APECOIN surged again on Wednesday, April 27, by 7 per cent, taking its seven-day gains to over 22 per cent.
The increase in price comes after Bored Ape Yacht Club (BAYC) creator Yuga Labs announced its Otherside metaverse would be launching on April 30, 2022.
ApeCoin (APE) – which will be the currency in Otherside – has since become the biggest metaverse token by market capitalization, overtaking Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.
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From April 30, BAYC and Mutant Ape Yacht Club (MAYC) holders who completed the “Know Your Customer” (KYC) forms – an identity verification process – will be able to start buying land.
The land supply is 100,000 NFTs. 30,000 of those will be reserved for BAYC and MAYC holders to claim while 70,000 will be reserved for the mint.
To purchase land in the Otherside metaverse, Yuga Labs are doing a Dutch auction.
This means the price will start high and decrease over time.
Users will buy land by using ApeCoin (APE), but will still need ETH to pay for gas fees, as the NFTs are hosted on the Ethereum blockchain.
The starting price of the Dutch auction is yet to be announced.
