Otherdeed for Otherside  | NFT Deep Dive

Otherdeed for Otherside  | NFT Deep Dive

Review Date: May 29, 2022

Otherdeed for Otherside

Website – Twitter – OpenSea

Abstract:

Otherdeed for Otherside is a 200K NFT metaverse land collection by Bored Ape Yacht Club founder Yuga Labs and gaming venture fund Animoca Brands. Otherdeeds are the plots of land that will be used in Otherside – a gamified, interoperable metaverse currently under development. Otherside is a MetaRPG, blending mechanics from massively multiplayer online role-playing games (MMORPGs) and web3-enabled virtual worlds. Players will own the world, their NFTs can become characters, and thousands can play together in real-time.

On April 30th, 2022, Yuga Labs & Animoca Brands launched the first 100K Otherdeeds, airdropping 10K to BAYC holders, 20K to MAYC holders, 15K to developers, and sold 55K at a price of 305 $APE each excluding gas fees (~$6100 at the time). The second 100K Otherdeeds will be exclusively rewarded to Voyagers who hold Otherdeeds and contribute to the development of Otherside.

Project Details:

Sediment

Otherdeeds can be one of 5 types of Sediments: Infinite Expanse, Cosmic Dream, Rainbow Atmos, Chemical Goo, and Biogenic Swamp. They are ordered from least rare, Infinite Expanse (25.62%), to most rare, Biogenic Swamp (9.60%).

Environment

Otherdeeds can be one of 29 types of Environments: Bog, Glacia, Steppes, Molten, Thornwood, Splinter, Biolume, Sands, Ruins, Sulfuric, Wastes, Mystic, Veldan, Spires, Mallow, Crimson, Jungle, Plague, Bone, Crystal, Sky, Shadow, Mycelium, Obsidian, Sludge, Luster, Botanical, Acid, Chaos. They are ordered from least rare, Bog (6.77%), to most rare, Chaos (0.11%).

Category

Otherdeeds can be one of 8 types of Categories: Decay, Harsh, Spirit, Volcanic, Mineral, Growth, Psychedelic, and Chaos. They are ordered from least rare, Decay (19%), to most rare, Chaos (.108%).

Renewable Resources

Every piece of land in the Otherside has up to four renewable resources that can be harvested and utilized: Anima, Ore, Shard, and Root. These are the raw materials used to shape the world. Anima is research, Ore is metal, Shard is stone, and Root is wood.

Land & Resource Rarity

Each Otherdeed has a Land bar with 1 to 5 dots representing Land rarity (1 as least rare & 5 as most rare) and a Resource bar with 1 to 3 dots representing Resource rarity (1 as least rare & 3 as most rare). See Icon Explanation below.

Kodas

On 10K Otherdeed NFTs, there are Kodas, primal beings that “ushered us into the Otherside.” They are purposely mysterious as the Otherside website reads: “we don’t know why they’ve brought us here, or what their affinity to this land is. If you are lucky enough to meet a Koda, tread cautiously.”

Out of the 10K Kodas, 100 of them are Mega Kodas, the rarest Kodas that have intricate weapons and elegant clothing. All 10K Kodas have the traits Eyes, Head, Core; however, only 30% of all Kodas do not have Clothing, and 31% have Weapons.

Normal Kodas

Mega Kodas

Artifacts

On more than 21K Otherdeeds, there are valuable treasures and tools known as Artifacts. The Otherside website describes them as “rare objects, some of which cannot be crafted by any other means.” It says that “if you find an artifact, know that it may hold secrets to this world as it expands.”

There are 74 different artifacts with the most common being Ancient Coin (.98%) to 9 different 1-of-1s. Although Yuga Labs has not stated the role of Artifacts, it can be assumed that they will be keys to future gameplay.

Icon Explanation

Location

The location of Otherdeeds correlates to their Sediment rarity. The center of the map houses the rarest Sediment, the Biogenic Swamp, and as the land gets further away it gets less rare.

In other metaverses, the center of the map tends to house the highest-end land parcels and builders. Although this is true, there may be other groups of land parcels that house high-quality experiences which will drive people toward them, in turn increasing the demand/price.

Potential Land Use Cases

• Resource Collection, Artifact Collection, Play-to-Earn, Mini Games, Experiences, Events, Renting, Shops, Guilds, etc.

Distribution

100K Otherdeeds released at the end of April – 55K parcels of land were sold via a public sale, 10K were airdropped to BAYC holders, 20K were airdropped for MAYC holders, and 15K were airdropped to the Yuga team and other project developers. The airdropped lands also varied by Sediment rarity, with the most rare, Biogenic Swamp, being airdropped to BAYC holders and the least rare sold to the public and airdropped to the team/partners.

Dynamic NFTs

Every Otherdeed is a dynamic NFT, built as a collection of all of its elements, from resources to Kodas. Rather than a static representation of a piece of land, your Otherdeed is designed to evolve along with what you choose to do in the game.

