CoinMarketCap data shows that the Bored Ape ecosystem’s ApeCoin (APE) token has appreciated by 46% in the past 72 hours, as new rumors spread about its “Otherside” metaverse.
Yuga Labs, the company behind the development of the collections of NFT Bored Ape Yacht Club and Mutant Ape Yacht Club, revealed last month that it will launch a metaverse called “Otherside,” which will bring together avatars from its crypto collections and others, such as CryptoPunks and Meebits, acquired by the company that same month.
In a promotional video posted on Twitter, Yuga Labs showed part of what will be “Otherside,” a virtual world created to provide more value and utility to its ecosystem and community.
Now, the proximity of this metaverse and the rumors about the possible sale of virtual land have caused the price of its ApeCoin token to grow (APE) 46% on the market in the last 3 days. The ApeCoin token, based on the Ethereum ERC-20 standard, has been available in the Bit2Me wallet since the end of March.
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ApeCoin (APE) price recovers in recent days
According to data from cryptocurrency price monitoring platform CoinMarketCap, APE is trading at a value of $15,5 per unit at press time. Last Monday, the price of APE was close to $11,7.
Source: CoinMarketCap
Crypto analytics platform DappRadar notes that NFT holders of the Bored Ape and Mutant Ape collections could be whitelisted for virtual land in Yuga Labs’ “Otherside” metaverse.
The platform published a report further indicating that it is possible that the ApeCoin (APE) token will serve as a currency within this upcoming virtual world. Although these are still rumors, DappRadar noted that APE’s growth in the market has been exponential over the past 3 days.
This token was launched by the ApeCoin DAO to empower the Bored Ape community and drive its path towards Web3. 28% of the total ApeCoin issuance of 1.000 billion units is already available on the market and currently reaches a market capitalization of $4.495 billion.
A metaverse for NFT collections
According to NFT collector Willy Bullish, Yuga Labs’ “Otherside” metaverse will be a virtual space where crypto collections Bored Ape (BAYC), Mutant Ape (MAYC), CryptoPunks, Meebits, Cool Cats, Nouns, World of Women (WoW), and Toadz will converge. Holders of these NFTs will be able to use their tokens as avatars within the metaverse, DappRadar explained.
Each of these NFT collections, which total a trading volume of more than 1,19 million ETH (about $3.700 billion), could have a place within Yuga Labs’ upcoming metaverse, although BAYC and MAYC would achieve the most privileged spots in “Otherside.”
DappRadar estimates that rumors of the sale of virtual land, which NFT holders of these crypto collections could acquire using APE, will further increase the price of this token on the market.
$450 million expected from virtual land sale
In late March, Yuga Labs partnered with gaming software developer Animoca Brands in a move to bring its community of users into the Metaverse. At the time, the company reported in an investor presentation, seen by The Block, that it expects to raise close to $450 million from the sale of the virtual land.
Yuga Labs reached a valuation of $4.000 billion in March after closing its first funding round of $450 million, which was led by Andreessen Horowitz, just five days after the launch of ApeCoin (APE).
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