On March 19th, the BAYC Twitter and Youtube channel released the trailer for ‘Otherside’. It showed a Bored Ape NFT hero being taken away by a creature with Koala-like and alien features to the Otherside metaverse, where he was welcomed by other NFTs.
Ever since that teaser trailer, NFT investors have been eagerly awaiting the Otherside virtual world and metaverse game to arrive. On April 30th, the Otherdeeds for Otherside NFT drop took place – a way of minting virtual land in Otherside. Some of them had a rare Koda present on them, alongside other resources and attributes with different traits and rarity to add to the land value.
What is a Koda NFT?
Kodas are a collection of 10,000 rare creatures, a ‘race of celestials’ with unique traits and high value in the Metaverse. Not much has been revealed since the Otherside trailer and the NFT Twitter space has been speculating wildly on their possible utility, and the potential investment opportunity they present.
Many ‘next big NFT opportunity of 2022’ style videos are popping up on Youtube, and those lucky enough to bag a Koda when buying Otherdeeds have been showing them off on social media.
There are rumors, not yet confirmed, that Koda NFTs could one day be another blue-chip NFT project that might redefine the metaverse ecosystem, or be the next Mutant Ape Yacht Club or Bored Ape Kennel Club.
The questions on investor’s minds are – what is a Koda NFT? What will Kodas do in the Otherside game? And most importantly, what future do Kodas hold in the NFT space?
Your capital is at risk.
The Leaked Otherside Pitch Deck
Koda NFTs first caught the attention of the crypto crowd when it was first mentioned in the pitch deck, obtained by The Block and leaked in mid March, 2022. It was around the same time that Yuga Labs started to make big and aggressive moves in the blue-chip NFT domain, including acquiring CryptoPunks and Meebits.
The Yuga Labs acquisition of CryptoPunks caught the attention many crypto enthusiasts because of the potential CryptoPunks now held for those NFT holders who want to own the exclusive creative rights to their tokens.
As they went through the pitch deck, users stopped at one particular slide that first brought the strange character to their attention. It showed a piece of land on the Otherside; standing at the center of the landscape was a small creature with koala-like features similar to the trailer.
Tweet by BAYC Official Twitter handle
The BAYC crowd became intrigued. What followed next were many rumors, speculations, and hype – perhaps just as Yuga Labs intended.
The following response of Yuga labs was expected; they stated that the pitch deck was an old one. Yuga Labs Co-Founder, Gargamel, said on discord:
“That’s an old, outdated pitch deck and a hilarious pitch deck that neither Gordon nor I ever saw. There are a lot of things here that we have already changed and will continue to change things because screw doing expected things.”
But on April 23, BAYC put another tweet that stoked the fires of rumors, further igniting the interest. They tweeted: “What the f*** is Koda?”
What are Kodas?
As per the pitch deck, Koda’s are “Primal Beings that have ushered us into the Otherside“. It classifies them as a race of celestial beings important to the survival of the Otherside; their cosmic energy is holding the universe as we know it together.
An image of a Koda Creature
Taking a deep dive into the lore, we come up with the following comprehensive story:
Koda used their cosmic energy to create the last microverse into “our dimension.” This microverse is the Otherside. Not wanting to see the Otherside barren and willing to do anything to preserve the universe’s balance, the Kodas pulled Bored Apes and other NFTs into the Metaverse. In the trailer, we saw the following NFTs in the flying submarine / spaceship:
- Cryptoad
- CryptoPunks
- Meebits
- MAYC – Mutant Ape Yacht Club
- World of Women
Though not very long, this trailer gives just enough information about the Metaverse to get us excited. After much speculation, Kodas made their first appearance in the Otherside mint, just like it was mentioned in the pitch deck.
At first glance, these creatures look like additional traits in Otherdeeds and less as separate non-fungible tokens. Otherdeeds are land NFTs of the Otherside metaverse, like virtual real estate. Kodas seem to be tied to the lands of the Otherside – probably as watchers.
Kodas didn’t launch as a standalone NFT PFP (profile picture) collection, something BAYC is known for. It caused some distress among the NFT crowd, especially those looking forward to showing off their Kodas on Twitter. It’s still possible that will happen though – Kodas could be launched as full metaverse-ready avatars in the Otherside metaverse.
Otherdeeds NFT Drop
Kodas are part of the varying traits tied to your lands once you buy Otherdeed NFT land. Out of 100,000 land plots available, 10,000 contain a Koda, meaning there is a 10% chance for you to end up with a Koda with your Otherdeed land purchase. So far, more than 97.5k Otherdeed NFTs have been claimed, with Kodas being in 7.6k among them.
It means there are nearly 2.4k Kodas remaining. The public mint has passed, but you can buy and trade virtual land in Otherside on secondary NFT marketplace OpenSea.
The Genesis mint event also had some issues. 55k out of the 100,000 Otherside NFTs were made available in the public mint, and since BAYC had announced earlier that it wouldn’t be launching Otherdeeds via the Dutch auction, there was hope for there to be no gas wars.
To prevent congestion, Yuga labs limited the number of Otherdeeds people can purchase in one transaction to two – because of the anticipation and hype built in the NFT community, it didn’t go as planned.
During the first wave of sales, the gas fees spiked – costing almost as much as the land itself. The fee rose to $6,200 at one point to mint two plots of land in the Otherside (one plot of Otherside was valued at around $6,000 during the mint, or 305 ApeCoin).
