds holders. Keep an eye on the project’s social media channels for this. Below you will find the different channels with the number of members/followers. As you can see, a large community is already emerging.
The Otherside is a project of Yuga Labs, but the latter has also sought collaboration with a number of other parties. Improbable and Amonica Brands are partners in this project. These are both well-known names behind many successful projects in the field of blockchain games. For example, Amonica Brands invested in Axie Infinity.
What are Otherdeeds?
In total, there are 100,000 NFT Otherdeeds in Otherside, each unique of course with its own treasures and secrets. Like the Bored Apes, the Otherdeeds are of excellent graphical quality, which of course adds to the attractiveness of owning this piece of NFT art.
The pieces of land also have all kinds of characteristics or properties that make the Otherdeed unique. For example, they have different vegetation or rocks.
All 100,000 Otherdeeds NFTs have now been minted. Currently, you can buy Otherdeed through OpenSea, the largest NFT marketplace. The floor price will be 2.7 ETH on May 27th.
There are 5 types of sediments or soil layers on which the Otherdeeds can be built. These are also the Tiers in which the Otherdeeds are classified. These are the following sediments and in what quantities they are currently mined:
- Swamp – 9730
- Chemical Goo – 18978
- Rainbow Atmos – 22000
- Cosmic Dream – 23000
- Infinite Expanse – 25000
Biogeniccollect, use or trade the term. These resources are building materials with which you will also be able to build or make anything:
- Anima – research
- Ore – Metal
- Shard – rock
- Root – wood
Otherside is not an uninhabited land and so is your Otherdeed. A Koda can live here. Kodas are a kind of alien-like figures that seem harmless for the time being and may be of value in your Otherdeed. Unfortunately, little is known about these figures, and the communication is still a bit stiff (in conclusion, after a small investigation, the Kodas have no mouth, for example). But they too will undoubtedly play their part in the adventures of the Bored Apes.
Treasures & tools
Your Otherdeed’s area may also contain treasures or tools that may come in handy. The capabilities of some artifacts aren’t quite clear at this stage in the unlocking of Otherside (for example, what could you do with a slimy eyeball?). Gradually, the purpose, function, and value of the artifacts will become clear.
What does an Otherdeed NFT look like?
If you have managed to buy an Otherdeed, you will find, next to an image of the Otherdeed, the following information with your NFT:
- At the top you will find the sediment icon which indicates which sediment the Otherdeed contains.
- Below that is the name of the country and for clarity the name of the sediment.
- The number of dots under the name indicates how rare this piece of land is.
- If your country Artifacts, this is indicated below the image of the country.
- Here you can also find out whether the piece of land is inhabited by a Koda.
Where is my Otherdeed located in The Otherside?
If you click on Explore on the Otherside site, you will see where the different Otherdeeds are located in the Otherside. The center of this world is of course the Bored Yacht club itself. Each Otherdeed is numbered. For example, if you have Otherdeed 12, then you are practically neighbors of the Bored Yacht Club.
How can you generate passive income with Otherdeeds?
One of the nice things about blockchain games is that it is all about the fun and the money. Play-to-earn means that you play and earn money. How exactly this will work in the Otherside remains a bit of a mystery. How, for example, the treasures of your country will gain value, remains to be seen. At this point, you can earn money from your Otherdeed by trading it.
Your Otherdeed can also be of value in other ways. Obelisk is part of Otherside in which the plans for this metaverse are further developed. As an Otherdeed holder, you can become a Voyager. This way, you can build Otherside yourself and think about the future of this metaverse. You can then test new games and discover the world of Otherside while it is still in the demo version. At the moment, the plans for the Obelisk are still very broadly described, this will be further elaborated in the near future. It is also not possible to register yourself as Voyager in May 2022. Keep a close eye on Otherside’s social media for updates. Because what can you actually find at the Obelisk in the future. What can you think about and help build as Voyager?
- The Codex – These are the possibilities to link your Otherdeeds and possibly make them accessible to other NFTs.
- The Role of the Kodas – What Will Their Role Be in Otherdeeds? It is the original inhabitants of the Otherside who undoubtedly also have a lot of knowledge. How do the Voyagers want their role to be in the games?
