Otherside, the Metaverse from the creators of the popular NFT collection Bored Ape Yacht Club, will be launching on April 30.
In March, Yuga Labs teased about the “Otherside” in a Twitter post. The Otherside is Yuga Labs’s take on the Metaverse. Yuga Labs is the parent company of one of the most popular NFT collections, the Bored Ape Yacht Club (BAYC).
Fast forward to today, and a launch date has been set for the Otherside. In a Twitter post, it was revealed that the Otherside would be launching on April 30, at noon ET. However, only those who went through the KYC process can participate in Saturday’s minting.
More Details on the Metaverse Launch
The lengthy Twitter thread outlined details of the launch. According to the tweet, Saturday’s minting would exclusively be in ApeCoin. Still, ETH will be necessary for gas; thus, participants are encouraged to have both in the wallet they used for the KYC.
The minting will be Dutch auction style. To those unfamiliar with it, the Dutch auction is a bidding technique wherein all bids for a particular asset are considered first before a ceiling price is determined. The ceiling price drops gradually at specific intervals. Succinctly, whereas the usual auction style follows an ascending price format, a Dutch auction uses a declining price format.
Hence, users can expect the ApeCoin price to decline over time. Users are encouraged to visit the Otherside Twitter account for announcements regarding the starting price of the Dutch auction anytime this week.
Also, as mentioned earlier, only those previously KYC-approved can participate in the minting. BAYC and Mutant Ape Yacht Club (MAYC) holders can claim an NFT for 21 days after the auction. They don’t need to be KYC-approved to claim an NFT, but they need to go through the KYC process to join Saturday’s minting.
According to Otherside’s Metaverse Twitter post, they will lock up any ApeCoin earned from the auction for one year. Hence, the same can’t be used to vote in the ApeCoin DAO.
Users’ wallets that have gone through the KYC process can be pre-approved on Otherside’s website on the morning of April 30. Going through pre-approval early will save users time and gas fees. However, users can have their wallets pre-approved even after the launch at noon ET.
Pre-approval is necessary to allow the smart contract to utilize a user’s ApeCoin to mint during the auction. On the part of BAYC and MAYC holders, they only need to have their wallets pre-approved so they can mint.
The team behind Saturday’s Otherside launch strictly advises those who wish to participate to only follow announcements and updates posted on the following Twitter accounts: @OthersideMeta, @boredapeyc, @yugalabs, and @animocabrands, as well as BAYC and Otherside’s official Discord channels.
They are warning users against cross-posts apart from the social media accounts mentioned earlier. All Otherside-related information and announcements will be coursed through the channels above. They also said there would be no contests, giveaways, and surprise/early drops associated with the event, as everything will happen on April 30.
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