On October 20, the price surge of ApeCoin (APE) became the focus of attention, while Yuga Labs, closely related to APE, sparked widespread interest and discussion in the crypto market regarding the metaverse.
On October 20, APE attracted market attention as its price rapidly climbed. According to AICoin market data, the price of APE rose by 81.4% within 24 hours, with its market capitalization reaching nearly $1 billion, hitting $999,414,808, marking a new high in the past three months. Meanwhile, the total open positions for APE contracts across the network amounted to $154 million, with a 24-hour increase of 390.63%.
Image source: AICoin
Yuga Labs is the parent company of the Bored Ape Yacht Club (BAYC), which has launched multiple NFT series and plans to build an interoperable gaming metaverse centered around the BAYC NFT ecosystem, known as the "Yugaverse." Otherside is the metaverse project launched by Yuga Labs, an open metaverse centered around the growing Yuga Labs NFTs, where ApeCoin serves as its native token.
Yuga Labs issued the ecological token APE through ApeCoin DAO, using it as the core currency for its metaverse project Otherside. Otherside is a large fantasy game similar to "Minecraft," and it will exist as a platform where land sales in the Otherside project will adopt a Dutch auction method.
Image source: Internet
For Yuga Labs, Otherside is not just a commercial project; it represents a brand new digital ecosystem. In this system, users can experience a new digital world through the combination of virtual reality technology and blockchain technology. Yuga Labs' vision is to create an open and free virtual world through Otherside, allowing users to create, communicate, and trade within it.
The price increase of ApeCoin is closely linked to Yuga Labs' metaverse project Otherside. ApeCoin is not only the main token within the Yuga Labs ecosystem but is also used to pay for various in-game fees and transactions.
ApeCoin plays an important role in the Otherside metaverse as the driving currency of the in-game economy. Players can use ApeCoin to purchase or create items and treat them as digital property for sale and exchange. Additionally, ApeCoin supports Web 3 applications and ranks first in market capitalization among metaverse concept tokens.
As early as 2022, Yuga Labs successfully drove up the price of ApeCoin through initiatives such as the launch of the Bored Ape Yacht Club NFT collection and the Otherside metaverse world. The success of the Otherside project has also positively impacted ApeCoin, with land NFTs in Otherside quickly selling out during public sales, leading to a significant increase in ApeCoin transactions and thereby enhancing the token's value.
Recently, another important factor driving the price increase of ApeCoin is Yuga Labs' strategic partnerships with well-known companies Animoca and OpenSea. These partnerships not only enhance the value of the Otherside ecosystem but also strengthen the project's technical capabilities. These strategic partners have not only bolstered the project's technical strength but also increased market confidence in the Otherside project, directly driving up the price of ApeCoin.
The rise in ApeCoin's price is, in fact, a recognition of the market for Yuga Labs' innovative capabilities in the metaverse field. This recognition is reflected not only in price fluctuations but also in confidence in the future digital world. Through Otherside, Yuga Labs is paving the way for the arrival of the digital age, and this innovative momentum is sure to inject new vitality into the digital economy.
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