Značka: Otherside

Nifty News: Celebs lose big on BAYC, Meghan and Harry building a metaverse, and more.

Celebrities facing huge losses from BAYC NFTsThe hype behind the Bored Ape Yacht Club (BAYC) over the last year resulted in many celebrities investing in the Ethereum-based nonfungible token (NFT) collection with many, such as singer Justin Bieber, paying top dollar.Bieber paid 500 Ether (ETH) for BAYC #3001 on Jan. 29, which at the time was valued at around $1.28 million, while the current top offer on the NFT cracks just over $69,500.According to data from NFT Price Floor, the floor price for the collection has fallen considerably since it peaked at 144.9 ETH on May. 1 this year, which at the time was worth around $396,760, to a current low of 48 ETH, valued at $58,589 at the time of writing.Many other celebs also rode the wave of hype that saw the Yuga Labs made NFTs become a “blue chip” collection, such as entrepreneur Gary Vee who still has a number of Bored Apes in his 2,400-strong NFT collection, and television host Jimmy Fallon, who bought BAYC #599 for $224,191 on Nov. 8 which has a current top offer of $70,264.It’s not all bad news for Bored Apes though, with BAYC #8633 having been bought from digital art collector Pransky for nearly $747,500 on Nov. 17 showing that there is still a huge demand for Bored Apes with some rare attributes.The Sussexes in talks for a ‘virtual world’Prince Harry and Meghan Markle are “in advanced talks” with pax.world — a platform allowing users to create their own metaverse, according to a Nov. 15 Mirror article.Sources allege that Markle is the driving force behind the plan, as a result, the Metaverse has cleverly been dubbed the “Meg-averse.”The former working royals are thought to be looking for new ways to connect with their fans and see their purported Metaverse as a way “to take their brand fully global.”.According to pax.world founder Frank Fitzgerald, the Metaverse is perfect for the “progressive, tech-savvy” audience the pair are looking to connect with as they build upon their brand, saying the platform is offering the couple “a plot of prime pax.world land.”Adidas Originals unveil ‘virtual gear’ collectionAdidas released an Ethereum based NFT collection called the “Genesis collection,” on Nov. 16 featuring a set of wearables designed to be worn by virtual avatars.INTRODUCING ADIDAS VIRTUAL GEARUnveiling the genesis collection of adidas Virtual Gear 1/6 pic.twitter.com/FUt9Qhj8VO— adidas Originals (@adidasoriginals) November 16, 2022Calling the new product “Virtual Gear,” the sportswear giant has labeled the collection as a “new, interoperable product category,” adding:“[It] accelerates our collective drive towards strengthening web3, and the adidas community-based, member-first, open metaverse pledge”Building on Adidas’ partnership with BAYC, Mutant Ape Yacht Club and Inhabitants, the 16-piece collection will also allow users who own a wearable Adidas NFT and a participating partner’s NFT to “dress up” that NFT with their Adidas virtual wearable.Owners of the Adidas Originals: Capsule NFT Collection, which launched in May will be able to burn their capsule NFT and have it replaced with a random NFT from the new collection.Commenting on the collection, the Senior VP of Creative Direction for Adidas Originals Nic Galway said Web3 offers new opportunities for its designers and collaborators and adds a “level of utility that can be explored and even discovered as worlds and avatars take new forms.”Sony’s NFT gaming patentIn a patent applied for in May 2021 and made public on Nov. 10, technology conglomerate Sony has revealed its intent to incorporate blockchain technology into its games.The patent shows the company aims to track in-game assets using blockchain technology and NFTs,  including a series of diagrams showing how it would do this.One of the diagrams showing how Sony envisages its tracking system to work. Image: WIPOWhile the filing is just a patent at this time, it may indicate the entertainment behemoth is interested in joining the growing NFT gaming market.Sony has already dipped its foot into NFTs, after partnering with Theta Labs in May to launch a collection of 3D NFTs viewable on its Spatial Reality Display, that allows visualization of 3D models.More Nifty News:Crypto has been front and center at Abu Dhabi Grand Prix, with Red Bull Racing featuring NFTs on both the cars of the Red Bull Racing’s driving team following a deal struck with crypto exchange Bybit.The creator of the BAYC, Yuga Labs, acquired Beeple’s browser-based NFT game on Nov. 15. The game allows players to outfit heroes with crafted loadouts and items to complete missions, and Yuga Labs have hinted that it could be merged into their Otherside metaverse ecosystem.