Many of those minting metaverse land had the gas fees deducted from their crypto wallets but didn’t receive the Otherdeed NFT. Yuga labs have since refunded their gas fees.
Some investors prefer to just buy ApeCoin, the governance token of Otherside, which is less complicated and more accessible.
Your capital is at risk.
A Brief Look into the Otherside
Before we take a look at the potential of Koda – presently driven by speculation but reasonable enough to be true – let us take a detour to the Otherside, BAYC’s flagship and the most ambitious metaverse project to date.
BAYC still isn’t upfront about presenting all the details, but we’ve gathered some information thanks to Twitter speculations and some legible sources.
The Otherside is a 3D metaverse, gamified and created in collaboration with Animoca Brands, and powered by ApeCoin.
Since its introduction, it has driven the NFT community “bananas,” and not just because of how cool the artwork looks. The reason behind the hype is the inclusion of other NFT projects into the Otherside virtual world.
In the trailer, there are other NFTs from Cryptopunks to Mutant Ape Yacht Club to World of Women to Meebits and many other NFTs.
The Otherside metaverse has grabbed the attention of some major investors, raising $450 million in its seed round, including from big names like The Sandbox and FTX exchange.
Buy Land in the Metaverse
So how can you become part of the Otherside? You need to purchase a parcel of land within the Metaverse. Below are the aspects of each plot of land:
- Each parcel of land is a unique blend of environment and sediment – for example sulfuric and volcanic land is rare
- There are some resources on these lands, with names like Runa and Psychosilk
- Some contain powerful artifacts
- And in a very few among them, a Koda is watching over
These are the listed traits of the Otherside lands:
- 8 categories
- 2 Artifacts
- 74 eastern resources
- 29 environments
- 74 Northern resources
- 74 southern resources
- 74 western resources
Every resource is divided into a tier, and the other traits listed on OpenSea detail the various characteristics of the few Kodas roaming in some of the lands. To buy NFT land, you can head over to OpenSea marketplace.
After the first mint, 97.5k Otherdeeds for Otherside are now listed Opensea. There are 34 thousand owners, and the floor price of these NFTs is around 3 ETH. The 10,000 Kodas are dynamically generated with the following traits:
- Core
- Clothing
- Eyes
- Head
- Mega
- Weapon
- ID
Mega Kodas
Some investors that rushed to buy land in the metaverse found that their Koda was a Mega Koda – an even more rare type.
We’d expect these rare Kodas to have even more abilities in the Otherside metaverse game and a higher valuation.
What Could The Koda NFTs be in the Future?
Any Koda NFT predictions we can make right now are purely speculative. But looking at the history of BAYC NFTs and put together the underlying mechanics that could govern Koda NFTs, some traders and collectors have predicted some potential things that may happen.
The most comprehensive prediction about Koda NFTs came from a user named Willy Bullish. He has developed a theory from his experience of the NFT industry and the information from the leaked pitch deck.
He predicts that the Genesis Koda will live on the piece of land, and they will level up by competing in automated missions. Each time these Kodas venture out, they will come back with artifacts, decorations, gear and even accessories. You’d be able to then put those on a secondary NFT marketplace for sale, or display them on your plot.
He dives deeper into how BAYC may adopt the Axie Infinity approach and introduce a breeding mechanic for Koda NFTs. As the population grows, so will the $APE economy. He states that the ApeCoin fees will create passive income for the Koda owner. Then as the next generations of Koda arrive, NFT land owners’ wealth will grow.
BAYC has a history of presenting partial information through Tweets and then letting the NFT community take the wheel. In some cases their predictions come true.
Where to Buy Koda NFTs?
You cannot buy Koda NFTs right now. They may be tradable and form their own Koda NFT collection in the future.
For now the best you can do is visit the Otherdeed for Otherside Opensea listings and get your hands on some virtual land. You could try setting lowball bids on land that has a Koda on, as the crypto markets are currently in a correction and some people may panic sell.
Where to Buy Otherside Land
Before you go ahead and purchase a land deed, make sure that you have one of the best NFT wallets to protect and preserve your crypto and NFT assets.
We suggest going for eToro or Coinbase as they offer industry leading security. Coinbase wallet supports storing non-fungible tokens.
Also be aware any NFTs with Koda in the name on OpenSea right now are not official releases, and don’t have anything to do with the Otherside Metaverse. Don’t purchase those clone tokens; none of them can live up to the blue-chip potential that Koda NFTs have.
Your capital is at risk.
Conclusion
Koda NFTs are not yet tradeable as their own NFT collection on any NFT marketplace. However we could speculate that will happen in the future – Mutant Apes and the Bored Ape Kennel Club were spinoffs that started out as free airdrops to BAYC owners from Yuga Labs. Later they were listed on OpenSea, and rose exponentially in value over time. In April 2022 BAKC dogs hit a 12.5 ETH floor price.
If you’re on the lookout for Koda NFTs, you can for now buy Otherdeed for Otherside NFTs on OpenSea, which have a floor price of just under 3 ETH currently. Although Otherdeeds with a Koda on are more expensive.
Metaverse projects are a new emerging asset class, in a boom period in 2022. It remains to be seen how successful the Otherside project will be, but many investors are bullish on the metaverse concept in general, and the metaverse coins that power it.
