APE price continues to hit new all-time highs as BAYC, MAYC and NFT investors gear up for the long-awaited land auction on the Other Side.

The Non-Fungible Token (NFT) and Metaverse sectors have been bright spots in the crypto market in 2022, and proof of this was when the APE token hit a new all-time high of $22.60 on April 28.

APE’s strong growth is driven in large part by the upcoming The Otherside land auction, hosted by Yuga Labs and Animoca Brands in collaboration with NFT’s Bored Ape Yacht Club project on April 30th.

APE/USDT, 4-hour chart. Source: Trading View
Otherside’s launch will consist of a Dutch auction style sale and only Know Your Customer (KYC) approved wallets will be able to participate in the sale of the first 100,000 lots. All sales are paid by APE, which clearly helps increase demand for the token as stakeholders accumulate tokens in anticipation of the sale.

Related: ApeCoin price breakout stabilizes after $2.4M BAYC NFT heist – what lies ahead?

Wallets that already own a BAYC or Mutant Ape Yacht Club (MAYC) NFT can claim the property for free for 21 days after the auction, and no KYC approval is required for the claim.

The ongoing governance voting within the ApeCoin community has also helped boost demand for APE, a clear indication that BAYC and MAYC holders are looking to become more concerned about the direction the ecosystem is heading in the coming years.

Source: CoinTelegraph

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