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Eminem and Snoop Dogg to perform Bored Apes track at MTV music awards

NFT friendly rap icons Eminem and Snoop Dogg will be performing at MTV’s Video Music Awards (VMAs) together on Sunday, in a performance inspired by the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs.The Otherside is a collaboration project between Yuga Labs’ BAYC and NFT investment and gaming giant Animoca Brands.Partnering with Otherside creator Yuga Labs, the global rap icons will be giving some major mainstream exposure to Otherside by transforming the VMAs stage into its style for their latest collaborative single ‘From the D 2 the LBC’. Specific details of the performance are sparse at this stage however. In what appears to be a signal to the music industry that Metaverse performances deserve more recognition, the VMAs have also added a ‘Best Metaverse Performance’ category to its annual awards. Nominees for the award include Justin Bieber, Rift Tour (featuring Ariana Grande), and Twenty One Pilots.From the D to the LBC… to Jersey @vmas here we come @Eminem @MTV @OthersideMeta pic.twitter.com/XLwcdOeIJN— Snoop Dogg (@SnoopDogg) August 25, 2022The VMAs may be hoping that in embracing the Metaverse they will be able to reinflate their flagging viewership numbers. After peaking at 12.4 million viewers in 2011, the awards have seen a steady decline in viewers, with the 900,000 that tuned in live to watch the awards on MTV representing the 8th year in a row that viewership has decreased.The single marks the first collaboration between the two artists in 20 years, with the duo up for the “Best Hip Hop” award. Both Eminen and Snoop dogg are hodlers of BAYC NFTs, and the song’s music video heavily features content from the NFT collection. Snoop Dogg has also recently featured in an EDM single called BAYC by Esther Anaya, in an animated video of Bored Apes and other NFTs.Eminem had purchased a hip hop clothed Bored Ape on Dec. 31 for 123.45 ETH, and also has a collection of 28 other NFTs under the name Shady_Holdings. Snoop Dog is a much more avid participant within the NFT space, with a partnership between him and The Sandbox leading to ‘The Doggies’ collection of NFTs and buying a Bored Ape on Dec. 22.The Otherside and its VoyagersThe Otherside is a gamified interoperable Metaverse currently in beta development. The platform offers Otherdeed NFTs to represent digital ownership of land plots in the BAYC affiliated virtual world, with Otherdeed owners being referred to as ‘Voyagers’.According to the litepaper, “Otherside will support interoperability in the future, giving Voyagers a chance to bring their own outside collections and NFTs to life within our metaverse.”Related: Yuga Labs ‘inappropriately induced’ BAYC investors: Class actionAccording to data from CryptoSlam, sales of Otherdeed NFTs have topped $1 billion to date, with $23.5 million of volume coming over the past 30 days. Demand is also quite high for the top tier NFTs in the collection, with one plot having sold for as much as 333.33 ETH (currently valued at $565,289) four months ago. The Otherside allowed users into its metaverse for the first time on Jul. 16, with 4500 users able to jump in and experience the virtual world. Only Voyagers and selected third-party developers were able to participate, and the trip seems to have been a great success based on tweets from its supporters.Reminiscing over the incredible @OthersideMeta First Trip experience #Otherside pic.twitter.com/yJA17vqgkH— chicken-nugget.eth (@CHICCEN_NUGGET) July 17, 2022

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ApeCoin price eyes 45% rally following Otherside metaverse demo

ApeCoin (APE) rallied to start the week as traders considered Yuga Labs’ decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022.Otherside metaverse euphoriaAPE’s price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19. The weekly gains came as a part of a rally that started on July 16. Interestingly, Yuga Labs invited 4,300 players of its Otherside gaming metaverse for a demo—and the tour of its Bored Ape avatar online platform—on the day of APE’s rally.APE/USD daily price chart. Source: TradingViewThat suggests traders purchased APE after taking cues from the Otherside update, given it serves as a governance token at ApeCoin DAO. This “decentralized autonomous organization,” or DAO, powers the ecosystem of apps and services deployed by Yuga Labs and third-party brands, including Otherside.APE price eyes 45% rallyThe Otherside euphoria has also prompted APE to exit a technical setup called the “ascending triangle.”Ascending triangles are typically considered continuation patterns. Nonetheless, in rare instances, ascending triangles form at the end of a downtrend, leading to a strong price reversalRelated: Time to accumulate? 5 sectors to watch during crypto winterIt appears APE’s ascending triangle had formed at the end of its downtrend. That is because the token rallied by over 100% after bottoming out locally near $3 on June 15, followed by a break above the triangle’s upper trendline near $5.22 on July 18.APE/USD daily price chart featuring ‘ascending triangle’ reversal setup. Source: TradingViewAs a rule of technical analysis, a breakout originating from an ascending triangle pushes the price north by as much as the maximum height between the triangle’s upper and lower trendline. That puts APE on the road to $8.40, up about 45% from current price levels.Conversely, a close below the triangle’s upper trendline could trigger the prevailing bearish breakdown setup, with the profit target sitting below $3.50.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Community anticipation builds for Otherside's First Trip demo run

