Metaverse - Meet Gaming, Apes, NFTS, and Crypto All Rolled into One
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While this all sounds like a mash-up from a developer’s fever dream, it’s real. Trying to capitalize the metaverse’s potential to attract eyes and, of course, dollars, we find Bored Apes. The brainchild of Yuga Labs, the developers behind the NFT collectible brand Bored Ape Yacht Club (BAYC), comes the newest cryptocurrency, ApeCoin, which debuted on March 16.
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The release of ApeCoin came just days after acquiring the pioneering NFT collection CryptoPunks. ApeCoin’s launch was from a DAO affiliate company. If you’ve never heard of a DAO, it’s a blockchain-based form of organization or company that is often governed by a native crypto token. Anyone who purchases and holds these tokens gains the ability to vote on important matters directly related to the DAO.
So, we have NFTs and a new “ape” cryptocurrency. Nothing unusual there, except Yuga had announced the impending release of a metaverse game called Otherside. This is all very ambitious, but then this combination may very well become the standard for companies entering the metaverse: multi-billion dollar dreams of a metaverse empire.
First, ApeCoin. Initial offerings are usually volatile, and this was no exception. From a low of $6.48 to a high around $40, the March 16 debut finally stabilized just above $11. ApeCoin tokens were initially released via airdrop to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs, with holders of the flagship collection getting 10,000 APE for each BAYC NFT they owned — that’s a healthy valuation worth six figures even at the $11. For some, the token has potentially much greater long-term value, as it will be central to Yuga Labs’ future plans, which include games, merchandise, and IRL events.
Next is Yuga Labs’ new metaverse game called Otherside, which was teased in a video over the weekend. The trailer, set to the Doors’ “Break on Through (To the Other Side),” features a BAYC NFT who goes on a psychedelic journey and meets avatars from other leading NFT collections. The Ape encounters both NFTs controlled by Yuga — Mutant Ape Yacht Club, CryptoPunks, and Meebits — and those from other popular collections like Cool Cats, World of Women, and CrypToadz. This is known as “interoperability,” or the ability to bring your favorite avatar into a wide range of worlds. NFT proponents have desired this function for some time, and Yuga is hoping to make it a reality.
So now we’ve got gaming, crypto, NFTs – and don’t forget the apes. What’s missing is the money to make it all happen, but that problem has been solved. Yuga announced a fundraising round that values the company at $4 billion. Their plan is to become the dominant media brand in the metaverse.
BAYC co-founder Wylie Aronow (who goes by the pseudonym Gordon Goner), described Otherside as “an interoperable world” that is “gamified” and “completely decentralized.” And he believes ceding control to users is a winning strategy. “We think the real Ready Player One experience will be player run.”