Are Upland Properties NFTs?

Upland  Metaverse, a digital property, recently teamed with Tilia Pay to set the stage for what the industry refers to as a genuinely digital economy. Upland is a blockchain-based game in which players may purchase, sell, and trade virtual assets that are tied to real-world locations.

Users may create properties and earn UPX currency by becoming “digital landowners.” The initiative makes use of blockchain to connect each property on the Upland network to an NFT. Are Upland properties NFTs? Read on to get the answer.

What is Upland?

Upland, a Palo Alto, California-based business, received $18 million at a $300 million valuation for its nonfungible token (NFT) digital real estate platform, which is similar to a real-world form of Monopoly in that it grants genuine ownership of NFT property plots linked to real locations. Upland has grown from strength to strength since its open beta introduction in early 2020.

Upland’s Metaverse is already enjoyed by over 100,000 virtual landowners from across the world in 13 US locations. Over 2 million NFTs have been acquired (minted) by gamers, and cities such as San Francisco and Manhattan have run out of digital land since the start of the year. 

Every day, over 60,000 daily active users purchase, sell, and trade virtual properties, construct residences, complete property acquisitions, and participate in treasure hunts across the city. Upland started new the Bronx, New York, this week and coined 2,000 units in 10 minutes, some of which were re-sold or “flipped” for 50-100x their coined purchase cost.

How Does Upland Work?

Upland is a metaverse featuring a virtual game in which you control the land on which you create. Because of the digital economy created on the EOS blockchain, players’ in-game commodities have real-world worth. Through cooperation with Tilia, properties may be sold for USD.

The Upland developers emphasize three major game tenets: play, earn and interact. It just introduced a community directory to the site, allowing like-minded gamers and new users to interact, grow, and earn together.

Upland offers fascinating insights into the realm of digital real estate at a time when the virtual world is exploding and land in these new virtual spaces is becoming extremely expensive. If you want to learn more about the realm of digital land sales pleasantly as a user, Upland is the platform for you.

The game offers helpful guidance and a simple user interface, allowing players to acquire rapid insights into land development and property amenities.

Are Upland Properties NFTs?

Yes, Upland properties fall under NFTs. Check out the following Upland property types:

3D Map Assets

3D map assets are NFTs that display on the map’s interface. The NFT itself will contain all relevant blockchain data. IPFS will be used to notarize meta-data, such as the actual 3D object, on the blockchain.

Property-Tethered Assets

This sort of NFT cannot exist unless it is linked to a property piece. A building is an obvious example of a property-tethered commodity. These things cannot be exchanged on their own since they are always linked to a certain property. The only method to shift ownership is to trade the property to which they are attached.

Portable Assets

Portable assets are not attached to any real estate. This implies they can be exchanged independently. While these NFTs are always assigned to a certain place in Upland, the owner of these properties will be able to relocate them. A beautiful thing, such as a sculpture, or a utilitarian object, such as an automobile, are examples of this sort of NFT. These NFTs, like in the real world, may have constraints on where they may be put in Upland.

Dual-Phase Assets

These NFTs begin as portable things that may be traded. When a dual-phase asset is tied to a property, it gets tethered and cannot be exchanged on its own. Change of ownership is thus only conceivable if the property parcel to which it is linked changes hands. A tree is an example of this form of NFT, as it may be exchanged until it is placed on a property.

Assets for Homes and Businesses

These NFTs are not visible on the Upland map, but they may be located within Upland houses and businesses.

Native Upland NFTs

In Upland, these NFTs may be developed and traded for usage inside houses and businesses. When developed, they will allow professionals like artists to use Upland as a one-stop-shop for converting their products into NFTs and selling them.

Upland Gateway NFTs

When NFTs are transferred from other blockchain systems to Upland, they are represented as Gateway NFTs. The NFT that represents it will be tradable. The representative token’s holder will be authorized to download and transform the original NFT back to the network of origin’ This real mobility distinguishes Upland from any other NFT platform.

Specialty Assets

These NFTs are intended to serve a specific purpose in Upland.

Block Explorers

Block Explorers who do not belong to one of the normal batches (visitor, uplander, pro, or founder) will be turned into NFTs. These special edition block explorers are also featured on your profile in the ‘Exclusive’ batch. Block Explorer NFTs in all formats will be marketable in Block Explorer Shops in Upland.

Exclusive Upland Explorers

Custom explorers generated upon obtaining the Director position, as well as custom explorers provided as event prizes and commemoration events, are examples of these explorers. Each special Upland Explorer NFT will also include an official preview card with further data and the explorer’s background. These one-of-a-kind backstories are referred to as “Block Stories.” This adds a dimension of individuality and rarity to the customized and special edition block explorers, as well as enabling future players to learn about Upland.

User Generated Explorers

Users will be able to design unique explorers, pre-define their accessibility, and sell them with the launch of Block Explorer Shops in Upland. These explorers must go through an approval process.

Business Licenses

Business licenses will be tradable non-financial tokens (NFTs). They will be available in variable and limited quantities in each Upland location. Other Uplanders will be able to lease business permits as well.

Conclusion

In the game, players may buy and sell color-coded assets. The assets are classified into two types: minted and unminted. Other users own minted assets, but unminted assets have never had a proprietor. To sell an asset, Uplander can advertise it on the secondary market for a predetermined price in both UPX and USD.