The Otherside, a gamified metaverse project associated with the Bored Ape Yacht Club, is scheduled to deploy a technical demonstration of the first stage of the Otherside roadmap on Sunday, July 17 at 4 pm UTC.The First Trip experience will be exclusively accessible to Otherdeed land owners, known as Voyagers, and has been described by the platform as a “celebration of what’s to come and an opportunity for Voyagers to gather, explore and plan.” The company indicated that thousands of users could participate in the event, navigating through the curated arena of play that has been specifically designed for the test, as well as guinea-pigging the “3D, hi-res Voyager prototypes that can walk, run, jump and emote,” and a “private, tokengated live stream,” among other novel features.  An Otherdeed asset for the Otherside has sustained a floor price of circa 2.9 ETH over the past few weeks, with 100,000 assets in supply and 35,000 owners at the time of writing. The First Trip demo arrives less than a week after the occurrence of two load tests on July 6 and 9 with the intention of assessing the technical boundaries of the Otherside platform, and the collaborative dynamics with the Improbable team. The events witnessed frenetic crowds of faceless avatars with overhead name tags and reactionary emojis sprinting, dancing and acrobatically flipping around a blank-white universe as giant moderators towered over and bellowed instructions. Users were advised to engage in activities to test the gaming experience, such as inputting their age, experience score and objectives for their gameplay, before choruses of degenerates relayed calls of “Otherside” and “We love Koda.”Twitter user and owner of BAYC #8412, null.eth and Sandbox ambassador allo.eth, each published videos on Twitter, which perfectly captured the experience of the test event.Despite the visually comedic anthill crabs-in-a-bucket appearance of the load tests, there was widespread praise throughout the community for the visual rendering quality, spatial audio and overall experience, with high anticipations for the upcoming First Trip and future full-scale rollouts. Co-founder of digital fashion brand RTFKT Studios, Benito replied by stating that: “2.5K people were connected and moving live. That’s huge, the tech has been proven live with gated access and real people.” While BAYC co-founder, Gargamel, known as Garga within the community, shared: “Had about 2.5k concurrent users running around in the neutral space. Tons of great info compiled to make sure First Trip goes smoothly, and [we are] taking all your notes from Discord as well.” Less favorably, some compared the uncanny design similarities to the starter templates available through game engines such as the Unreal Engine. It remains to be seen whether Yuga Labs intends on building and developing their own game engine to launch the Otherside and innovate on the future of metaverse gaming, or simply utilize a pre-existing model.Related: Otherside NFTs fall below mint price while cheaper ETH sees sales volume boostFor many participants of the NFT ecosystem, mentions of the Otherside may still be synonymized with the gas-war minting saga and subsequent financial begrudgery in late April. However, since then, the publication of an eight-part roadmap for the Obelisk mission, and consistently executed testnets have cultivated a more positive narrative around the metaverse project. 

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Ethereum burning spikes to new high on Yuga Labs’ NFT hype

The burning rate of Ethereum (ETH) has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) sold 55,000 virtual land NFTs dubbed “Otherdeeds” on May 1. The overwhelming demand for the tokens saw Ethereum gas fees shoot up so high that a handful of users paid as high as 2.6 ETH ($7,400) to 5 ETH ($14,270) just to get their transactions through. A base fee of ETH is burned during each transaction on the network following the implementation of the London hard fork or EIP 1559 upgrade last year. According to data compiled from Glassnode and Data Always, nearly 70,000 ETH was burned on May 1, which is more than triple the previous ATH of around 20,000 in mid-January. This is approximating the rest of the day as normal burn. We could easily see the number go above 70k as other transactions need to catch up on missed blockspace. It’s just incomparable to anything we’ve seen before.— T. | dataalways.eth (@Data_Always) May 1, 2022Data from Ultrasound.Money shows that since the integration of EIP 1559 on August 5, 2021, the average burn rate has been 5.81 ETH per minute. However, amid the Otherdeed NFT sale, that figure jumped to 9.83 ETH per minute for a total of 99,084.65 ETH over the past seven days. Since then the burn rate has dropped back down to around 3.9 ETH per minute. Related: Ethereum gas fees drop to lowest levels since August 2021While other platforms and projects accounted for this figure, it’s notable that Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,817 ETH or 56% of all burns during that period. This figure is significantly ahead of second-placed OpenSea at 7,152 ETH. Seven day ETH burn leaderboard: Ultrasound.MoneyThis may be the last time Yuga Labs clogs EthereumWith the demand for the sale temporarily overwhelming the Ethereum network, and many users losing funds on gas fees for failed ETH transactions, Yuga Labs has outlined intentions to build a blockchain and port its BAYC affiliated ApeCoin over. In a Twitter post yesterday, Yuga Labs stated that it will be refunding user’s gas fees, and noted that:“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.”

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