BAYC – Pastel

Otherside is a metaverse world designed around the Bored Ape Yacht Club (BAYC) NFT collection.

“The Otherside” will offer a massive role-playing game where over 10,000 players can interact, complete missions, and voice chat simultaneously.

The Otherside NFTs were originally sold to BAYC holders and went on public sale on April 30, 2022. 55,000 land parcels were sold for over $300 million, though not without controversy. Due to high network usage, transaction fees were extremely high, and some transactions failed altogether.

In this article, we’ll look at what The Otherside is, how it works, its founders, how you can buy an Otherside NFT, and what happened during the land sale that caused a stir among Crypto Twitter.

What Is The Otherside?

The Otherside is a 3D massively multiplayer online role-playing game (MMORPG) focusing on the BAYC community. It’s designed to help expand the utility of the BAYC project, combining the benefits of BAYC with a range of other NFT projects.

Like other Metaverse projects, players can explore an open world, venture out on quests, buy, own and sell land, and harvest resources to potentially generate passive income.

There are four unique resources in the game: Anima, Root, Shard, and Ore.

Players can also find and collect “artifacts,” rare in-game assets.

The Otherside ecosystem consists of a marketplace for materials called The Agora, a unique arcade machine, and The Codex, which works much like a book telling the tales of The Otherside. In its basic form, The Codex describes the Metaverse. However, it continues to change and can be added by players describing their in-game experience.

As of January 2023, The Otherside is only accessible to landholders who own Otherdeed NFTs. These can be purchased on OpenSea and have a floor price of around 1 ETH – 1.5 ETH.

How Does The Otherside Work?

The Otherside operates using several components:

Unique playable NFT characters
Otherside Land NFTs
Kodas

Here’s how each works.

NFT Characters

To create diversity in The Otherside, a wide range of NFTs can be used as playable characters as long as the owner holds an Otherdeed NFT. This increases the number of players, as BAYC NFTs would price out many holders.

Otherside Land NFTs

Otherside land NFTs, also known as Otherdeeds, come in a wide range of unique land types offering a diverse range of terrains for players to explore. Land types include castles surrounded by lava, bone-chilling glaciers, psychedelic realities, and thousands of other options.

Each piece of land will have unique sediment, including rainbow atmos, biogenic swamps, chemical goo, cosmic dreams, and an infinite expanse. There are 200,000 land parcels, each of which will have one or more resources (Anima, Root, Shard, and Ore.)

Alongside its sediment, each Otherdeed land parcel will also have a range of unique traits, such as:

Environment
Resources
Artifacts
Sediment tier
Environment Tier
Kodas

This makes each plot unique, with resources determining the value and rarity of the land NFT.

Kodas

Kodas are a new series of NFT characters and will play an important role in The Otherside Metaverse. Initially, there will be 10,000 Kodas for every 100,000 Otherside Land NFTs, meaning players will have a 10% chance of owning one.

As of January 2023, Kodas remains somewhat of a mystery. There is currently no information on how players will interact with them, and their storyline remains a secret. Nonetheless, many investors believe the value of Kodas will surge in the future.

Who Created The Otherside?

The pioneer of The Otherside is Yuga Labs, the company that created ApeCoin and BAYC. They are supported by three developers: Andreesen Horowitz, Animoca Brands, and Improbable.

Andreesen Horowitz, also known as “a16z crypto,” is the venture-capital firm that led the first seed round for The Otherside. One of its partners, Chris Lyons, has since become part of Yuga Lab’s board for the project.

Animoca Brands is a venture capital and gaming software company. It already has prior success in the Metaverse, having helped build The Sandbox, and is now working on the funding and technology for The Otherside.

Improbable is a UK-based company pushing the boundaries of Metaverse technology. Using funding from Animoca, Improbable aims to create the largest, most secure, and most interactive platform across a range of virtual worlds.

How To Buy An Otherside NFT

You can buy Otherside NFTs on OpenSea.

Begin by creating an OpenSea account and connecting your wallet– MetaMask is the best option.

Once connected, search for Otherdeed for Otherside, ensuring the collection has a blue verification tick.

Search through NFTs based on traits and click “Buy Now” to make your purchase.

Land Sale Disaster

Despite being a highly anticipated project from a well-known NFT project, the initial Otherdeed NFT drop was a disaster for many investors. Before release, the majority of the 200,000 land plots available were reserved for the BAYC community, which immediately monopolized the market.

Only 55,000 land plots were sold publicly, with a mint value of over $300 million. This made the mint one of the most expensive of any Metaverse projects and immediately priced out many collectors.

Before the Otherdeeds sale, Yuga Labs announced they wouldn’t rely on a dutch auction, which is known for creating “gas wars” where fees are driven up until only the richest investors can buy into a project.

Instead, Yoga Labs planned to use a wave system to release their NFTs. Unfortunately, this was even less successful than a dutch auction. Upon release, thousands of investors swarmed the platform to buy an Otherdeed NFT. This resulted in extremely high minting fees, and several transactions failed as collectors couldn’t afford the gas fees. Consequently, investors who experienced failed transactions lost thousands of dollars.

By the end of the sale, only NFT investors with large amounts of capital could buy. Yoga Labs apologized for the incident and stated that in the future, they might need to move the BAYC ecosystem to another blockchain network to prevent similar problems.

Final Thoughts: Exploring Otherside’s Potential

The Otherside is an exciting spin-off of the BAYC brand and has the potential to take the community to new highs.

With many exciting features, interactive gameplay, and a storyline that will continue to develop, The Otherside could change how we interact with blockchain gaming.

However, despite its potential, The Otherside may be too expensive for everyday NFT gamers to get involved.

