On April 30th, the digital land sale of The Otherside crashed Ethereum. Due to the hype, $175 million was wasted in gas fees in just 24 hours. The Otherside Metaverse is the most anticipated project of 2022 and marks Yuga Labs official entry into Metaverse.
But what gives TOS the edge to become the market leader in a multi-billion dollar Metaverse category? Let’s dive in!
- Yuga Labs connections and market moves:
Firstly, Yuga Labs is backed by the biggest businesses in the world. For example, in March 2022, Yuga raised $450 million led by Andreessen Horowitz. Other notable investors included Coinbase, Animoca Brands, Samsung, and Google Ventures. With a total value of $8.1 billion, Yuga holds 43% of Ethereum’s top 100 collections. 3D models of Yuga NFT collections will be ready to go as playable characters when The Otherside Metaverse launches.
Yuga Labs is also actively working with Improbable, a British Metaverse company which has been around since 2012 and has raised more than $500 million in multiple funding rounds. Yuga Labs will utilize Improbable’s M2 square technology to allow thousands of players to gather in the same space at the same time.
Improbable has been around for almost a decade, building virtual world infrastructure and games with companies like Google and Epic Games. Yuga’s partnership with Improbable will be a big factor in delivering a Metaverse which is an intuitive and enjoyable experience for the end consumer.
- The dynamic nature of Otherdeeds:
Yuga Labs launched the virtual land known as Otherdeed for its Otherside Metaverse in April 2022. But what’s notable about these virtual plots is that they are regarded as dynamic NFTs. This means that each piece of land is designed to evolve according to what you choose to do in the game.
Kodas are the most uncommon traits found on Otherdeed land, as they reside on just 10% of the Otherdeed plots. Kodas are the “primal beings that have ushered us into the Otherside” and the reason for their existence is a mystery.
3. A transactional ecosystem making use of $APE:
Apecoin ($APE) is an ERC-20 utility token built by the Apecoin DAO community. It will be the only currency that can be used for transactions on The Otherside marketplace, known as the Agora.
Apecoin heavily strengthens The Otherside narrative, as it is the de-facto currency for all future Yuga Lab projects and a purchase currency for Animoca Brands’ popular game, Benji Bananas. Apecoin is the top cryptocurrency in the Metaverse category, and its use makes Otherside work in perfect harmony with all other projects from Yuga Labs and Animoca Brands.
Conclusively, TOS Metaverse is one of the strongest projects in terms of its team and venture capital funding. The product seems to be appealing and it is building an ecosystem which is interoperable and intuitive for developers and consumers alike. It would be interesting to see what the future holds for The Otherside Metaverse!