Yuga Labs is continuing to contribute to the development of Web3 by presenting its Metaverse.
Yuga Labs are the creators of the legendary Bored Ape Yacht Club (BAYC) NFT-collection. It seamlessly connects with the company’s other NFT developments.
About Otherside Metaverse
Not all aspects of the project are currently public knowledge. The developers of Yuga Labs have only revealed the project’s general framework. It discusses the ramifications for users and the crypto community at large.
A new RPG world framework will build the new Metaverse. It will be interoperable with Yuga Labs’ and its partners’ other elite NFT projects. Current users are particularly interested in Mutant Ape Yacht Club, CryptoPunks, and Cool Cats. It confirms the emergence of a distinct community.
The Metaverse tells a compelling story to pique the interest of possible newcomers to the community. An ape gets exposed to an entirely new realm known as Otherside while fishing.
Furthermore, its current attitude is that the Metaverse’s functionality and potential benefits are not limited to Bored Ape Yacht Club elite members. It may also be available for other NFT fans at the same time.
Despite the fact that several key elements about the project remain unknown, there is a lot of interest in it right now. It predicts a strong likelihood of fast growth in the months ahead.
On April 30th, Yuga Labs opened up minting for Otherside’s NFTs on their official website. To mint for NFTs, a flat rate of 305 APE has created.
The demand for ApeCoin efficiently stimulates in this way. Because ApeCoin is an ERC-20 token, users must also have some ETH on hand to cover gas costs. The project’s execution resulted in a significant spike in gas fees on the Ethereum network.
Such disproportionately high gas fees highlight some lingering scalability issues in Ethereum’s network. Although its developers promise that these will be rectified in the near future after Ethereum 2.0 is implemented.
At the same time, the members of the Bored Ape Yacht Club have a significant impact on market rates. It demonstrates the project’s important role in spreading crypto assets within the Web3 ecosystem. To participate in the minting process, Yuga Labs also asked all participants to meet KYC criteria. Members of the BAYC and MAYC Clubs have 21 days following the auction to collect NFTs.
Plans for Virtual Land
Crypto community members are speculating on the potential of buying land in the new Metaverse. It is one of the most important avenues for long-term benefit from the project’s development.
There are currently no formal confirmations of virtual land purchase alternatives. However, unofficial reports indicate that 200,000 virtual land plots might sell for 1 ETH each. Yuga Labs’ developers can differentiate each piece of property by its location, natural resources, and other characteristics. In this way, future price formation could be more flexible, reflecting variances in the features of land plots.
Although the NFT drop proved successful, Yuga Labs may need more time to provide its consumers with a fully functional game. Taking the Sandbox and similar Metaverse initiatives as an example, addressing all technical issues could take several months.
Yuga Labs, in any case, is effective in increasing consumer demand for its NFTs. It also has additional financial and reputational advantages. In recent days, numerous frauds have surfaced, emphasizing the need of only following official websites and information channels.
There are substantial pricing ramifications for ApeCoin, in addition to Otherside’s quick surge in popularity. APE has made it into the top 30 coins in terms of market capitalization. Its price climbed to an all-time high of over $27 before rapidly reversing.
At the current price of $15, APE has a strong base of support. It has the potential to keep the token from falling further. After reversing the current local trend, the first big target is $18, with $24 as the second resistance level. Overall, APE has a good chance of breaking through its previous highs in the next months. This is assuming that Otherside’s project progresses as planned.