“The Summoning” is finally upon us. On Wednesday, March 15th, holders of Yuga Labs’ Sewer Pass NFTs were able to burn their NFTs for one of eight types of “Power Sources” as part of a new non-fungible token collection called “HV-MTL” (Heavy Metal). Speculation abounds that the new NFTs will become “mechs,” machines that typically humans pilot.
The new collection set off a frenzy of trading on OpenSea, with the floor price of HV-MTL reaching 2.7 ETH or $4,445. HV-MTL also has amassed more than 4,800 ETH in trading volume, with over $8.1 million exchanging hands. Currently, there are 14,551 Power Sources listed on the NFT marketplace, with a potential 15,000 more possibly hitting the market.
Although there has been no official announcement from Yuga Labs regarding the utility of the Power Sources, many believe that they are another NFT to be used in the company’s Otherside metaverse. The future utility explains why just 6% of the holders of the Power Sources have listed theirs’ for sale.
The rarity of the Power Source depends on the score the holder achieved in Yuga Labs’ “Dookey Dash” endless runner video game. All told, there are eight tiers of rarity: Legendary (the No. 1 score), Holo (2-250), Reaver (251-1,250), Celestial (1,251-4,250), Knight (4,251-9,250), Bio (9,251-15,250), Dynamic (15,251-22,250), and Glitch (22,251-30,000).
Kyle Jackson, an esports star known as Mongraal, achieved the top score in the game, winning the coveted “Golden Key” NFT. After listing the Key for 2,222 ETH, he later sold it for 1,000 ETH ($1.6 million) to a scrap metal yard owner in the United States. The new owner is likely betting that his new Legendary Mech will be worth more in the future.
Yuga Labs Expands from NFT Company to Gaming
While the average person may know Yuga Labs from its Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections, the company has recently spent more time on Web3 gaming than strict non-fungible token sets. In December 2021, it launched an Apes vs. Mutants game, with a prize going to the top finishers, and followed that game up with the digital land drop for its Otherside gaming metaverse.
Then, in January of this year, Yuga Labs began the phase of its roadmap called “The Trial of Jimmy the Monkey.” It created a new set of NFTs, the Sewer Passes mentioned above, which holders of BAYC and MAYC NFTs could claim for free. The Sewer Passes became the ticket to the Dookey Dash video game, leading to the Power Source NFT set.
The company’s recent hires also show that it is pivoting to Web3 gaming. Late last year, Yuga Labs hired Daniel Alegre, who formerly worked at Activision Blizzard as President and Chief Operating Officer. Many believed at the time that Alegre would oversee the development of the Otherside metaverse, which the company billed as a Web3 destination for the Web3 community.
While Yuga Labs started out as a humble non-fungible token company, there’s no doubt it is betting big on gaming, with its new NFT collections tied into the virtual gaming world it wants to create.
Otherside Metaverse: Where do we go from here?
And that’s not all. Given the prizes associated with “The Trial of Jimmy the Monkey,” it’s likely the company’s Otherside metaverse will take center stage this year. Look no further than March 25th, when Yuga Labs will hold its “Second Trip” event, inviting NFT holders to participate in a new journey in that metaverse.
While details about the Second Trip are slim, the company has said that it will announce team leaders who will have certain responsibilities during the event. As well, Yuga Labs’ NFT holders who want to participate in the event can bring a friend, which wasn’t possible during the First Trip in 2022.
Given its initiatives, it is likely that Yuga Labs will continue its hot start in 2023. Here at Rarity Sniper, we’ll be ready for any further news regarding the company and report back.