While the NFT market’s surge of excitement may have subsided, Yuga Labs is preparing for a major new move. The company is known for its Bored Ape Yacht Club (BAYC) NFT collection. Now, it’s back in the spotlight with a Metaverse project called “Otherside.”

NFT giant Yuga Labs is competing with Roblox: Date announced for Otherside Metaverse

Yuga Labs first announced its Metaverse project, Otherside, in 2022. This announcement came after the company secured a massive $450 million investment. At the time, the founders promised to build an “interoperable,” “gamified,” and “decentralized” virtual world. After a long silence on the project, the official launch date was announced as November 12th at ApeFest in Las Vegas.

So, what exactly is Otherside? Yuga Labs Product Manager Michael Figge describes the project as “one of the most ambitious projects in the Metaverse space to date.” The basic concept is to offer a virtual universe similar to Roblox or Fortnite. However, crypto technologies lie at the heart of this universe.

Users can use their NFTs as avatars in the Metaverse. Access to the platform is possible with a crypto wallet. However, Yuga Labs aims to keep the entry threshold low. Therefore, users who do not own NFTs can also join and socialize through traditional methods such as email.

The Metaverse platform features numerous crypto elements, including NFT avatars, NFT land parcels, and blockchain-based currencies. Yuga Labs aims to build a “content creator ecosystem” on this foundation. The company claims to offer a more attractive economic model for creators dissatisfied with competitors like Roblox and Minecraft. The key advantage of this model is that digital assets can exist outside the platform and be migrated to other locations in the future.

The Otherside Metaverse platform will include a large virtual hub world called “Nexus.” It will also offer community-developed experiences, including a shooter called “Bathroom Blitz” and a zombie game called “Otherside Outbreak.” Additionally, “Bubbles,” social audio rooms similar to Clubhouse or X Space, will be created.

Significant partnerships have also been announced regarding avatars. Users will be able to upload their own NFT collections to the Metaverse platform. Avatars will also be created using a new system called “Voyager.” This collaboration has been achieved with digital artist Daniel Arsham and tech giant Amazon. Amazon will offer a “tokenized asset” called “Boximus,” comprised of Amazon boxes. These avatars will be reasonably priced and, because they are blockchain-based, can be resold.

On the other hand, those who experienced the Metaverse project before its launch report mixed initial impressions. The demo, set in an area called “The Swamp,” resembled a 3D chat room more than an interactive game. Visitors reported that key structures, such as BAYC’s famous clubhouse, were closed, making them inaccessible. There weren’t many activities to do in the area. In this context, the platform reminded us more of Meta’s more passive virtual worlds like Horizon Worlds than dynamic games like Fortnite.

Yuga Labs is taking a big risk as the popularity of NFTs declines. The success of giants like Roblox and Fortnite stems from their underlying fun gameplay mechanics. Whether Otherside can attract a broad audience by focusing solely on socialization and cryptocurrency ownership remains to be seen. Do you think Yuga Labs’ ambitious metaverse venture will be successful?