FaZe Banks explains why he’s aiming to spend $1m on BAYC Otherside metaverse land
FaZe Clan co-founder Banks is one of the biggest names in the NFT space, constantly pushing to drive the industry forward and with a wallet that would make even the most avid collectors green with envy. If he gets his way, he might be about to spend another million dollars Yuga Labs’ upcoming Otherside metaverse launch.
While details on Otherside are minimal right now, it’s easily one of the most hyped NFT projects in recent memory, as the official metaverse of the Bored Ape Yacht Club.
Yuga Labs are widely respected in the NFT world as the brains behind Bored Ape Yacht Club and Mutant Ape Yacht Club, some of the most expensive collections in the world.
It’s definitely easy to understand why someone would want to invest in Otherside, but it looks like Banks wants to hold as much of it as possible.
In a lengthy post on his Instagram story, Banks spoke about the upcoming Otherside metaverse mint, and why he’s putting aside $1m for the drop.
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“I can’t explain how many real-life interactions I’ve had with friends and strangers alike, singing my praises and thanking me for helping them pay off their mortgages or clear their student debt,” he said. “It truly has been the most fulfilling thing I’ve ever done. It’s the gas that keeps me on the road. I’m praying and hoping that on the 30th this karma boomerang smacks this d**k with this BAYC Otherside land sale. Again I have $1,000,000 set aside specifically to dump into this. Unsure if that’ll even be possible, but will be investing as much as I can … This play is truly the most obvious bulletproof play there’s ever been in Web3.
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“Historically if you’ve ever had the opportunity to not only mint BAYC product, but get in anywhere remotely close to mint you’re probably rich if you weren’t already. Also, it’s only ever been a poor decision to sell anything Yuga has dropped. Sellers have only ever been punished.”
In his final post on the matter, Banks said the story isn’t to “rub it in the faces of people who can’t participate in the mint,” but instead to prepare readers to jump on the secondary market post-mint.
“People will undersell this, jump on this opportunity,” he added. “It is reasonable to expect a 10x gain on mint. Conservatively … This could be a life-changing play for me.”
The Otherside metaverse officially launches on Saturday, April 30, but only for those whose KYC was approved on their announcement website. However, existing BAYC and MAYC holders can also claim space in the Otherside for up to 21 days after the auction and don’t need to be KYC-approved.