Yuga Labs, the startup behind the Bored Ape Yacht Club, will unveil the next element of its NFT empire on Saturday, when it begins selling virtual land in a metaverse project called Otherside.
Why is this important: The Otherside launch could mark the biggest NFT release in the fledgling market’s history, with the potential to bring in around $375 million from the initial sale alone.
The context: According to industry tracker Nonfungible, the highest single-day mark for NFT sales volume this year was $160 million for the overall market.
- The sales volume record was set last August at $418 million, and there are strong signs that Otherside will eclipse that.
Details: The Otherside land supply is made up of 100,000 NFTs called Otherdeeds, of which 55,000 will go on sale starting Saturday at 9 p.m. ET.
- The sale will be made using apecoin, the Yuga Labs cryptocurrency token released last month – but buyers will also need to hold ETH for gas fees.
- Each wallet will be able to mint two Otherdeed NFTs at the start of the sale, but the number available to mint will increase over time depending on gas fees and network conditions.
- The other 45,000 acts will presumably be made available to Yuga Labs employees, investors, partners, and Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders.
By the numbers: Each other act will be sold for 305 apecoin (~$6,800). The estimated $375 million total from the initial land sale excludes what Yuga Labs might do in the secondary market.
- Yuga Labs said that all apecoins earned from the sale will be Locked for a year, which could drive up the price of the token by further limiting supply.
To note: Previous virtual earth projects include Decentraland, The Sandbox, and Cryptovoxels, but none have launched with the kind of cultural mind-sharing that Yuga Labs has built.
What we are looking at: With a minimum of two Otherdeeds available for each wallet, there will be unprecedented secondary sales as new holders flip these NFTs for a quick profit to those unable to participate in the initial sale.