The Otherside virtual land sale has been the number one topic in the NFT space in the past few days. The land mint will happen this Saturday, April 30, however, Yuga Labs has been keeping quiet about the minting details and organization. Earlier today in an official tweet from the Otherside account, the team said Dutch auctions are ‘bullshit’ and announced a flat mint price of 305 APE, or about $6,500 at the time of writing.
- Each land deed will cost 305 APE, and only wallets that passed the KYC verification will be able to mint
- There are a total of 55,000 land NFTs and currently over just over 20,000 wallets have 305 APE or more
- Each wallet will be able to mint only two Otherside NFTs at start, with the limit increasing over time
As one of the most anticipated drops in NFT history, the Otherside land sale will attract thousands of eager buyers. To avoid bot mints and gas wars, Yuga Labs introduced a strict KYC mechanic, so that only verified wallets will be able to participate in the primary mint.
$6,500 each, two NFTs per wallet
There was a lot of speculation in recent days regarding the price of Otherside NFTs at mint. Many people anticipated that the mint would happen in a Dutch auction style. However, Yuga Labs has finally revealed that there will be a flat mint cost of 305 APE, or about $6,500.
In a detailed blog post, the Otherside team explains that considering the unprecedented amount of attention this mint has generated, a Dutch auction would never work. In an effort to create the fairest minting process possible, Yuga Labs has introduced the following mint requirements:
- KYC’d wallets can mint only 2 land NFTs
- Each plot will cost 305 APE. Buyers needed to have enough APE in their wallets when completing the KYC process
Importantly, Yuga Labs also explained that the maximum mint limit is subject to increase throughout the mint process. Specific details regarding this increase have not been revealed yet. The team advises all interested parties to closely monitor Otherside’s official Twitter account for further announcements. You can see an example of how this limit increase will work here. The important aspect of this minting mechanic is that it should allow as many wallets as possible to mint without having to pay enormously high gas fees.
55,000 Otherside land NFTs for potentially 20,000 wallets
The official announcement by the Otherside team also details that there will be a total of 55,000 land NFTs to be minted. This brings the total mint value of the virtual world to over $357 million. Importantly, the list of wallets that hold enough APE to mint the initially allowed two plots is only about 14,000. Additionally, only about 20,000 wallets hold over 305 APE at the time of writing, which would be enough to mint a single plot of Otherside land.
This means that if all 14,000 wallets mint their two NFTs and the remaining 6,000 who only have funds for one plot mint as well, about 32,000 plots can be minted. Importantly, enthusiasts would not be able to move around APE tokens. They had to have had the funds in their portfolio during the KYC process to be eligible to mint.
The remaining approximately 23,000 land deeds will then be up for grabs for the people who still have enough APE in their accounts during the subsequent mint waves. According to the example mint mechanic posted by the Otherside, the mint limit in wave 2 might be as high as 4 land NFTs per KYC’d wallet. However, Yuga Labs didn’t confirm these numbers.
The Otherside hype is real
Yuga Labs has managed to create one of the most hyped brands in the history of collectibles. And we’re not referring to NFTs only. Bored Apes have taken over the NFT space and the mainstream audience. Considering this global success, it is no surprise that many investors were looking for a way into the BAYC ecosystem.
At the time of writing the floor price for a Bored Ape NFTs is 150 ETH, or about $438,844. Mutant Apes follow with a floor price of about 40 ETH, or $117,025. This means the entry point for the BAYC ecosystem is very steep. That’s why a lot of investors have turned their attention to the Otherside land mint. This is the latest product to drop from Yuga Labs, and it requires a much lower investment. While some might say a $6,500 mint is rather expensive, this is nothing compared to the floor price of the main collections.
DappRadar will keep a close eye on the Otherside as the official mint launches on April 30th. If you own a KYC verified wallet head to the official website on Saturday to mint your Otherside deed. To learn the latest BAYC and Otherside news first, follow DappRadar on Twitter and join our Discord community.
