OpenSea adds Otherside Koda #7940 to its Flagship Collection

In Brief:

• OpenSea added Koda #7940 from Yuga Labs’ Otherside (official site) to its Flagship Collection on Oct. 17.
• The Koda’s OpenSea listing shows the marketplace as its owner and a last sale price of $2,098.18. OpenSea didn’t say what it paid.
• The purchase comes out of OpenSea’s $1+ million program to buy and hold NFTs it considers culturally important.

OpenSea has added Koda #7940 from Otherside to its Flagship Collection, the marketplace’s in-house NFT holdings.

The company announced the pickup Oct. 17 on X. It called the piece “an original inhabitant of Otherside.”

“First found on Otherdeeds in 2022, Kodas drew collectors into the mysterious new world they guarded,” OpenSea said in the post.

The token

Koda #7940 is an ERC-721 token on Ethereum. Its OpenSea item page lists OpenSea as the current owner and shows a last sale price of $2,098.18.

OpenSea didn’t disclose what it paid, and the announcement didn’t include a purchase price. When the page was checked, the best standing offer on the token was $1,167.55. The collection floor was $1,406.87.

The OpenSea collection page put the Otherside Koda floor at 0.579999 ETH. It listed a total supply of 8,326 and 3,227 owners, with $91,218.84 in volume over the previous seven days.

ETH traded at $2,436.48 around the time of the announcement, down 0.74%.

From Otherdeeds to a standalone collection

Kodas first showed up in 2022 as a trait on Otherdeed for Otherside, the land NFTs Yuga Labs sold to give holders claims on plots in Otherside. Every Otherdeed carries its own mix of environment and sediment. Some hold resources and some hold artifacts. A Koda roams on only a very small number of them.

Yuga later spun the creatures off into their own Otherside Koda collection on Ethereum, which went live in April 2023. The collection’s description calls Kodas “celestial beings that reside in Otherside,” with origins that aren’t well understood, whose magic and science keep Otherside going.

Holders of Otherside Koda NFTs are bound by a license Yuga publishes at otherside.xyz/license/koda. The collection trades on OpenSea and Blur. OpenSea lists a 5% creator fee and roughly $54.2 million in all-time volume.

How the Flagship Collection works

OpenSea calls the Flagship Collection “a living museum of NFTs.” The company said the collection represents its commitment of more than $1 million to buying and celebrating digital art.

A small internal committee picks the acquisitions with guidance from outside advisors. OpenSea said the committee weighs “long-term cultural relevance” and looks for works that “will stand the test of time.”

The company has put trading safeguards around the program. Committee members with a financial interest in a collection under review have to recuse themselves. Only a limited number of employees know about pending picks, and staff can’t trade collections under consideration or slated for purchase before they’re announced.

OpenSea said it plans to hold its acquisitions long term. It may sell in rare cases if it has “concerns with a project’s reputation or stability.”

The company also said the purchases do “not constitute financial advice or an endorsement or recommendation.”