Observed Signal · Jul 18, 2022 · Product Launch · Source: Trending Topics · Impact: 2/5 · Sentiment: Positive
First NFT Holders Enter Yuga Labs' The Otherside Metaverse
Yuga Labs, known for its Bored Ape NFTs, gave the first roughly 4,500 NFT buyers access to a small section of its upcoming metaverse 'The Otherside' over the weekend. Visitors could explore one of 200,000 virtual land plots called 'Biogenic Swamp' using robot-like avatars with abilities to jump, run, dance, and communicate via emojis. The company had already generated €260 million from selling virtual land in May without showing the 3D world. Yuga Labs is partnering with British tech unicorn Improbable, whose M2 network technology is intended to enable thousands of users to interact in real-time. The platform is positioned not as a game but as a foundation for user-generated 3D environments, and will include an 'Agora' marketplace for user-created NFTs based on the ERC-721 standard, built with the Otherside Development Kit.
Early access to a major NFT-based metaverse project highlights the growing intersection of Web3, virtual worlds, and potential future advertising environments, but has limited immediate impact on the AdTech industry.
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Key Takeaways & Evidence Grounding
- Yuga Labs granted the first ~4,500 NFT buyers access to the 'Biogenic Swamp' section of The Otherside metaverse.
- The Otherside virtual land sale generated €260 million in May 2022.
- Yuga Labs is partnering with Improbable to use its M2 network technology for The Otherside.
- The Otherside will feature an 'Agora' marketplace for user-generated NFTs created via the Otherside Development Kit (ODK).
- The metaverse includes 200,000 virtual land plots called Otherdeeds.
Ontology Mapping & Concepts
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