The rise of ApeCoin: What you need to know about the booming token and Yuga Labs’ plans

The famous startup Yuga Labs launched a demo version of its game this past weekend. They also released a litepaper that described the launch stages and technical details of the Otherside metaverse. Prior to that, there was a severe lack of information on the plans for this hyped project. And although the litepaper does not provide detailed answers, this new information has already led to an increase in the value of ApeCoin.

About the project

Otherside is a game platform for creating virtual worlds where the characters from NFT collections will be “inscribed” in the game. The bored monkeys from the iconic NFT collection Bored Ape Yacht Club (BAYC) will be the first to be included in the game’s storylines. In its time, this NFT collection brought fame to Yuga Labs, but now its copyright belongs to the owners through the APEDAO mechanism, which includes the owners of the token ApeCoin.

As a reminder, earlier, the popularity of this meta-universe project led to an abnormally record-high gas value of thousands of dollars on the Ethereum blockchain. We also wrote that Yuga Labs conducted testing in July to prepare for the launch of the Otherside demo.

First Trip demo launch

Last Saturday, the game developed by Yuga Labs invited 4,300 self-selected players — so-called “Voagers.” It was a demonstration of the first technical features and an excursion through the online game platform. It was more of an overview tour than a standalone game, probably because the game itself is not yet technically complete.

All 4,300 players who participated in yesterday’s digital tour of Biogenic Swamp (the center of the Otherside world) were owners of Otherdeeds.

 

BR3AKING: @OthersideMeta holders have tested a trip to the Otherside with 4300+ users. pic.twitter.com/J9tyNaa2VO

— The Metaverse (@themetav3rse) July 16, 2022

Main theses from litepaper

The inability to fully launch the game turned First Trip into an excursion for players to the center of the Otherside world. Probably to somehow mitigate this awkward moment, the company also simultaneously released a litepaper that sheds light on the company’s upcoming plans.

Here are its main talking points:

• Otherside will be compatible with other Metaworlds, which will also choose the MSquared (M²) tech platform. It was created by the startup Improbable specifically for the development of game worlds. Yuga Labs emphasizes its openness and friendliness towards any external projects.
• The company offers virtual game developers the Unreal Engine, a set of Project Morpheus components that guarantee high image quality and optimized network traffic. Yuga Labs will also release tools for developing game plots and interconnecting with other Metaworlds (called SDKs).
• The launch of Otherside is broken down into several phases. The document only discusses the first of these, which will be a beta mode open to select coders and NFT BAYC owners. They will have access to the first story campaign of The Voyager’s Journey, as well as content generation within the Metaworld.
• Each Otherdeed token grants the right to own a piece of land in the virtual world. The developers noted that users’ management decisions would directly affect the value of these deeds. To exchange NFT between users, Yaga Labs will soon launch the Agora marketplace. The latter is positioned as an economic hub of Otherside.

Market reaction

ApeCoin rose by 15% over the weekend after the litepaper was published. The coin already grew by 48% over the last month. All this against the background of the decline in value of almost all crypto assets in the world. The project coin came close to the world’s top 30 most popular cryptocurrencies.

At the moment, the cryptocurrency market is stagnant due to the crypto-winter. The low number of construct and investment ideas attracts additional investor interest to ApeCoin because, against the background of the others, Yuga Labs shows stable and progressive development and continues to attract enviable interest from the public.