Want to jump straight to the answer? You need Ethereum to buy non-fungible tokens (NFTs), which you can get today on Gemini.
Historically, real estate has been a sound investment. You can either hold it as an investment or develop it to raise its value or generate passive income.
“Buy land, they’re not making it anymore,” Mark Twain is quoted as saying. That statement is quite true — at least in the physical realm. But with the advent of virtual reality (VR) and blockchain technology, that’s changing. Now you can travel to beyond our physical world and into the metaverse.
The term metaverse was coined in 1992 by science fiction writer Neal Stephenson in his novel “Snow Crash.” Snow Crash was a three-dimensional virtual space where humans as avatars could interact with each other. But in 1992, you could only read about this virtual world in a novel.
Fast forward to 2003, when the virtual world Second Life was released, and to 2006, when the ROBLOX game was released. These two events ushered in a new age — the start of an era in which humans can interact in virtual worlds.
These early virtual worlds were an excellent start but lacked an essential element — the ability to have actual ownership of in-game purchased digital items, especially land. But thanks to blockchain technology and NFTs, the ability to buy virtual real estate has become a reality.
There are numerous metaverse platforms available today. Among the most popular are Decentraland and The Sandbox. A new entrant into the metaverse platform field should be launched any day. This new platform will be based on the phenomenally successful Bored Ape Yacht Club (BAYC) NFT series.
It’s no secret that Yuga Labs, the company that created BAYC, has been highly successful. It followed up its BAYC success with two additional releases — Bored Ape Kennel Club (BAKC) and Mutant Ape Yacht Club (MAYC) — that have had considerable success. And now, Yuga Labs has produced a trailer promoting the impending release of Otherside, a metaverse platform and MetaRPG (role-playing game). It’s a reasonably safe assumption that the upcoming Otherside land sale may prove very successful as well.
Few details are available, but based on the trailer, the Otherside appears to be a multi-land metaverse. There seems to be a lava landscape, an ice landscape, a crystal landscape, a sand scene, a purple mystic landscape and a unique earthlike landscape. Yuga Labs partnered with Animoca to build the Otherside metaverse. Animoca is also the developer of The Sandbox.
Brief History of The Otherside Metaverse
Because the Otherside has not been released, information is limited. Aside from appearing to be a multi-land metaverse, an element hinted at in the trailer, the Otherside will support different NFTs. A submarine arrives near the end of the trailer, carrying the following NFTs: a Cryptopunk, Cryptoads, Mutant Ape Yacht Club, Meebits, World of Women and Cool Cats. The additional NFTs hint at interoperability.
Yuga Labs introduced ApeCoin a few weeks ago, which will power the Otherside metaverse. Another in a long series of rewards was a big airdrop of ApeCoins to BAYC owners. The maximum and total supply are both set at 1 billion, with a current circulating supply of 277.5 million. Despite only being launched a few weeks ago, ApeCoin is already ranked 48th by market capitalization.
Yuga Labs is also now attracting major investors. Andreessen Horowitz led a recent $450 million round of funding, along with Animoca Brands, FTX, Google and MoonPay.
It’s still unknown what the perks of holding Otherside land may be. Holding Yuga Labs NFTs has proven lucrative in the past, so it is not hard to imagine that owning Otherside land will also come with valuable perks.
Being a part of the Yuga Labs empire means that owning Otherside land comes with a lot of social capital. It has also been reported that the land itself will hold valuable items, from natural resources to rare artifacts and possibly even a Koda.
What is a Koda? It could be the alien-looking being touring the Otherside with the Bored Ape. It’s rumored Kodas will be assigned to 10% of The Otherside land plots, and buyers who receive them may be able to sell this NFT separately.
Details on how to buy Otherside land are also limited. A new website, https://somethingisbrewing.xyz/, will possibly be used for the land sales. You will first need to connect your MetaMask wallet. After connecting, you will need to get know-your-customer (KYC) verified. It’s also possible that it’s too late to join in on the first land sale.
However, a leaked BAYC investor roadmap shows two land sales. The first was slated for March,but was rescheduled for sometime in April. Then a second land sale is expected sometime in August.
