Yuga Labs’ upcoming metaverse The Otherside is gaining momentum as secondary market sales of its Otherdeed NFT land plots have now surpassed $1 billion. Here are the key details about the ambitious project and what it has to offer players.
As reported by NFTgators, the secondary market sales volume of Otherdeed exceeded $1 billion on August 10.
Earlier this month, Otherdeed became the fastest NFT collection to reach $1 billion in all-time sales. It is now ranked 7th on the list of highest-grossing collections.
Axie Infinity still holds the first spot with over $4 billion in all-time sales, followed by Bored Ape Yacht Club ($2.36 billion), CryptoPunks ($2.35 billion), Mutant Ape Yacht Club ($1.7 billion), Art Blocks ($1.2 billion), and NBA Top Shot (slightly over $1 billion).
— NFTgators 🐊 (@NFTgators) August 10, 2022
What are Otherdeeds?
- Otherdeed is a virtual plot of land in the form of NFT. It contains different game elements, including environment, resources, and artifacts.
- Around 10% of the Otherdeed land plots contain Kodas, mysterious unique creatures living in The Otherside metaverse. It is the rarest award that can be found within the NFT.
- According to OpenSea, the floor price of one Otherdeed is 2 ETH (around $3,658).
- Otherdeeds are also dynamic NFTs, meaning that traits of each virtual land plot can change depending on what The Otherside players do in the game.
- So this feature creates a secondary marketplace for these NFTs, allowing users to resell them after endowing them with new traits.
What is The Otherside?
- Otherside is an upcoming metaverse project built by Bored Ape Yacht Club creator Yuga Labs and Improbable.
- The latter is a British tech company providing other companies with tools for building virtual experiences. It also has been selling its first-party game studios for a while now to make a shift towards the metaverse.
- Improbable will develop The Otherside on M², its own network for building metaverses and other Web3 virtual experiences.
- Thanks to this technology, Yuga Labs’ metaverse is said to support over 10,000 concurrent players who will be able to interact with each other in the virtual environment.
- Yuga Labs also partnered with Animoca Brands and secured financial backing from a16z for The Otherside.
- To enter this metaverse, a user will have to purchase one Othedeed. However, it is still unclear what The Otherside’s gameplay will actually look like.
- Players will be able to own their virtual lands, explore territories, harvest resources, and search for rare artifacts and characters.
- Yuga Labs plans to launch The Otherside publicly in the near future. So it is interesting to see what the future holds for this metaverse project.