NFT’s have continued to take the heart and minds of investors. These marketplaces have shown real institutional interest and this recent sale is just another way that demand is showing. The applications of these worlds will expand the access to influencers and democratize social interaction through the metaverse.
Yuga labs is the company behind the Bored Ape NFT project. Yuga labs have been well funded with a recent seed round by Andreesen Horowitz and Sequoia Capital for $450 million dollars. This is no small feat as Bored Ape has managed to hold its value amongst fans globally. With celebrity holders, strong backing, and private events Bored Ape will continue to be a status symbol for many.
The world will be called ‘Otherisde’ and the sale involved tokens called ‘Otherdeeds’. This offering allows investors to take advantage of the pent-up demand for Yuga Labs’ projects. The implementations will enable owners of Otherdeeds access to buy the property or related items in the new ‘Otherside’. The impacts of this new ecosystem will be substantial for content creators and artists alike.
In the sale, there were 55,000 tokens priced at 305 Apecoins each. The value of 1 APE is $15 USD at the time of writing. This means there is an implied value of $4575 for each token giving the market cap of the project $251,625,000 as of today. That means the project so far has lost value but that is primarily due to the price reflection of Ape coin. With an unaccommodating fed these coins will continue to shrink in value. However, the core principles of human interactions will continue to push the virtual landscape forward. ‘Otherside’ has the backing to become the most powerful AR ecosystem in crypto
This recent sale wasn’t any normal fundraising effort. With the rise of platforms such as OpenSea the NFT market has democratized to the point where there is legitimate value in the market. The metaverse will have major web3 applications and Yuga labs is laying the groundwork for their world. With virtual land on a variety of blockchains clearing out by the day, the token sale will help keep capitalize on the outsized demand.
Digital marketplaces long-term will be where investors park their money. From institutional investors to retail it’s clear where the money flow is headed. NFT’s offer a new way for creators and influencers to access their fanbases. This will also increase the direct monetization between artist and fan. This is where web3 applications and NFT’s can have major impacts in the market. With recent upheavals in apps like Spotify, artists are increasingly looking for a new outlet to monetize their craft. However not much has come out about ‘Otherside’. I look forward to covering future events surrounding ‘Otherside’