ApeCoin, developed by Yuga Labs, is trading at all-time highs ahead of Saturday’s Otherside NFT auction. The NFTs are thought to represent land parcels for the Otherside Metaverse.
The subsequent major development in the universe of the Bored Ape Yacht Club is just around the corner.
Participants can take part in the first mint for Otherside, a new Metaverse being launched by Bored Ape Yacht Club founder Yuga Labs, can join today if they pre-registered on somethingisbrewing.xyz before April 1st. The NFTs represent Otherdeeds, 55k plots of land that will be available for sale.
The Otherside metaverse and apecoin
ApeCoin’s price has shown fluctuations ever since its debut on March 17th. It dropped to an all-time low of $6.21 shortly after its introduction but swiftly recovered. ApeCoin has marked new all-time highs since April 21 and is currently trading at $22.
ApeCoin has recently risen above rival Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND. APE has a market capitalization of about $5.7 billion, making it the 28th most valuable cryptocurrency.
Yuga Labs NFTs are also selling at record values on OpenSea, in addition to ApeCoin’s new highs. The floor price of Bored Apes has risen by 40% in the last 30 days to approximately 140 ETH.
Mutant Apes has suffered a more severe price hike, with the most affordable specimens now costing 37.5 ETH, up 70% from a month ago.
The upcoming Otherside NFT mint is responsible for much of ApeCoin’s recent surge. There is talk that a special NFT marketplace will launch simultaneously as the NFT mint, allowing for exclusive trade of the new NFTs.
Some have claimed that requiring know-your-customer identification for individuals pre-registered for the NFT drop would only have been essential if users expected to benefit by selling NFTs directly through Yuga Labs’ platform.
The land known as the Otherdeeds will be for sale. For 305 APE per plot, each piece of land will be accessible. For customers who have completed KYC, a total of 55k land plots will be available for purchase.
Instead of going to the Dutch auction, the team chose to sell Otherdeeds for 305 ApeCoin. The researchers predicted that the Dutch auctions would fail to stop the gas wars in these hotly contested mints.
As a result, instead of Dutch auctions, sales will occur in waves. One KYC’d wallet may only mint 2 Otherdeeds in every wave. The crew will begin wave two once the gas price has stabilized.
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