Image Credit: Yuga Labs
Step 1: Open an online account.
Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
- New investors looking for a simple mobile and web app
- Day traders looking to use technical analysis tools
- Users looking for a 1-stop-shop to buy, sell and store all of their cryptos
- Easy and quick signups — can get started in as little as a 5 minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
To purchase Otherside land, you will need Ether (CRYPTO: ETH.) If you don’t already have an account with a cryptocurrency exchange, you’ll need to create one. Coinbase, Gemini and Crypto.com are great exchanges with easy-to-use trading platforms.
All three exchanges make it relatively simple to register an account. To pass KYC, follow the instructions and input the relevant information. Following that, you must link a bank account or debit card.
Step 2: Buy or download a wallet.
Now that you’ve opened an account, you’ll need a good wallet. The wallet must be able to connect to the BAYC website or OpenSea to facilitate purchases. Avoid storing huge amounts of cryptocurrency or NFTs on exchanges. Keeping huge quantities of crypto on exchanges puts you at risk of loss because of an exchange hack.
Best Software Wallet: MetaMask
MetaMask is one of the best software wallets around. It’s available as a browser extension and a mobile app and is easy to download and set up.
Go to the MetaMask website, click on “Download,” and select your browser. Then click install and follow the on-screen instructions. Avoid storing significant amounts of crypto or NFTs in MetaMask because it is a hot storage wallet. You should buy a cold storage wallet like the Ledger described below for long-term storage.
Best Hardware Wallet: Ledger
securely through Ledger Hardware Wallet’s
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Long-lasting battery
- Bluetooth connectivity features
One of the best hardware wallets on the market is Ledger, which offers two models: the Nano S and the Nano X. The Nano S is cheaper; however, it does not hold as many apps as the Nano X. The Nano X also has Bluetooth capabilities, allowing it to be used with the Ledger Live mobile software. Using either Nano model in conjunction with Ledger Live provides complete control over your digital assets.
For security, both wallets rely on an industry-leading secure element chip. The secure element chip is the same as the one used in credit cards and passports. It offers the highest level of security available for a chip. Regardless of the Ledger model you choose, you can be confident that your crypto assets are well protected.
Before buying land, you must first send your ETH to your MetaMask wallet. You need your ETH public address from your MetaMask wallet to complete the transfer. The address is located near the top of the MetaMask pop-up window.
Next, go to your exchange, look for your ETH, and click “Withdraw.” Typically, a transfer pop-up window or a transfer page will open. Then, copy the ETH address from your MetaMask wallet and paste it into the “Send to address” field on your exchange’s transfer window or page.
It is a good idea to double or triple-check your ETH address before making the transfer. At the very least, double-check the first and final four characters. Even if you are copying the address, this is recommended. After all, if you make a mistake, there is no way to recover your crypto.
Another word of advice is to pay close attention to the transfer or gas fees. These can be pretty high, especially for transferring ETH. Depending on network traffic, it should only take five to 10 minutes for the transfer to be confirmed.
Step 4: Make your purchase.
The process of purchasing from the BAYC website so far is not clear. Although, typically, you would first connect your MetaMask wallet. It’s possible that you may be able to choose which type of land you want to purchase. Then there should be a “Mint” button to click on and then sign the transaction in your MetaMask wallet.
Bonus section: While most NFTs are sold in ETH, The Otherside land sale may be in ApeCoin (CRYPTO: APE). Stay tuned for an announcement from Yuga Labs to know whether you’ll need ETH or APE to purchase this metaverse land.
Current Crypto Prices
The overall crypto market still seems to be in a bearish to neutral state. Bitcoin (CRYPTO: BTC) has been ranging from the upper $30,000 level to the upper $40,000 level for about two months. The overall crypto market still follows Bitcoin’s lead.
Purchasing land on The Otherside is a highly speculative venture. However, based on Yuga Labs’ previous performance, there should be a significant amount of built-in value. The BAYC community is well known for its exclusivity ands valuable perks.
The same may be true for Otherside land owners; however, a lot will depend on what perks land ownership comes with. This could be an opportunity for those priced out of the BAYC and MAYC to become a part of the Yuga Labs ecosystem.