Software Development Kit (SDK)

Otherside will provide a software development kit (SDK) for creators to make characters, outfits, tools, structures, and games for the Otherside. All BAYC, MAYC, BAKC, CryptoPunks, and Meebits holders will be provided with Otherside-ready 3D models of their NFTs at game launch, available as playable characters. For all other NFTs projects, users will be able to import and create their own characters via the SDK.

Game Specs

Otherside is powered by Improbable, a British metaverse technology company. With Improbable’s M2 technology, 10,000+ players will be able to interact simultaneously in a single place, connect with natural voice chat (even in crowds of thousands), experience immersive gameplay, and move between metaverses. Improbable states that by using machine learning, it will solve problems in bandwidth and rendering. Otherside is predicted to be able to handle more than half a billion operations per second.

Future

On May 11th, 2022, Otherside released this statement: “Fragments of an Obelisk have washed ashore in the Biogenic Swamp. Voyagers, your Otherdeed is your key to helping build the Otherside metaverse. As we reassemble the Obelisk together, the Otherside comes to life.” The current Otherside roadmap is as follows:

First Trip – “The first tech demo of the Otherside, for Voyagers only. A celebration of what’s to come and an opportunity for Voyagers to gather, explore, and plan.”

Speculation: Holders of the Otherdeed NFT will get to play a demo version of the Otherside game. Released in late May after the BAYC/MAYC land claim closes.

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The Codex – “Learn how to link your lands, and more, in the Otherside Codex, a living document co-written with the Voyagers. Remember, today’s decisions bring possibilities and risks for the future of the Otherside, so tread carefully.”

Speculation: A white paper/instruction sheet is released explaining game mechanics. Released in early June.

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Koda Origins // The Decoupling – “A cosmic earthquake shakes up our universe, bringing with it a vision into the Kodas’ past and an opportunity for Voyagers to decouple their Otherdeeds’ constituent parts. Where do the Kodas and their artifacts go from here? Voyagers decide.”

Speculation: Every Koda and Artifact is turned into individual NFTs and airdropped to holders as they are removed from the Otherdeed land NFT. Released in late June.

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The Growth – “The lands of the Otherside rumble to life, generating resources, but a destructive and invasive species also emerges. Heed the Codex, Voyager.”

Speculation: Resource farming on Otherdeeds begins. At the same time, new NFTs are airdropped to holders of the “invasive species.” Released in July.

The Agora – “Voyagers, come together to buy, sell, barter, and trade for what you need. Or craft new items from raw materials. Let us build, create, and innovate with each other.”

Speculation: A native marketplace goes live as well as the ability to turn resources into in-game items represented as NFTs. Released in late July.

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The Dream – “An (impossible?) arcade machine emerges at the center of the Biogenic Swamp. Use your trip wisely and be rewarded.”

Speculation: A Play-to-Earn (P2E) game where holders can earn $APE or in-game items. Released in August.

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The Choice – “What lies beyond the Otherside? What creatures call it home – and are they friends or foes? New lands activate and are available for Voyagers. It’s time to choose a side.”

Speculation: The second land drop where 100K land parcels are made available to current Otherdeed holders. These lands will be different from the original 100K Otherdeeds and will potentially lead to a P2E mini-game with fighting between the two sides of the metaverse. Released in September.

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The Settling – “The Otherside is what you make of it. Voyagers, take your resources and crafted items and create structures to populate your land.”

Speculation: Buildings and structures can be constructed on Otherdeed lands. Released in October.

The Toolkit – “An SDK brings new opportunities for Voyagers. Leave your mark on the Otherside as we build even bigger, together.”

Speculation: The software development kit that allows for customization of characters, outfits, tools, structures, and games for the Otherside goes live. Released in November.

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The Aeronauts – “Much of the Otherside is shrouded in mystery, but who knows what Voyagers might discover with a different perspective?”

Speculation: Players receive the ability to fly around the Otherside enabling travel between Otherdeeds. Released in December.

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The Rift – “An interdimensional rift cuts open the sky. Voyagers, it’s time to fully explore. Choose your starting stats and skills. Your work on the Obelisk is complete, but there is still much more to be done.”

Speculation: A worldwide event that marks the launch of the Otherside MetaRPG. Released in 2023.

Team:

Otherdeed for Otherside was created by Yuga Labs and Animoca Brands. Yuga Labs was founded by Gargamel and Gordon Goner pseudonyms for friends and crypto holders/traders since 2017, Greg Solano and Wylie Aronow.

Greg Solano – 32-year-old Florida native Solano was featured on a few literary websites as an editor and book critic, and attended the University of Virginia where he earned a Master of Fine Arts (MFA) in Creative Writing. He co-authored a book about World of Warcraft along with one of the game’s designers.

Wylie Aronow – 35-year-old Florida native Aronow was enrolled in an MFA program but dropped out for health reasons. He was a part-time day-trader from 2017 to 2019.

They are joined by two pseudonymous software engineers, EmperorTomatoKetchup and Sass, who helped found the project.

