Upland Raises $7 Million in Series A Extension for Blockchain Real Estate Game
Upland, a blockchain real estate collecting and trading game, has announced a $7 million Series A extension raise. The funding round was led by EOS Network Ventures, marking the fund’s first investment in the crypto gaming sector. This extension comes after Upland raised an initial $18 million in its Series A round in 2021.
The additional capital will be used to add more features to the location-based game. Upland plans to enhance its marketing strategy, enable third-party developer tools, and launch an Ethereum token tied to its existing in-game utility token.
Upland’s Co-CEO and co-founder Dirk Lueth emphasized that the metaverse is still alive and well. He stated that the game draws inspiration from Monopoly and initially started as a property trading game in 2019. Since then, Upland has expanded its offerings to include cafes, treasure hunting, vehicles, and even fashion week events.
Expanding User Base and Geographic Strategy
Upland boasts over 3 million registered players, with approximately 30,000 daily active users. The game has formed partnerships with prominent sports organizations like FIFA and the NFL Players Association. Additionally, Upland continues to expand its presence by adding more locations in the United States, Latin America, and Europe.
Upland’s geographic strategy is driven by localized interest. For example, a recent partnership with ON1 Force, an anime-style profile picture NFT project, enabled Upland to enter the Japanese market with the addition of Tokyo to the game.
The Future of Upland and Metaverse Development
Built on the EOS network, Upland has steadily grown despite the declining buzz around the metaverse concept. Leuth, the Co-CEO, remains optimistic and believes that the immersive web is still a significant part of the future. He mentioned the Open Metaverse Alliance of Web3 (OMA3), an organization focused on creating metaverse standards, as evidence of continued development in this space.
Although EOS has lost prominence over the years, Upland chose it as the blockchain for its project due to Ethereum’s gas fees at the time. The recent Series A extension investment from EOS Network Ventures indicates ongoing efforts to grow the ecosystem.
Plans for In-Game Token and Ripple’s Court Ruling
Part of the funding will be used to make Upland’s in-game Spark token tradable on Ethereum as Sparklet. This move aims to increase visibility for Upland in the open market. Lueth also mentioned that Ripple’s favorable court ruling influenced their decision.
Upland takes a long-term approach and believes that gaming will drive adoption in the crypto industry, but it won’t happen overnight.
Hot Take: Upland Expands Its Blockchain Real Estate Game with $7 Million Series A Extension
Upland, a blockchain real estate game, has raised $7 million in a Series A extension round led by EOS Network Ventures. This funding will support Upland’s plans to add more features, enhance marketing efforts, and launch an Ethereum token tied to its existing utility token. With over 3 million registered players and partnerships with major sports organizations like FIFA, Upland continues to expand its user base and geographic reach. Despite declining interest in the metaverse concept, Upland remains optimistic about its future and believes that gaming will drive adoption in the crypto industry. The company also plans to make its in-game Spark token tradable on Ethereum, taking advantage of Ripple’s recent court ruling and aiming to increase visibility in the open market.
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