Yuga Labs’ ApeCoin is trading at an all-time high ahead of Otherside’s NFT sale scheduled for Saturday. Although unconfirmed, NFTs will likely be plots for the Otherside metaverse.
The launch of Otherside is approaching
This Saturday, those who pre-registered at somethingisbrewing.xyz before April 1 can participate in the first strike for Otherside, a new Metaverse launched by Yuga Labs, creator of Bored Ape Yacht Club. NFTs will likely be lands in the Metaverse Otherside, but Yuga Labs hasn’t explicitly confirmed this.
Although details are still scarce, the official OthersideMeta Twitter account confirmed that those who have pre-registered their Ethereum wallets and intend to participate will need to pay using the recently launched ApeCoin. Furthermore, the mint will use a Dutch auction format, with the price starting at a high level and gradually decreasing over time until all NFTs are sold.
Friends, we are happy to launch an AirDrop BAYC-LAND to celebrate the launch of the OthersideMeta for the whole community!
🔑 Check out the BAYC Land AirDrop site to claim: https://t.co/tkMDroibkM
-First come, first serve!
-Only gas fees.
The adventure begins. pic.twitter.com/kiDiLqAFEl
— OthersideMeta (@Otherside__Meta) April 23, 2022
Since the launch of ApeCoin on March 17, the token has seen strong price fluctuations. Shortly after launch, it bottomed out at $6.21, but bounced back strongly. Since April 21, ApeCoin has made a series of new all-time highs and is currently trading at $20.40.
The recent rise of ApeCoin has propelled it above other Metaverse tokens such as MANA from Decentraland and SAND from The sandbox. APE currently has a market cap of over $5.7 billion, making it the 28th largest cryptocurrency.
Besides ApeCoin’s new highs, Yuga Labs’ NFTs are also trading at record highs on OpenSea. The floor price of Bored Apes has risen to over 140 ETH, up 40% in the past 30 days. Mutant Monkeys saw a more significant price increase with a 70% increase from last month.
Much of ApeCoin’s recent rise can be attributed to the impending NFT Otherside coin minting. What users will hit on Saturday has yet to be confirmed; however, a leaked pitch deck from Yuga Labs strongly suggests that the currency will be for land plots in the Otherside metaverse. The presentation states that Yuga Labs will sell 200,000 plots of land from Otherside, of which 30,000 can be claimed for free by NFT holders of Bored Ape and Mutant Ape, 70,000 will be allocated to an initial public sale, and the remaining 100,000 will be reserved for later sale.
Each NFT will not only correspond to a land in the Otherside metaverse, but can also contain natural resources, rare artifacts and one of 10,000 NFTs“Koda“, the latest additions to the Bored Ape Yacht Club universe.
Speculation is rife that a dedicated NFT marketplace is also set to go live alongside the NFT Currency and will exclusively trade new NFTs. As those who pre-registered for the air drop had to provide verification of their identity, some argued that this would only have been necessary if users could profit from selling NFTs directly on the platform. YugaLabs.
Although the minting is scheduled for 7 p.m. (France) on April 30, Yuga Labs has not yet announced the starting price of the Dutch auction or the number of NFTs each wallet will be able to mint. The uncertainty of how much ApeCoin is needed has likely led many miners to hoard large amounts to ensure they won’t miss out. Whatever happens on Saturday, the Otherside mint will likely be the talk of the NFT space this weekend.