The Otherside is a new metaverse project that has sent ripples of excitement throughout the Web 3.0 community. As the official drop on Saturday, April 30, draws closer, you may wonder if Otherside land deeds, called Otherdeeds, can be profitable and how to actually get ahold of these sought-after NFTs.
Let’s dive right in.
What The On-Chain APE Data Tells Us About How Fast The Otherside NFT Land Will Sell Out
Currently, very few people hold enough ApeCoin (CRYPTO: APE) to pay at the mint price of 305 APE. Interestingly, only 26% of APE holders have over 400 APE and there are only 22,500 wallets with 101 APE or more. This means that the demand for APE has the potential to keep rising as people buy more in anticipation of the drop.
The current distribution of APE is highlighted below:
- 32,950 wallets hold 100 or less ApeCoin
- 7,863 wallets hold 101-400 ApeCoin
- 3,049 wallets hold 401-800 ApeCoin
- 11,580 wallets hold over 800 ApeCoin
Considering that the initial supply release of Otherside is 100,000 land parcels, in addition to the fact that over 140,000 people registered for KYC to mint Otherside Land, a supply squeeze for APE could happen if more KYC'ed wallets purchase APE to mint Otherside land deeds, dubbed Otherdeeds.
Otherside Land Insights & Predictions
The land sale will cost 305 APE, or around $6,000 at current prices. Moreover, each registered KYC individual will be able to mint 2 land parcels in wave 1 of the initial 100,000 parcel land release. If APE stays around current prices, the starting price would be roughly 2.4 ETH; competitors such as The Sandbox and Decentraland are priced at 1.6 ETH and 2.2 ETH, respectively. However, there are more plots available in these aforementioned metaverses, compared to the 55,000 being sold Saturday.
Bored Ape and Mutant Ape holders, among others, will likely have access to land near the center of the metaverse, whereas non-members of the Yuga Labs ecosystem will have "normal" land. It's rumored that 10% of all landowners will randomly get paired with a Koda (a rare celestial being), but resources are also paired to land plots, too.
Given the social capital behind BAYC and MAYC, it's likely that Otherside will be profitable in the short term. However, this depends on the extent to which Yuga Labs meets everyone’s expectations.
