Apecoin Soars By 22% After The BAYC Showcases The Otherside Metaverse

After Saturday’s “first trip” tech demo, Apecoin, the utility token for the brand-new metaverse game Otherside, which takes inspiration from Bored Ape Yacht Club, is skyrocketing.

Since Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), gave a select few gamers a sneak peek into its Otherside metaverse, the price of ApeCoin has increased by over 22% in the last day.

ApeCoin has increased by 30% in the last week and is currently trading at over $6. Following an Otherside tech demonstration, or “first trip,” last Saturday, in which 4,300 members of the BAYC community who had purchased “Otherdeeds” (digital land deeds) were given an exclusive tour of Otherside’s “Biogenic Swamp,” ApeCoin’s price took off like a rocket.

Only Otherdeed owners and “selected third-party developers” will be allowed to play the game during its initial phase, and only after completing a rigorous qualification process, according to the announcement made by the Otherside developers in a litepaper published shortly after Saturday’s tech demo.

ApeCoin was introduced by ApeCoin DAO earlier this year, and holders of BAYC and Mutant Ape Yacht Club (MAYC) can claim it. The BAYC universe’s spin-off projects, most notably the metaverse game Otherside, are powered by the utility token.

Back in May, when more than $157 million in ether was spent on gas fees, the Otherdeed mint briefly propelled Ethereum gas prices to the moon.

Some claimed to have spent more than $5,800—roughly double the retail price of 305 ApeCoins (APE)—just on gas fees, while others said that their transactions had failed but they had still been charged for gas. The mint was responsible for about 56% of all Ether burnt between April 25 and May 2.

Refunds were paid for by 90.57 ETH by Yuga Labs, according to Etherscan. The greatest return to a single person cost the company 2.6 ETH, or nearly $7,500, and Yuga Labs spent about $780 on gas.

After the payouts, Yuga Labs declared that moving ApeCoin to its own blockchain and away from Ethereum “seems abundantly clear.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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