Otherside Yuga’s Potential Jackpot
Yuga Labs, the creators of the Bored Ape NFT project, are set to make a fortune from the sale of the lands on its metaverse project- Otherside. The company is floating an auction of about 55,000 Non-fungible tokens (NFT) deeds of land from its new project Otherside. The sales of the land could rake in about $400 million to the company.
The auction of lands in the project will go live today, April 30. And only whitelisted addresses with KYC-approval will be able to mint. The estimated revenue was calculated based on the price of land, which is 305 ApeCoin ($APE). The current value of $23.94 for one ApeCoin ($APE) pegs that at $7,300. From this calculation, if all the lands are sold, Yuga Labs and its partners will rake in $400 million.
Few days ago, Yuga Labs announced ApeCoin as the token for the purchase of land. Ever since the token has witnessed a sharp rise in value. But this is expected to experience some price corrections after the euphoria of the auction.
Although Otherside has not yet proved its worth in gaming experience, the expectations are high for it. This also provides Yuga Labs the opportunity to broaden its horizon into the metaverse beyond its highly exclusive Ape NFTs.
The platform will incorporate other famous NFT collections like World of Women and Cool Cats. This is good news to holders of these NFTs because will be able to play within the game as their character. But some gray areas still remain in the game’s mechanics.
Otherside’s Success will Skyrocket Yuga’s Influence
Otherside’s potential success will skyrocket the influence of Yuga Labs in the NFT space. The company’s value was pegged at $4 billion after its Andreessen Horowitz-led funding round. This funding round included other partners such as Animoca Brands. Since then, Yuga has expanded its influence by purchasing the IP rights to Meebits and CryptoPunk NFTs from Larva Labs. The launch of ApeCoin via the ApeCoin DAO also followed this funding round before the launch of the Otherside gaming platform.
These improvements and developments have majorly affected the value of its Yuga’s initial collections- the BAYC and MAYC.