The fact that almost 75% of the total supply went to BAYC holders and investors were priced out of the remaining supply during The Otherside auction means that only a select few collectors can participate. If the project wants to thrive, it needs to consider the wider NFT community and create new ways for collectors to enjoy the Metaverse without a large initial investment.

Doodles is a collection of 10,000 PFP (profile-picture) NFTs featuring art by Burnt Toast. Burnt Toast is the artist name of Scott Martin, a Canadian–based illustrator, designer, animator, and muralist.

Minted on October 17th, 2021, Doodles come in a wide range of colors, sizes, and traits, with each owner having the right to vote for experiences paid for by the Doodles Community Treasury.

Since its release, Doodles has become one of the most successful NFT collections worldwide, with a sales volume of 150,000 ETH and a current floor price of 7.95 ETH ($10,235.)

Doodle’s vision is to revolutionize media and entertainment through Web 3, impacting industries such as gaming, music, and real-life events through Doodle NFT avatars.

This article will cover what Doodles are, how Doodles work, the founding of the Doodles, and the project’s future.

What are Doodles?

Doodles is a colorful hand-drawn collection of 10,000 NFTs designed by Burnt Toast.

Each NFT represents a playful character showcasing unique animal costumes, hairstyles, and accessories such as sunglasses. The collection includes non-human characters, including apes, skeletons, cats, and pickles.

In total, there are 100 different traits that influence the rarity and price of each NFT.

The rarest traits include devil horns (0.43%), 60’s sunglasses (0.22%), and a Holographic space background which belongs to only one Doodle.

On September 13th, 2022, Doodle raised $54 million at a funding round led by Seven Seven Six, with a valuation of $704 million. Despite being valued amongst projects like Bored Ape Yacht Club and CryptoPunks, the Doodles NFT price stayed the same.

However, the funding has provided Doodles with the financial leverage they need to expand their project. According to the team, the funds will be used to “acquire a world-class team of engineers, creatives, marketers, and business executives.” It will also be used to promote the project, influence other areas of DeFi, and fund Doodles 2, which we’ll cover later in this article.

How Do Doodles Work?

Doodles is a community-driven project launched to “bring joy to everyone who sees them.” Since its initial release, the project has released additional NFT collections, sold Doodles merchandise (though this is currently only hold), and held live events, all exclusive to Doodle holders.

Holders have power over how the Doodles Community Treasury is used. Known as the Doodlebank, holders can vote on campaigns and experiences for the community. They can also submit proposals that are voted on by the community and implemented by the team. Each holder gets one vote per Doodle they hold.

When a Doodle is sold on OpenSea, half of the 5% royalty fee is deposited into the treasury. This is then used to scale the Doodles development team and grow the brand through marketing efforts and promotions.

On February 28th, 2022, Doodles released a second NFT project, Space Doodles. Space Doodles were designed as free companion NFTs for existing Doodle holders. To claim their NFT, holders could launch their own personal spaceship to claim their Space Doodle.

To avoid diluting the supply, Doodles used wrapped NFTs. A process in which the original NFT would be stored in a digital vault when a smart contract was used to create a Space Doodle. This meant holders could own either a Doodle or Space Doodle and not both at the same time. Space Doodles can be unwrapped at any time to receive their original Doodle NFT.

The dev team has stated that Space Doodles will be used in future Doodles experiences such as NFT gaming, music, and other “universe expansions.”

Who Founded Doodles?

Doodles was founded by Scott Martin and former Dapper Labs employees Evan Keast and Jordan Castro.

Scott Martin, also known as Burnt Toast, is the artist behind the project, with prior experience as a designer, animator, and muralist. Previously, he worked with brands such as Google, Dropbox, and Adobe.

Evan Keast, also known as Tulip, helped develop the project’s branding. Before Doodles, he worked at Dapper Labs, where he helped market the blockchain game CryptoKitties.

Jordan Castro, known as Poopie, works on the product side of Doodles and previously worked with Evan on CryptoKitties.

The team has since expanded, recruiting former Billboard President Julian Holguin as partner and CEO. Julian is helping the team move into the gaming, music, and consumer goods market. They’ve also brought on Pharrell Williams, American rapper, singer, songwriter, and record producer, as the project’s chief brand officer. His job includes product music projects, animated films, and project launches.

The Future of Doodles

Having already made headlines, the Doodles team has big goals for the project with the release of Doodles 2.

The team plans to attract a greater audience with Doodles 2, allowing more NFT enthusiasts to get involved in the project. Rumors suggest Doodles 2 will be created on a different blockchain and will be released this year; however, there’s no exact date or blockchain in place.

Unlike most NFT projects, Doodles 2 is giving investors the chance to customize their NFTs by choosing traits like hair color and skin tone, then adding different accessories and wearables. Once owned, holders can change their look, swapping between PFP perspectives and full-body options, as well as unlock animated versions of their NFTs with music.

Doodles 2 will also introduce the Doodles Genesis Box. The Doodles Genesis Box will hold a range of first-edition wearables that can be sent to Doodles 2. This collection will feature 24,000 boxes and will launch via what Doodles have called a Bucket Auction.

Final Thoughts: Are Doodles Worth The Investment?

Doodles is considered one of the most exciting NFT projects due to its continuous investment in its team and community. The project has the potential to revolutionize NFTs with a customizable Doodle 2 collection, which is eagerly anticipated throughout the community.

Despite the 2022 NFT market turbulence, Doodles has continued to thrive, building a huge community of loyal fans, releasing merchandise, and expanding on their project.

With the addition of new team members, we’ll likely see more of Doodles in markets across Web 3.

Nonetheless, it’s always important to remember that the NFT market is unpredictable. Always do your research before making an investment to reduce risk and maximize your profits.

Tag: BAYC

Otherside NFTs Explained (Read Before Buying)