What are Otherdeed NFTs?

As you've probably heard by now, Yuga Labs recently released an NFT collection for their upcoming metaverse, the Otherside. Otherside will be a Web3-based gaming experience that uses mechanics from MMORPGs.

What are Otherdeeds?

Otherdeeds are NFTs representing land ownership in the Otherside.


NFT Stats

  • Launch date: May 1, 2022

  • Mint price: 305 ApeCoin (+ ~2ETH gas fees during mint)

  • Max supply: 200,000 deeds

  • 100,000 minted during launch

  • 100,000 will be rewarded to contributing Otherdeed holders


How will the 2nd wave of 100,000 Otherdeeds be distributed?

The remaining 100k Otherdeeds will be distributed to Otherdeed holders based on contributions during the testing phase of the game.


Here's an excerpt taken directly from their website:

"With an Otherdeed, you can participate in prototype builds, demos, and tests that shape the final game design and experience."


These activities are likely what Yuga Labs has in mind when stating that Otherdeed holders who "contribute to development" will be rewarded with Otherdeeds. Contributions from Otherdeed holders will likely be simple tasks which don't require any development knowledge but will help the team with beta testing, early feedback, etc.


Dynamic NFT

A unique thing bout Otherdeeds is that they are considered Dynamic NFTs. This means the traits of an Otherdeed can be changed based on what you do in the game.


Having interchangeable traits means there will be opportunities to add/remove resources from your land, creating a secondary marketplace for each individual item.


Traits

There are 5 main traits that can be found on Otherdeed plots:

  1. Environment

  2. Sediment

  3. Resources (dynamic)

  4. Artifact (dynamic)

  5. Koda (dynamic)

Each Otherdeed contains an environment and sediment. Resources, artifacts, and Kodas are the interchangeable traits a plot can have. As far as rarity goes, Kodas and Artifacts are the least common things to be found on the land.


Kodas are creatures that can be found on 10% of the Otherdeeds. I won't go into too much detail on them right now because they'll get their own article once more information is released.


Otherside Marketplace

The Otherside marketplace is the main hub for buying/selling in-game assets. Apecoin will be the only currency used for transactions.


Developers can use the SDK to create characters, outfits, tools, structures, and games. These will also be included in the marketplace.


Compatible NFT Collections

The collections below will have 3D models ready to go as playable characters at game launch. Other collections not listed can be imported/created using the Otherside SDK.

  • Bored Ape Yacht Club

  • Mutant Ape Yacht Club

  • Bored Ape Kennel Club

  • CryptoPunks

  • Meebits

 

Paper Ape's Analysis

I'm a Yuga maximalist, everybody should know this by now. Every Yuga Labs investment I make, I look at as a bet on blockchain culture. They've been the only team to successfully break into mainstream culture and the momentum doesn't seem to be slowing down.


In my mind, there has never been a more obvious GameFi play than the Otherside. Games need a loyal userbase in order to be sustainable which is typically the problem most crypto games encounter. Otherside has a ton of money to work with, large enough audience to be sustainable, and most importantly an abundance of attention.


The lack of currently available information on the Otherside makes it hard to justify putting in a large investment into their NFTs. That said, I've been in this position twice before (BAYC & 10KTF) where I'm pretty sure I caught a great project early on but fail to fully capitalize on it because the investment isn't currently justifiable. Both times I decided to only buy a couple NFTs rather than trusting my gut and loading up on a lot. In both these instances my investments increased by at least 20x which is fantastic but I could've easily had more.


I'm already up big on this trade as I sold a couple plots pre-reveal for >50 ETH profit, then re-bought 5 plots when the floor was at 3.6 ETH. Land was selling around 7 ETH floor price on the day of launch so I don't think it would be crazy if we retest those prices at some point once the project gets going.


As someone who recently scavenged the Otherdeed secondary market looking for great deals, this was one of the biggest things I noticed:


People seem to be underselling high quality plots with zero resources on them.


Learning about the dynamic nature of these NFTs made me realize that not all hope is lost if you want to gather some rare resources in the future. I think many people still do not understand this and have been listing their tier 4 or tier 5 environments near the floor just because there are no resources on it. This may be an opportunity to capitalize on if you're looking to flip some plots before the market realizes their true worth.


My closing thoughts are a reminder not to fade Yuga Labs. Many projects copy what they do but aren't as successful because of one key component: Storytelling. Storytelling/Narrative is an absolutely crucial part of maintaining an audience's attention and nobody does it better than Yuga Labs. If you want to own a piece of metaverse land this is probably your least risky option.

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