This week, prices for non-fungible tokens (or NFTs) from the Bored Ape Yacht Club (or BAYC) collection are skyrocketing due to the highly anticipated launch this Saturday (30) of Otherside, the upcoming metaverse game. from Yuga Labs. As a result, NFTs built on Ethereum reached a new “low” price record. As of Friday afternoon, the cheapest Bored Ape available for purchase is listed for 146 ETH (equivalent to US$412,000 or just over R$2 million) on the OpenSea market. It is the most inflated floor price to date, according to data compiled by the NFT Price Floor website — and this is true for both ether (ETH) and dollar denominations. (Image: NFT Price Floor) According to the site, last week the minimum price for a Bored Ape was 123 ETH (or about $367,000). The price of ETH has dropped by around 5% in the last week.
The adventure begins. Otherside. 4/30, 12pm ET. PS Otherside Discord is open: https://t.co/ZPj7nbyBePhttps://t.co/jL61iSy97d— OthersideMeta (@OthersideMeta) April 23, 2022
This week, Yuga Labs announced that owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club collections could redeem an NFT (called an “Otherdeed”) on the Otherside within 21 days of initial issuance, which will begin this Saturday night. ). The expectation is that these “Otherdeeds” will represent a kind of virtual terrain in Otherside, as well as in The Sandbox and Decentraland games. About 55,000 Otherdeeds NFTs will also be sold to wallet holders who have completed customer identification (or KYC) checks in recent weeks on the Otherside website preview. Each NFT will be sold for 305 apecoins (APE), equivalent to more than US$6,500. If all NFTs are sold, 16.7 million APE (or $369 million) will be raised, based on the current price of the token ($22). The APE price has also skyrocketed this week on the Otherside NFTs “airdrop” as the token’s value has soared by 50% in the last week, according to data from CoinGecko.
Property
An NFT acts as an ownership agreement over a digital item, be it a profile picture, video file, or video game item. The broad NFT market had $25 billion of trading volume in 2021 and Bored Apes have emerged as one of the biggest projects in the industry. So far, all of the Bored Apes’ NFT collections have generated around $3.75 billion of total trading volume to date, according to CryptoSlam. Bored Apes NFT owners have received additional benefits since the project launched a year ago at a minimum price of 0.08 ETH (less than $200 at the time). They have since received free NFTs from the Mutant Ape Yacht Club and Bored Ape Kennel Club collections, received a free amount of APE and will also receive an Otherdeed. Additionally, the value of Bored Apes NFTs has exploded and owners can use their primate’s intellectual property rights in their own projects and products, such as in virtual bands and restaurants. Yuga Labs is now valued at $4 billion after recently raising $450 million from various crypto companies and celebrities. Additionally, the startup acquired the intellectual property rights to the popular CryptoPunks and Meebits from Larva Labs, the original creators of both collections. These and other properties from across the NFT industry will also feature on Otherside, which is being developed with metaverse investment firm and game publisher Animoca Brands. *Translated by Daniela Pereira do Nascimento with permission from Decrypt.co.
