Otherside, Yuga Lab’s metaverse world, gives off Fortnite vibes - The Average Joe

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    Otherside, Yuga Lab’s metaverse world, gives off Fortnite vibes

    victorlei

    July 20, 2022

    Last weekend, Yuga Labs, the creators of its NFT project Bored Ape Yacht Club — hosted a demo of their metaverse project, Otherside — and it gives off Fortnite vibes.

    4,500 community members tested the demo — showcasing a 4,500 vs. 1 boss fight. Leading up to the demo, Yuga Lab’s token ApeCoin ($APE) rose 30%. But Yuga has big ambitions and a lot to live up to:

    • The game will offer multi-platform play for desktop, mobile and virtual reality.
    • Digital assets can be taken out of Otherside into other metaverse worlds.
    • Developers can build and monetize unique game experiences similar to Roblox.

    It’s one of the first and most ambitious games of its kind — where community members guide the project’s direction.

    A sober look at Otherside’s numbers

    Yuga Labs was last valued at $4B and its token ApeCoin has a fully-diluted market cap of $6B.

    • It generated over $561M in one-time virtual land sales but the NFTs are down ~30% since.
    • Yuga earns a fee from re-sales but future monetization plans are still in development. What’s the use of the land? TBD.

    These are some outrageous numbers to a value investor — especially given the uncertainty surrounding future sales. In comparison, Fortnite owner Epic Games was last valued at $31.5B and Roblox (NYSE:RBLX) has a $24B market cap — both with millions of users and billions in sales.

    After the demo, Yuga released a litepaper highlighting their plans for the game — broken down into three phases. It’s clear we’re still early in the project and its creators have much to figure out.

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