Buy up to 35 ETH of Otherside Land (BAYC) by Yuga Labs

Proposal by @WarriorMama#6315

Proposed purchase: Up to 35 ETH of land parcels in Bored Ape Yacht Club’s (BAYC) upcoming Otherside metaverse.

Specifics:

1. If the public sale is in $APE, this proposal would authorize LandDAO to convert up to 5 ETH into $APE to attempt to mint via the initial public sale. Any unused $APE could be held or sold at a profit in a follow-up proposal.

2. For secondary sales, this proposal would authorize up to 20 ETH to be spent on Center Land (exclusive drop to BAYC holders) or Mid Land (exclusive drop to MAYC holders), and up to 10 ETH on Outer Rim land (available via WL to several communities such as Cool Cats, Toadz and WoW). Note: the exact names of these locations may change upon release of the final product.

3. Passage of this proposal would constitute a one-time over-ride of any prior LandDAO rules or restrictions on maximum spending or allocation for an individual project to allow for the significant investments proposed above.

About Otherside: We all know that BAYC is one of the most sought-after NFTs. Teasers for “The Otherside” present a metaverse that will provide a mind-blowing user experience. There is speculation that Otherside land will be able to be “mined” for resources, which can be sold for $APE coin. These land plots will correspond to real land in their game. And there are new creatures that may come with this land, known as Kodas, though it is unclear how these will be distributed.

A leaked pitch deck reveals that Yuga Labs plans to include a total of 200,000 plots of land, and 30% of the first 100,000 plots will be distributed to existing BAYC and MAYC holders. There are several other collections that qualify for whitelist and the rest will go for public sale. There is some speculation that initial sales will be done in $APE rather than ETH, but this is unconfirmed. If the public sale is in $APE, this proposal would authorize LANDDAO to convert up to 5 ETH into $APE to attempt to mint via the initial public sale.

While all NFT purchases are inherently speculative, many expect The Otherside to become a world-class metaverse experience with land that will sky-rocket in value as it gets built out. If executed, this proposal provides a unique opportunity for LandDAO to purchase highly sought-after land which could be leveraged on social media to promote our project and significantly increase the value of our DAO.