- The Growth – The intention is, of course, for Otherside to expand further. How that will go is also being devised with the Otherdeed holders and Voyagers.
- The Agora – This will be a place to gather and trade. Here you can buy or sell raw materials, but also products that you have made with the raw materials.
- The Dream – Somewhere in the middle of the Biogenic Swamp an arcade machine will surface. This allows you to make trips in pursuit of rewards.
- The Choice – What will the Otherside look like, will a kind of governance be formed that will determine the future of the Otherside?
- The Settling – As an Otherdeed owner you can make all kinds of products yourself.
- The Toolkit – An SDK (Software Development Kit) is in development.
- The Aeronauts – Flying will become possible in the near future.
- The Rift – One day the sky will break open, that sounds a bit apocalyptic, but this allows for interdimensional contact.
A spectacular launch with highs and lows
As is often the case with adventures that start with drinking something of which you don’t know the exact origin, this adventure also caused a lot of headaches.
Because at the Otherdeed sale, despite a huge sales success, a number of things went very wrong. At the end of March, it was announced that the Otherdeed sale would take place on April 30. There were separate sales rounds for holders of a BAYC-NFT or a MAYC-NFT. Furthermore, a small part of the Otherdeeds was reserved for the team and the developers.
In the sale that was accessible to everyone, there were a number of things you had to do to participate. The Otherdeeds could be paid in APE, in addition, to ETH to pay the gas fees. In order to participate in the sale, you must first go through a KYC procedure. This is a customer identification procedure to prevent scams and bots. You also had to have an approved wallet that could be linked. The Otherdeeds sold for a fixed price of USD 5800. A nice amount, but that didn’t deter anyone.
If you look at the numbers, without looking at everything that goes on around it, it looks pretty impressive. The first 55,000 NFTs were sold in a short time and brought in USD 586 million.
Although there was clearly thought about this launch, the sale did not go smoothly. This was partly due to the fact that the Ethereum network turned out not to be able to withstand all that monkey violence. Due to the sudden peak in the transaction pressure on the network, the gas fees also peaked at unprecedented heights. 123 million in gas fees had to be paid and the price per transaction could go from 2.6 to 5 ETH (even with “low” prices from 5000 to more than 10,000 USD). Yuga Labs wanted to prevent the increase in gas fees by working with a Dutch auction system. You start with a high price and go down. The hope was that the falling price of the NFTs would prevent the rise in gas fees. However, this backfired and transaction traffic on Ethereum crashed.
The increase in gas fees was so great that transactions were not executed and people received an astronomically high gas fee bill and did not receive the NFT. Yuga Labs has immediately announced that it will compensate for the unnecessarily paid gas fees.
After the launch, there was a lot of criticism from the community about the approach, and Yuga Labs was held responsible for this. A storm of criticism erupted on Twitter, including words like “scam”, and “Ponzi”. People threatened with lawsuits over wrongly paid gas fees. Until now, however, this has remained a threat and people seem satisfied with the compensation from Yuga Labs for the gas fees.
Otherdeeds’ price and sales volumes have also seen some fluctuations since secondary sales started. The crashes of the cryptocurrency markets in May 2022 also have repercussions on the NFT markets. As a result, the NFT markets are now also cooling.
The floor price for an Otherdeed is currently at 2.7 ETH. But, despite a cooling NFT market, some spectacular record sales are already being achieved. The record so far is USD 711,000 for an Otherdeed, traded in early May 2022. The average trading price of an Otherdeed NFT has been over USD 15,000 in the last 7 days. The trading volume of the Otherdeeds also continues to grow. For the time being, there seems to be enough confidence in the successful future of this project.
As you would expect from an adventure with the Bored Ape Yacht Club, the launch of metaverse Otherside and the Otherdeed land sale was spectacular for several reasons. The launch approach has been met with a lot of criticism. Gone are the days when everything that turns a Bored Ape into gold instantly. Confidence in Yuga Labs also seems to have lost some of its luster.
Yet this remains a sensational project that you will hear a lot about anyway. Moreover, despite the faltering start, it still has a large community and investors who believe in this project.