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Why Buying Virtual Land Will Be The Next Big Thing In Crypto For 2021
Bitcoinist | Jan 04, 2021 | 19:13
As crypto markets may see their bull run continue for fungible tokens (aka Bitcoin, Ethereum, et al), the non-fungible token (NFT) asset class is quickly emerging as the next big thing in crypto in 2021.
Red-hot interest in this asset class coincides with the rise of metaverses or parallel worlds where people are spending more and more of their time and money. Known from the pre-blockchain era mainly through Second Life or Minecraft, blockchain-powered metaverses are becoming more of a thing, and NFTs are at the core of their value proposition. How? In order to participate in these metaverses, users need to purchase virtual land which are themselves unique, NFTs. Since every property NFT is a 1/1 edition of itself, it can be expected that as more people join these metaverses, land prices for these NFT properties will appreciate because of the scarcity factor built-in to digital metaverses. One very compelling example is Upland that has shown strong growth in the past months and is now one of the leading blockchain dapps in terms of daily active users. In fact, a single property parcel in Upland recently sold for $1,000 (yes, fiat money!).
A metaverse mapped to the real world
What is Upland? It is an EOS blockchain-powered metaverse that allows players to own virtual properties that are mapped to real-world addresses. Upland launched in San Francisco in 2019 and recently expanded to New York City, NY and Fresno, CA with the planned addition of new cities arriving in the near future. To note that you don’t need to be in one of these cities to play Upland, it can be played from anywhere in the world.
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Upland follows the principles of an open market economy and uses blockchain technology to ensure true ownership of digital assets: once you purchase a property, it is yours to own forever. Each property parcel is a unique NFT that can be bought, sold, and traded for-profit using the in-game currency called UPX. Upland has an active partnership with Tilia that allows players to sell NFT properties for U.S. Dollars. While it is currently in beta, this feature will soon be available to all Uplanders. This makes Upland the first metaverse to allow the conversion of digital asset value into a real-world value-form, fiat money (see example above).
As a digital landowner in Upland, you earn a monthly yield of UPX coins that can be used to purchase more properties. Upland’s product roadmap is focused on the user-driven development and construction of single-family homes, real businesses, and cultural centers, including art galleries, on their NFT property parcels. Upland also has a thriving community of players on its Discord server, where fun flash challenges and community events are run daily for UPX and rare NFT prizes.
Bitcoinist readers get a higher sign-up bonus if they register via this special promo link: https://discover.upland.me/bitcoinist_12_2020 To spread the holiday cheer, Upland is partnering with Bitcoinist to run a contest for new players to win UPX, its in-game currency. Follow the steps here: https://sweepwidget.com/view/22038-bzxa6qji
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
