Bored Apes Yacht Club Launches its Metaverse ‘Otherside’ This Week
Yuga Labs, the company behind BYC (Bored Ape Yacht Club), announced the opening of their metaverse ‘Otherside’ on Monday. The initiative will debut on April 30 in collaboration with Animoca Brands.
People who completed the "know your customer" (KYC) forms – an identity verification process — will be eligible to begin purchasing land on April 30. Holders of the BAYC or the Mutant Ape Yacht Club (MAYC) who did not complete a KYC will have to wait until the auction is over to acquire their metaverse land. The entire land supply is 100,000 non-fungible tokens (NFTs), with 70,000 set aside for the mint and 30,000 set aside for BAYC and MAYC holders to claim.
Otherside land will be purchased through a Dutch auction, which means that the price will begin at its peak and gradually decline. The land will only be available for purchase using ApeCoin ($APE), the ecosystem's native coin, which was recently launched. Not neglecting that users will still need some Ethereum to pay for gas fees (network fees) as the NFTs are going to be deployed on the Ethereum blockchain.
The $APE revenues from the sale of metaverse land will be locked for a year. Users will be able to pre-approve their cryptocurrency wallets when purchasing the NFT on Otherside.xyz from now until April 30 in order to save on gas expenses before the release date. The Dutch auction's starting price has yet to be set.