Jul 28, 2023

Bored Ape Yacht Club's parent company, Yuga Labs, hosted a live in-person demo of its Otherside gamified metaverse world tailored to Bored Ape holders, soliciting live feedback from members of its original community.

Video transcript

Labs has released a demo that shows the virtual playground it's been developing for its community. The board, a yacht club parent company announced its other side Metaverse last year with its other deed NFT. Since then, there's been no set date for the actual release. The actual launch of this metaverse, Danny, I'm gonna kick this one off to you. There was a lot of excitement when this was announced and now it feels like we keep getting these videos, maybe music videos and some award shows, you get these live demos, but still we cannot enter the Metaverse. What do you think about products launching these NFTS and road maps and then, you know, prolonging the launch? I said product attached to that NFT. Look, look, maybe I'm just a jaded aged 20 something. I probably am. But I will say I the, the graphics of this, the, the the other side that we're finally seeing that we can't even really enter yet. And I don't know if I'll ever be able to enter it yet because I'm not a 48 holder. It reminds me of Rosca, which has been around for much longer already. Has a very built out world has plenty good graphics and it doesn't have any NFT anything to it. If anything, it has a bit of Bitcoin to it because a lot of people used to buy and sell Bitcoin back in the, the Bitcoin dark age by going to escape and drop trading. So I am just not convinced that this is a product that's needed or a product that's valuable to uh the holders of these, of these NFTS because like, I don't know, I just, I don't see it. Uh David, talk me off the ledge, help me understand. I, I, I'm afraid I can't because it's actually even worse than, than Rosca. Um which is, you know, if this is targeting people who are already holding board apes or really any like yoga asset that's not a crypto puk. Um Not only are you gonna be playing a, a AAA version of Rosca, you're gonna be playing a version of rooms that is constantly reminding you that you lost $200,000 on your avatar because these assets are all underwater right now sometimes dramatically. So and so like if you're a holder right now, you don't even emotionally want to engage with this ecosystem anymore until things have changed pretty dramatically. Um And, and so like, I just don't see like this is, I think a, a bigger point about the threat of hype of bubbles and of the financial hangover that results because it's just a scar that you don't heal from. If you sell somebody, something that you say is worth half a million dollars and six months later it's worth 20 K or, or less. Um, and, and I, I think that that does speak to, you know, the financial elements of NFTS have downsides and I think this is a big one. I mean, we saw it with AI Infinity last year where you had a lot of people making quote unquote investments on what turned out to be an unsustainable system, at least currently and some of these things might come back and it might be more fun to play with your apes when you uh aren't constantly being reminded that you lost money on them because Jimmy Fallon and Paris Hilton uh were clandestinely paid to promote them. Um But, uh, you know, I think right now just the emotional situation leaving aside the product, the emotional and financial situation is so bad that this thing is like dead in the water, you know. Yeah, I think the article said that some, some holders may be getting anxious here, you know, waiting, waiting for the metaverse that they bought this other side or this other deed to enter. I think there's maybe a lesson here for developers. Also, people who are building games, people who are building out these metaverse, you know, before launching an NFT and promising all of these things to people who are buying this NFT investing in you maybe launching a minimum viable product and see if people enjoy what you're building, see if people want to be there and bring the NFT in a little bit later. So people aren't waiting and becoming anxious and losing faith. Exactly. And losing faith in your project, losing faith in your leadership team. I think we would see, um, a lot less stories like the ones we cover sometimes on the show if that happened.

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