Topics Metaverse
Bybit Learn
Bybit Learn
Apr 1, 2022

What Is Otherside: Everything To Know About the Bored Ape Metaverse

"See you on the Otherside in April," tweeted Yuga Labs on March 18, 2022. This set off a firestorm of activity as more than 1.8 million excited gamers watched the attached teaser trailer that debuted the Bored Ape metaverse. But what exactly is Otherside? We're going to explore this below, along with the many ways that Yuga Labs has decided to utilize NFTs. Strap in tight — because it's going to be a wild ride!

What is Otherside?

Otherside is a 3D metaverse that appears to offer a gaming format for Bored Ape NFT holders. Created in partnership with Animoca Brands, Otherside will be powered by ApeCoin.

Bored Ape Yacht Club (BAYC) members have been invited to hang out in Otherside when it launches in April. This has attracted a lot of interest, especially as it was announced one day after Yuga Labs debuted their ApeCoin (symbol: APE). Available on every major crypto exchange, ApeCoin will reportedly play a major role in the Bored Ape metaverse.

The stage was set in the teaser trailer, which showed the main Bored Ape character fishing to the tune of "Break on Through (to the Other Side)" by The Doors. He catches a bottle that initially seems to say, "Drink Me." However, once he does, the bottle's full text is revealed to read "Don't Drink Me."

This reference to Lewis Carroll’s Alice in Wonderland provides some information about what's to be expected from the Bored Ape metaverse. What's up should be down, what's big should be small — and each player should be able to take advantage of these things to create the land they truly desire. If this sounds exciting to you, well, you're far from alone.

Back to the video, we spend the next minute seeing the Bored Ape ecosystem contort and change into Otherside. Our cigar-smoking NFT hero is then literally whisked away on a wild flight across the BAYC metaverse. The trailer showcases a whole host of NFT characters, including Bored Ape, CryptoPunks, Mutant Apes, The Meebits, Cool Cats, CrypToadz, World of Women, and Nouns.

So, what's the purpose of all of this? Yuga Labs intends their Bored Ape metaverse to be an MMORPG that will connect the broader NFT universe. In other words, this seems to be a huge hint from Yuga Labs that now might be the time to get into NFTs if you haven't done so yet.

What Do We Know About Otherside?

There isn't much that is officially known about Otherside. Fortunately, a recent pitch deck leak has filled in many missing details. It's possible that some of what follows won't end up in the BAYC metaverse, but the odds are high that the majority of it is correct.

One of the defining parts of Otherside is how Bored Ape plans to monetize it. Not only will ApeCoin be the in-game currency but they're also planning the sale of land tokens. The good news is that land and customizable NFT avatars can be purchased with ApeCoin. So, if you've already invested in ApeCoin, you're good to go! If not, now may be the time to invest.

According to the pitch deck, Bored Ape indicates that "We want to build something that expands the universe of the BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join." This has understandably made fans of NFTs pretty excited, especially when you consider that the ground floor price to join the BAYC is currently around $300,000.

Partnerships and Memberships

The partnership between Bored Ape and Animoca Brands will possibly provide integration with The Sandbox. For those who don't know, The Sandbox is a mobile game that was initially released on May 15, 2012, by the mobile games studio Pixowl. When Pixowl was acquired by Animoca Brands in 2018, they used The Sandbox's name to launch a blockchain-based 3D open world game.

Since then, The Sandbox has made its name by selling virtual land plots to players. They’ve also had celebrities promote the game by giving people such as Snoop Dog and Richie Hawtin virtual land. All of this has led to the creation of The Sandbox metaverse, which is currently in the alpha stage. One gamer even paid an estimated $449,766 to become Snoop Dog's virtual neighbor.

Will the Bored Ape ecosystem do something similar? It seems likely. After all, Justin Bieber has a crying ape NFT that cost him $1.3 million. Other celebrity fans of Bored Ape NFTs include Jimmy Fallon, Paris Hilton, Eminem, Mark Cuban and Shaquille O’Neal. There are also rumors that Elon Musk recently bought a Bored Ape NFT, despite his mocking NFTs publicly.

Rising Interest, Rising Prices

How much will people be willing to pay to become virtual neighbors with Justin Bieber and the rest? Only time will tell, but it's certain to be part of the $356 million that Yuga Labs hopes to raise between two different land sales in 2022. The Bored Ape ecosystem appears to be ready to host a wide variety of people — and we can guarantee that celebrities will play their part.

Even before the BAYC metaverse was announced, the Bored Ape NFT collection had brought in more than $1 billion. Now, with the Bored Ape metaverse being close to release, these non-fungible tokens are well-poised to trade for a much higher amount.

The main goal of the Bored Ape metaverse is to build an overarching platform where in-game skins and mini-games can be developed. This could provide a lot of value to Bored Ape NFT holders, who will soon be able to explore everything the BAYC metaverse has to offer. If the Bored Ape ecosystem becomes a proven commodity, it has the potential to become a much bigger environment than other similar virtual spaces.

For instance, one existing metaverse, Decentraland, has had many growing pains. As of 2021, there were only around 1,600 users, and many of these may no longer be active. Although Decentraland was able to raise $26 million during their 2017 initial coin offering, their 3D metaverse has been widely criticized for its long loading times and poor moderation.

If the Bored Ape metaverse has paid attention to the debacle that was Decentraland's 3D release, they've likely taken steps to ensure their product will be better received. It's well-known by now that you can't simply put land plots into a virtual space and have them succeed. This means that the BAYC metaverse must provide something of real value to keep people logged in.

What to Expect

While we don't know exactly what type of value will be offered, the teaser trailer alone gives us hope. It looks like the Bored Ape ecosystem will give players a wide array of customizable options for their virtual land — as long as they're willing to shell out some ApeCoin, that is.

If you've been on the fence about purchasing NFTs, the Bored Ape metaverse may be exactly the push you need. It certainly wouldn't hurt to purchase some ApeCoin, which has had a magnificent run lately. This indicates consumer confidence in the rollout of the BAYC metaverse.

There's also the news that Yuga Labs has engineered a huge deal with Larva Labs. As we now know, this will give the BAYC metaverse access to The Meebits and CryptoPunks NFTs, which used to be owned by Larva Labs. When the deal was announced, a new valuation of Bored Ape came out that placed them at a whopping $5 billion.

Another thing worth noting is that Bored Ape has basically become the poster child for NFTs. No matter what you think about them, it will soon be impossible to have a discussion about NFTs without Bored Ape coming into it. This puts the BAYC metaverse in a great position to break records in terms of how many users participate. If this does happen, you won't be able to go anywhere without hearing about the BAYC metaverse — which may ultimately be the entire point.

Whether you personally like the Bored Ape metaverse or not, you have the opportunity to pick up some NFTs that could be worth a lot more money soon than they are now. Remember: These NFTs can be held or traded, and the BAYC metaverse stands to make NFTs more popular than ever. All signs indicate that this product launch will go more smoothly than Decentraland, and we can't wait to dig in!

The Bottom Line

Is the Bored Ape metaverse worth joining? We can't say one way or the other until we get our hands on it. However, from what we've seen of the Bored Ape ecosystem, it looks like it'll be a big hit. Soon, you'll be able to use your Bored Ape NFTs in a new way, including creating land that's for your virtual usage. If the final product plays as well as the teaser trailer, there's no way you can lose.