• ApeCoin at All-Time Highs Ahead of “Otherside” NFT Drop

    • ApeCoin has continued to reach new highs.
    • The Yuga Labs Otherside NFT mint is responsible for much of ApeCoin’s recent surge.
    • Those who aim to mint In addition, NFTs will be required to pay with ApeCoin, but Yuga Labs has not disclosed how much they would require.

    ApeCoin, issued by Yuga Labs, is trading at all-time highs ahead of Saturday’s Otherside NFT sale. While this has yet to be confirmed, the NFTs are thought to be land parcels for the Otherside Metaverse.

    Approaches to Otherside Launch

    The next major event in the universe of the Bored Ape Yacht Club is just around the corner.

    Those who pre-registered on somethingisbrewing.xyz before April 1 can participate in the first mint for Otherside, a new Metaverse developed by Yuga Labs, the founder of Bored Ape Yacht Club. Yuga Labs has not formally stated that the NFTs represent land in the Otherside Metaverse.

    While information are still scarce, the official OthersideMeta Twitter account has announced that people who have pre-registered their Ethereum wallets and wish to join must pay with the freshly minted ApeCoin. Furthermore, the mint will adopt a Dutch auction system, with the price beginning high and steadily decreasing over time until all NFTs are sold.

    Since ApeCoin’s introduction on March 17, the token’s price has fluctuated wildly. It plummeted to an all-time low of $6.21 shortly after its introduction, but quickly recovered. ApeCoin has set a number of new all-time highs since April 21 and is presently trading at $20.40.

    ApeCoin’s recent rise has vaulted it over rival Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND. APE currently has a market cap of more than $5.7 billion, ranking it as the 28th largest cryptocurrency.

    Aside from ApeCoin’s new highs, Yuga Labs NFTs are also trading at new highs on OpenSea. The floor price for Bored Apes has risen by 40% in the last 30 days to more over 140 ETH. Mutant Apes have witnessed a more severe price hike, with the lowest ones now costing 37.5 ETH, up 70% from a month ago.

    The upcoming Otherside NFT mint is responsible for much of ApeCoin’s recent surge. Unconfirmed is what users will be minting on Saturday; nevertheless, a leaked Yuga Labs presentation deck clearly suggests the mint will be for land parcels in the Otherside Metaverse. According to the deck, Yuga Labs will sell 200,000 Otherside land plots, with 30,000 available for free to Bored Ape and Mutant Ape NFT holders, 70,000 set aside for an initial public sale, and the remaining 100,000 set aside for a later drop.

    Each Otherside land NFT will not only correlate to land in the Otherside Metaverse, but it may also contain natural resources, rare artifacts, and one of 10,000 “Koda” NFTs, the most recent additions to the Bored Ape Yacht Club universe.

    There is widespread speculation that a dedicated NFT marketplace will go live at the same time as the NFT mint and will only enable trade for the new NFTs. Some have suggested that because those who pre-registered for the NFT drop were required to submit know-your-customer verification, it would only have been necessary if users hoped to benefit by selling NFTs directly through Yuga Labs’ platform.

    Despite the fact that the mint is set to take place on April 30 at 5 p.m. UTC, Yuga Labs has yet to publish the starting price for the Dutch auction or the number of NFTs each wallet will be able to mint. Because of the ambiguity about how much ApeCoin is required, many hopeful minters are likely storing significant amounts to ensure they do not miss out. Whatever happens on Saturday, the Otherside mint will most likely be the topic of conversation in the NFT area this weekend.

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