The NFT and metaverse industries have been bright spots in a sideways crypto market in 2022, as evidenced by the APE token hitting an all-time high of $22.60 on April 28.
APE’s steady bullish momentum is largely due to the upcoming land auction of The Otherside on April 30th by Yuga Labs and Animoca Brands in conjunction with the Bored Ape Yacht Club NFT project.
APE/USDT 4-hour chart. Source: TradingView
The launch of Otherside will include a Dutch auction-style sale, and only KYC-approved wallets will be allowed to participate in the sale of the first 100,000 plots. All sales will be paid for using APE, which obviously helps drive demand for the token up as interested parties accumulate tokens in anticipation of the sale.
Wallets already holding BAYC or Mutant Ape Yacht Club (MAYC) NFTs will be able to claim the plot for free within 21 days of the auction without KYC approval.
Ongoing governance votes within the ApeCoin community are also helping to increase demand for APE, a clear indication that BAYC and MAYC holders are looking to become more involved in the direction the ecosystem is headed in the coming years.
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