Yuga Labs, the brand behind Bored Ape Yacht Club (BAYC), announcement Monday the launch of its Otherside metaverse. The project will be launched on April 30 in partnership with Animoca Brands.
The Otherside Adventure will begin on 4/30 at 12 p.m. ET, only at https://t.co/UWRD4dOC9H. KYC at https://t.co/mbSVzDX9tp was scheduled to participate in Saturday’s mint – only those who KYCed can participate. More details in the ?.
— OthersideMeta (@OthersideMeta) April 25, 2022
From April 30, people who have completed “know your customer” (KYC) forms – an identity verification process – will be able to start buying land. BAYC and Mutant Ape Yacht Club (MAYC) holders who have not completed KYC will need to wait until the end of the auction to claim their metaverse land. The land offering totals 100,000 non-fungible tokens (NFTs), of which 70,000 will be reserved for the Mint while 30,000 will be reserved for BAYC and MAYC holders.
The Otherside land purchase process will be in the form of a Dutch auction, which means that the price will start at its highest and decrease over time. The land will be exclusively for sale through ApeCoin ($APE), the ecosystem’s native token that was released just over a month ago. Users will still need Ethereum to pay gas fees (network fees), as NFTs are on the Ethereum blockchain.
$APE revenue from the sale of the Metaverse land will be locked in for one year. When purchasing the NFT from Otherside.xyz, users will be able to pre-approve their cryptocurrency wallets by April 30 to save on gas fees ahead of release day. The starting price for the Dutch auction has not yet been announced.
In other NFT news, the first digital sneakers from Nike and RTFKT have landed.