After Saturday’s tech demo, the utility token for Otherside’s new Bored Ape Yacht Club-inspired metaverse is exploding. The price of ApeCoin has risen by more than 22% over the past 24 hours after Yuga Labs, creator of Bored Ape yacht Club (BAYC), gave a few lucky players a glimpse at its Otherside metaverse.
ApeCoin currently trades at $6 after increasing by 30% in the past week. ApeCoin’s price surge follows an Otherside tech demo last Saturday in which 4,300 BAYC members who purchased ‘Otherdeeds (digital land documents) were treated to a tour of Otherside’s ‘Biogenic Swamp.
The Otherside developers made it clear in a lightpaper that Only Otherdeed owners and selected third-party developers can participate during the first phase. They will only allow this after the “First Trip” has been completed.
ApeCoin was launched earlier this year by ApeCoin. The utility token powers spinoff projects in the BAYC universe. This includes the BAYC-inspired metaverse-game Otherside.
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After more than $157million in Ether had been burned in gas fees, the Otherdeed mint sent briefly Ethereum gas prices back to the moon in May.
Some people reported that they paid more than twice the price of 305 ApeCoin (APE), in gas fees. Others saw their transactions fail, but were still charged gas. The mint was responsible for approximately 56% of all Ether burnt between April 25, and May 2.
According to Etherscan, Yuga Labs spent 90.57 ETH for refunds. Yuga Labs incurred approximately $780 in gas fees during the refund process. The company received the largest refund at 2.6ETH, or roughly $7,500.
Yuga Labs stated that after the refunds, it was ” abundantly clear “, and that ApeCoin will be moved off of Ethereum to its own blockchain.