Yuga Labs currently has at least 26 full-time employees according to the company’s LinkedIn page. Of these full-time employees are CEO Nicole Muniz and Partner Guy Oseary. Muniz has experience as a Producer at JWT, Global Brand Director for Google, and Director of Business Development and Partner at B-Reel. Oseary is a talent manager and writer who managed Madonna, U2, the Red Hot Chili Peppers, and Amy Schumer. He signed Bored Ape Yacht Club and World of Women after stepping down from his founding role at talent agency Maverick.

Yuga Labs created Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Kennel Ape Yacht Club (KAYC), and in early March 2022, purchased the rights to Crypto Punks and Meebits from Larva Labs. Also in March, Yuga Labs raised $450 million in a Seed Round of funding, valuing the company at $4 billion. The round was led by Andreessen Horowitz (a16z) with participation from Google Ventures, Adidas Ventures, Sound Ventures, Thrive Capital, FTX Ventures, MoonPay, Animoca Brands, and more.

Partnering with Yuga Labs to create Otherside, Animoca Brands is a Hong Kong-based gaming software company and venture fund founded in 2014 by Yat Siu and David Kim. Animoca Brands created blockchain games REVV Motorsport, The Sandbox, Phantom Galaxies, Tower Experiment, and more.

Social Media Metrics:

Otherside has 190.4K followers on Twitter and 138.4K members in their Discord channel.

Trading Metrics:

Mint Date	Mint Price	Current Floor Price	Volume Traded
30 April 2022	305 APE (~2.25 ETH)	3.19 ETH	280K ETH

Smart Money Owners:

301 “Smart Money Owners,” classified as either NFT whales, early NFT investors,  or NFT traders hold at least one Otherdeed NFT. This represents .87% of holders.

Diamond Hands:

Out of the 100,000 NFTs, 59.12% or 59,124 Otherdeed NFTs belong to an address that has never sold an NFT from this collection.

Volume

With a total of ~280K ETH volume traded, Otherdeed is the 4th most traded NFT project only behind CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club. In less than 3 weeks, Otherdeed NFTs have amassed more volume than every non-Yuga Labs NFT project.

Floor Price:

With a current floor price of 3.19 ETH, Otherdeed’s floor is down 63.33% from all-time highs of 8.70 ETH on May 1st, 2022. The floor price post-mint hovered around 7-8 ETH as many investors were purchasing pre-reveal with hopes of sniping a rare Otherdeed or Koda. Post-reveal, the floor price dipped to around 4 ETH on May 2nd, 2022. Since then, it has slowly decreased to an all-time low of 2.49 ETH on May 9th, 2022. The floor price has been trading sideways since then due to a lack of news and the overall decline of the crypto market.

Conclusion:

Otherdeed for Otherside is virtual land ownership in the number one blue-chip NFT project’s metaverse. Yuga Labs has consistently shown with past projects and airdrops that they can execute and provide returns to holders.

We have already seen a sneak peek of the “First Trip,” the tech demo from Improbable (you can watch it here). Although the gameplay looks very solid it is important to note that there is a major difference between a game’s demo and actual gameplay. It is still very early and other metaverses like Decentraland and The Sandbox have been in development for years.

What separates Otherside from other metaverses is brand awareness. Members of the Bored Ape Yacht Club range from athletes like Serena Williams and Neymar to entertainers like Justin Bieber and Kevin Hart. Being such a global brand, Yuga Labs can position Otherside to become the largest and most-used metaverse. This, however, is a large ask. Since there will be 200K Otherdeeds, the game must be popular enough that demand exists to maintain the price of each plot of land.

When assessing the best Otherdeed land plot to purchase, investors should look at: Resources, Artifacts, Kodas, Sediment, Environment, Category, and Location. The rarity of each of these Otherdeed traits is very important in determining value (rarity mentioned on pages 3-8). For example, a Koda holding a weapon is rarer than a Koda without one. When considering location, an investor can not only factor in proximity to the center, but also proximity to other plots they own. For example, a holder can own plots that are right next to each other which may prove valuable in the future. Also, as Yuga Labs noted, Kodas and Artifacts will be decoupled from their Otherdeeds, so it might make more sense to purchase rarer lands and Kodas separately and couple them later, rather than paying a premium for both in a single NFT.

While searching for the best land, investors can filter for Otherdeeds with/without Artifacts & Kodas and their desired Resource, Category, and Environment on OpenSea. By sorting by “Price: Low to High,” investors can get an idea of the floor price of specific traits. Investors may also head to Rarity Sniper for the unofficial rarity rankings.

With Yuga Labs’s fundraising of $450 million, the $285 million raised from the Otherdeed land sale, and royalties from all of its other NFT collections, it has plenty of runway to develop this project. Otherdeed NFTs provide the potential for holders to receive an airdrop of a second Otherdeed, as well as future airdrops, resource collection, and access to the Yuga Labs ecosystem.

Scorecard (all categories scored out of 10)

Community	Team	Utility	Innovation	Smart Money Wallets	Smart Money Twitter	Distribution Allocation	Liquidity	Investors	Total Score
10	10	8	7	7	10	7	10	10	90%