The recent Demo from Yuga Labs showcased Bored Ape Yacht Club avatars and locales in the game.
The recent live demonstration was strategically designed to rekindle the enthusiasm of Bored Ape Yacht Club holders, placing them once again at the heart of Yuga Labs’ captivating metaverse.
Since announcing its Otherside metaverse and shakily launching its collection of 55,000 non-fungible tokens (NFTs) tied to virtual land, known as "Otherdeeds,", which raked in an astonishing trading volume of over 609,073 ETH (approximately $1.1 billion) since its launch, Yuga Labs has invested considerable effort into constructing an immersive virtual playground for its vibrant Web3 community.
As part of those efforts to develop the virtual world, which is meant to bring together the different NFT brands from Yuga Labs, like Bored Ape Yacht Club, CryptoPunks, Meebits, and 10KTF, the company has made notable additions to its leadership team, particularly with the appointment of Daniel Alegre as the new CEO, who was previously associated with Activision Blizzard, along with Chief Gaming Officer Spencer Tucker, and Chief Creative Officer Michael Figge, who both bring a strong focus on gaming expertise.
The Otherside Voyagers
Holders of Otherdeed NFTs have been eagerly anticipating the game's launch, actively participating in live virtual demos known as "Trips." These Trips have attracted thousands of players, referred to as "voyagers," who can interact with each other and collaborate on team-based tasks alongside popular influencers and streamers. For instance, Cordell Broadus, NFT collector and Snoop Dogg's son, led one team during a recent event in March.
The “First Trip” playtest was initially held back in July 2022, and gathered more than 4,000 NFT holders in a single shared space, and the “Second Trip” experience was held earlier this year in March, where the platform expanded its support to accommodate over 7,000 NFT holders.
However, compared to the Otherside Trips, which are intricate and carefully curated events, involving thousands of users worldwide in immersive experiences, this in-person live demo took a different approach. It focused on providing a stripped-down experience, removing many theatrical features to highlight the core essence of the virtual world and its potential for communities in the Web3 space.
During the demo, the 40 chosen Bored Ape NFT holders explored a vast "tier 5" island specifically designed for the experience, covering approximately 2.4 square kilometers of digital space. This island served as a virtual clubhouse for the Bored Ape community, offering Yuga Labs valuable real-time feedback and showcasing the potential use cases of Otherside for various Web3 communities seeking convergence.
Unsurprisingly, the Bored Apes themselves took on prominent roles within the demo and the overall universe. However, as Michael Figge explained, the demo also highlights the exciting potential for other projects and creators to craft their personalized experiences within Otherside, opening up a world of opportunities for the virtual realm.
Are Collectors Bored?
However, amid waning interest in Yuga Labs’ flagship NFT brand, Bored Ape Yacht Club, and an extended bear market in the NFT space that has seen the prized BAYC NFT collection reach the lowest floor price in nearly two years and overall NFT royalty payouts go down, formerly enthusiastic collectors of Otherdeeds are becoming increasingly concerned about the game's potential for success.
The recent Otherside demo was a huge vote of confidence for Yuga Labs’ team, with the demo also reassuring the Bored Ape community, who have been eager to reclaim their social prominence that was established during the NFT boom. The demo provided a small glimpse into the platform’s potential and reignited excitement among NFT holders; though with Otherside still not having an official public release date, it ultimately remains to be seen how this will truly impact the market.