Yuga Labs, the team behind the well-known NFT collection Bored Ape Yacht Club, amazed the Twitter community on March 19 with a teaser of a forthcoming virtual world named the Otherside.
Until now, the video has gathered over 2.7 million viewers and has aroused high expectations among the community.
The team has just shared additional details on the metaverse’s launch before the end of April, as well as a few important remarks about the Otherside’s next stages.
Here Comes Otherside
According to the April 23 updates, Yuga Labs has stated that the release date of Otherside is set for April 30 at 12pm ET. Otherside’s official Discord channel was also published, allowing users to join, follow, and chat with one another.
The announcement refuted previous rumors. Otherside was not set to be released on April 20th, World Cannabis Day. Nonetheless, the official announcement came on a significant day – the one-year anniversary of the launch of BAYC.
Those who want to participate in the land auction must go to the link attached to the announcement and go through the Know Your Customer (KYC) verification process.
The sale of NFT land is an important part of the project. Each metaverse plot has its own set of features, such as natural resources, artifacts, and rare characters. In total, 200,000 plots are available for purchase between March and August.
KYC is a term that is frequently used in business operations. In the financial and banking industry sectors, this is the process of verifying the identity of customers.
The goal of this procedure is to ensure that the clients that join up are genuine individuals. KYC is not a widespread practice in NFT settings because NFT is still in the gray zone.
KYC Isn’t Right For NFTs
The use of KYC in the customer verification process is critical since it assures that all applicants are legitimate clients.
Customers who do not satisfy the basic qualifications may be denied an account or have their cooperation suspended. Customers are required to supply accurate and detailed information to guarantee that they are not involved in corruption, bribery, or money laundering.
This weekend’s auction, unlike previous ones, will accept bids in apecoin, a cryptocurrency tied to the Bored Ape NFT ecosystem.
Another post from Otherside revealed that existing Bored Ape and Mutant Ape NFT holders will be able to claim the land NFTs, saying, “BAYC and MAYC holders, you’ll be able to claim an NFT for 21 days after the auction.”
It remains unclear whether an airdrop will take place.
Good Luck With Enforcement…
Previously, the owner of three of the market’s largest NFT brands raised $450 million, raising the company’s valuation to $4 billion. The funds will be used to develop a media strategy centered on NFT, beginning with its own games and metaverse projects.
The successful funding comes only weeks after Yuga Labs made a significant move to consolidate the NFT space by acquiring CryptoPunks and Meebits from Larva Labs.
The acquisition brings together three of the most valuable NFT collections and provides Yuga Labs with a wider IP list as it develops its game plans and metaverse.
Along with the other announcements, the business also released ApeCoin, an APE coin that will be maintained independently and utilized as the principal money in Yuga Labs assets.
ApeCoin has a high-profile advisory board that includes numerous well-known people, including Reddit co-founder and 776 investment fund creator Alexis Ohanian, FTX Ventures manager Amy Wu, and Animoca founder Brands Yat Siu.
It’s harder to deny the reality that venture capitalists and crypto influencers are quite optimistic about the project’s prospects.
Yuga Labs CEO Nicole Muniz stated that the company is collaborating with numerous other game developers to bring Otherside to life.
The game will not be restricted to Bored Ape owners, and the business intends to provide development tools that will allow NFTs from other projects to engage in their universe.