Could Otherside Be Igniting Another Metaverse Hype Cycle?

Otherdeed saw an overall increase in project metrics, while Yuga Labs’ other projects recorded a drop in trading volumes.

Otherdeed land sales have soared again, generating over $10 million in trading volume over the past week. The highly anticipated metaverse game Otherside will launch its Second Journey this March, and holders of the virtual land Otherdeed are expected to have a first-hand experience.  

The rise of the metaverse has inspired users to re-imagine their digital lives. Many forward-thinking companies and individuals have taken action to establish themselves in the metaverse. As a result, lands in virtual worlds are rising in popularity.

Currently, the hottest virtual world projects include The Sandbox and Decentraland. The former has accumulated $253 million in trading volume, while the latter has generated $218.34 million. 

However, the anticipation and interest in Otherside have grown recently.

Otherdeed ranked second in trading volume 

The hype of Dookey Dash and Sewer Pass pushed the price and trading volume of several Yuga Labs NFT projects to great heights. However, with the game set to end on 8 February, the staggering trading figures of Sewer Pass, BAYC, MAYC, and BKYC have started dropping.

Dookey Dash is an experiment in gamified minting introduced by Yuga Labs, giving the NFTs in its ecosystem a brief but powerful boost. Also, it’s a move designed to set the scene for its metaverse game Otherside, which will embark on its Second Trip in March this year. The First Trip of Otherside offered Otherdeed landowners a sneak peek at the much-hyped game, and, likely, the new trip will only be accessible to those who own these virtual lands.

It is probably due to such anticipation that the Otherdeed collection kicked off an upward trend last week. According to DappRadar, the collection saw a 122% increase in volume, with the project floor rising by 33% and transactions pumping up by 56%.

Another reason the market is bullish on Otherdeed may be the partnership between 10KTF and the project. 10KTF, co-founded by the renowned crypto artist Beeple, has confirmed that it will set up its shop in Otherside. This is not super surprising, though, as Yuga Labs acquired 10KTF for an undisclosed sum back in November 2022.

Nobody’s more excited about @yugalabs and @wenewlabs joining forces than @beeple… except maybe @GordonGoner, who’d love to visit New Tokyo in the world of @OthersideMeta. pic.twitter.com/1KLDUU11iw

— The Fucking Metaverse Podcast (@FvckingMeta) January 24, 2023

A snapshot of noteworthy trends in the NFT space

Dooplicator 

The Doodles ecosystem has been a strong performer over the past week, with growth led by Dooplicator. It generated $1.48 million in transactions over 7 days, an increase of 335.32%, and accumulated 1,067 transactions, an increase of 195%.

Dooplicator is an NFT with infinite utility that adds value to Doodles holders. The Dooplicator’s initial function allows it to utilize a Doodle to create wearables for the upcoming Doodles 2. Furthermore, using a Dooplicator will also unbox a Beta Pass, which grants access to the private beta of Doodles 2 on the Flow blockchain. 

Digidaigaku Masked Villains 

In the DigiDaigaku ecosystem, players with Genesis NFTs can get more NFTs in subsequent drops for free. The first drop is Spirits. By combining them with their Genesis characters, holders can create different Heros NFTs. 

Last week, Digidaigaku started the minting of the Villain NFTs. Likewise, Hero and Genesis NFT holders can use previously rewarded special NFTs to change the attributes of these Villains, making them Super Villains.

Like all the other project NFTs, the Villains are free to mint. And out of optimism for Digidaigaku’s future game projects, the Villain NFT has surged in trading activities, surpassing $2 million in volume.

Checks 

Last November, Elon Musk, who became the new owner of Twitter, introduced an $8 monthly fee for the platform’s blue check icon. The move sparked a heated debate on social media and inspired artist Jack Butcher’s latest NFT project, Checks.

The initial edition of Jack Butcher’s digital artwork featured 80 different colored verification check marks and was available for an $8 minting price. The open edition saw 16,031 mints. Later, the project allows players to burn NFTs to obtain new ones according to certain rules.

Through this mechanic, Checks attempts to verify the relationship between rarity and price. Ultimately, user behaviors will determine which versions of these NFTs circulate in the market, eventually finding a balance between scarcity and diversity.

This highly experimental and zeitgeisty project has performed extremely well over the past week. It has achieved a trading volume of almost $4 million, and the average price has risen from $8 to $500.

Check out the list of NFT sales highlights

N.B. Dollar values given are correct at the time of sale.

Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.

• BAYC#4281 – $387,350 / 305 ETH – Owner’s Wallet
• Otherdeed#61978 – $253,240 / 155 ETH – Owner’s Wallet
• Fidenza #157 – $199,740 / 125 ETH – Owner’s Wallet
• CryptoPunk #7167 – $184,640 / 114 ETH – Owner’s Wallet
• Autoglyph #352– $169,160 / 104.69 ETH – Owner’s Wallet
• DG Estate 2 – $165,390 / 250k MANA – Owner’s Wallet