Under parent company Yuga Labs, Bored Ape Yacht Club recently announced plans to launch its very own Metaverse dubbed Otherside.
Set to hit the scene in partnership with Animoca Brands, Bored Ape Yacht Club and Mutant Ape Yacht Club holders that have already completed the company’s “know your customer” (KYC) forms will have first crack at buying land within Otherside. Those who have yet to do so will be forced to sit sidelines until the auction is fully complete.
Of the 100,000 non-fungible tokens that make up the total land supply, 70,000 will be reserved for the actual mint process, while the remaining 30,000 will be available to all BAYC and MAYC NFT holders.
The procurement process to secure Otherside land will take the form of a Dutch auction, in that the price will start off at its highest point and gradually decrease over time. Interested parties will have to purchase land via Yuga Labs’ own native token called ApeCoin ($APE), however, will still need to use Ethereum to pay for gas fees.