BAYC (Bored Ape Yacht Club) metaverse project ‘Otherside’ has announced the beginning of land auction from April 30 i.e. approaching Saturday onwards. The project will go to launch in partnership with the parent brand company Animoca Brands.
Yuga Labs is the sole creator of the blockchain-based virtual world ‘Otherside‘. After the lavish success of popular NFT collections like Bore Ape Yacht Club, and Mutant Ape Yacht Club, it is hoping for a spectacular return from the upcoming auctions. In the month of March, Yuga Labs raised $450 million in the seed round funding for the ‘Otherside’ metaverse project led by Andreessen Horowitz at an evaluation of $4 billion.
According to the latest post by the official Twitter account of ‘OthersideMeta’, the users are required to go through a KYC process for approval. Only after the approval, the users will be able to mint the NFTs using their ApeCoin (APE). Also, the visitors must get their cryptocurrency wallets pre-approved before April 30 to save on gas fees prior to the launch.
Know more about ‘Otherside’
The process of selling the land plots will start in decreasing order i.e. the auction will start from the highest pricing and will move towards the lowest pricing of the lands. This process of auction is based on the Dutch Auction process. In order to participate in the bidding process, the users must have ApeCoin (APE), which is the native cryptocurrency of the ecosystem.
Also, all the users are encouraged to keep some Ethereum (ETH) as well in their crypto wallets as there might be some applicable gas fee for the transaction of Ethereum blockchain-based NFTs.
The process of KYC will ensure that no malicious attackers participate in the auction and metaverse remains safe from the rising scams. However, it is suggested that for any details and updates, users must follow the official website, and social media site with a blue tick next to it, to avoid confusion and spam activities.
According to the announcement, there are a total of 100,000 non-fungible tokens (NFTs) available on ‘Otherside’. While 70,000 of them have been reserved for the minting purpose, the remaining 30,000 have been pre-arranged for BAYC and MAYC holders. After the visitors complete KYC, they will be able to buy land during the auction process. The BAYC and MAYC holder will get the opportunity only when the auction ends.
In addition, the APE coin collected from the auction of the land sale in the ‘Otherside’ metaverse will be locked for one year.