BAYC: Otherdeed NFTs Are Currently Going for Nearly 4X Mint Price on OpenSea

The sale of virtual land plots in the “Otherside” metaverse, i.e. the sale of “Otherdeed” NFTs, took place on Saturday (April 30).

Bored Ape Yacht Club (BAYC) is an NFT collection and ecosystem developed by Yuga Labs. On March 19, Yuga Lans tweeted that an $APE-powered game — named “Otherside” — based on BAYC would be launched in April:

Then, on April 23, Yuga Labs announced that the Otherside land sale would take place on April 30:

On April 26, we got more details from Yuga Labs about the sale of land in the Otherside metaverse:

  • The mint will be exclusively in ApeCoin, though you’ll need some ETH for gas. You’ll want both in the wallet you used for the KYC.
  • Mint will be Dutch auction style, so the ApeCoin price will decline over time. The starting price of the Dutch auction will be announced later this week.
  • Only those who were KYC-approved can mint in the auction.
  • BAYC and MAYC holders, you’ll be able to claim an NFT for 21 days after the auction. You don’t need to be KYC-approved to claim, but you DO need to be KYC-approved to mint in the auction.
  • And before anyone asks: Whatever ApeCoin is earned from this auction will be locked up for one year. That means no voting with it in the ApeCoin DAO either.
  • The morning of 4/30, you’ll be able to pre-approve your KYCed wallet on https://otherside.xyz. This will allow the smart contract to use your ApeCoin to mint during the auction. BAYC/MAYC holders do not need to approve their wallets to claim — only to mint during the auction.

The Otherside website provides useful information about the sale of land plots in the Otherside metaverse:

  • The Otherside contains 200,000 unique plots of land that can be claimed with Otherdeeds when Otherside launches. The first 100,000 Otherdeeds are available on April 30, 2022. The biomes featured in the next 100,000 Otherdeeds have yet to be revealed.
  • The start date/time for the Otherdeed mint was set to 9pm ET on April 30. The mint price was set to 305 ApeCoin per Otherdeed. 55,000 Otherdeeds were made available for purchase by KYCed wallets.

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At the time the sale started, i.e. 01:00 UTC on May 1, on FTX, $APE was trading around $19.36, which meant that the mint price for one Otherdeed NFT was 305 x $19.36, or roughly $5,905.

Currently (as of 9:50 a.m. UTC on May 1), $APE is trading around $17.61 and ETH is trading around $2,766.

Now, if we look at NFT marketplace OpenSea — which announced on April 30 that it had started accepting $APE for the secondary sales of Otherdeed NFTs — you will see a floor price of 7.79 ETH, or roughly $21,547.

And this is the cheapest Otherdeed NFT you can buy at the moment on OpenSea:

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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