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Upland, a blockchain-based real estate collecting and trading game, has raised an additional $7 million in its Series A funding round.
This investment is led by EOS Network Ventures and marks its first foray into the world of crypto gaming.
Upland expands the crypto gaming metaverse
EOS’ new capital injection, with participation from existing investors C3 Venture Capital and Animoca Brands, is intended to expand the Plateau game.
Upland’s standout feature is that it allows players to buy and sell digital versions of real-world properties on a virtual map. The funding extension comes on the heels of the initial $18 million Series A round, which took place in 2021.
In addition to enriching the gameplay, Upland has set the goal of strengthening its marketing strategy. This step is aimed at increasing the game’s exposure and attracting a larger player base. Additionally, Upland plans to offer tools for third-party developers, opening the door to new features and extensions.
An especially exciting upcoming development is Upland’s intention to introduce an ethereum token pegged to its current in-game utility token. This initiative, known as “Sparklet,” could have far-reaching implications for Upland’s presence in the broader crypto market.
The EOS advantage
Upland’s choice to build its platform on the EOS network may seem unconventional, given the platform’s waning popularity. EOS currently ranks 23rd in total value locked (TVL), according to DefiLlama, with a TVL of $69 million.
It also ranks 60th in total market cap among cryptocurrencies on CoinGecko and has been in a multi-year downtrend from its all-time high.
Upland CEO Dirk Lueth defended this choice. In 2018, when Upland was founded, EOS was one of the few viable blockchains for such a project, he explained.
Lueth cited ethereum‘s huge gas fees as a barrier they could not overcome. After careful analysis, the team concluded that EOS was the optimal blockchain for their needs. In particular, Upland now has a remarkable capacity, generating 80 NFTs per second, thanks to the technical features of EOS.
EOS Network Ventures’ participation in Upland’s Series A extension suggests that backers still see potential in growing the ecosystem. This move demonstrates their confidence in Upland’s vision and technical capabilities.
A better gaming experience
The recent funding round will not only enhance Upland’s gaming experience, but will also fuel the expansion of its utility token, Spark, to the ethereum blockchain as Sparklet.
This decision is strategically aimed at increasing Upland’s visibility in the broader market. Opens opportunities for more users to interact with Upland’s unique ecosystem.
A notable factor influencing this decision was Ripple’s favorable court ruling, which had a positive impact on Upland’s approach. Additionally, the fact that Upland has never sold its token to investors or the team could help the project overcome regulatory challenges that other crypto companies have faced.
In an attempt to diversify and expand further, Upland has partnered with the NFL Players Association (NFLPA). This collaboration introduces new types of NFLPA packages, including the Mixed Essentials Package, Team Essentials Package, and Pass Packages.
The 2023-2024 Upland experience promises gamified digital collectibles of NFL players, community activities, and community-created stores celebrating past seasons, all in partnership with the NFLPA.
The bigger picture of blockchain gaming
SEGA Co-COO Shuji Utsumi and Double Jump Tokyo CEO Hironobu Ueno see a future where blockchain technology will be prevalent in the gaming industry. They recognize the potential of blockchain to revolutionize gaming, as demonstrated by the integration of non-fungible tokens (NFTs) in the long-awaited “Battle of Three Kingdoms” game.
Another perspective from Takuya Tsuji, founder of Eureka Entertainment Ltd, highlights Asia’s growing role in the adoption of web3 gaming and blockchain technology.
With popular blockchain games like Axie Infinity in Southeast Asia and STEPN gaining dedicated users in Japan, Asia’s gaming market is on the rise. DappRadar’s report underlines this trend and shows that a significant percentage of gamers in Japan are aware of blockchain games and have a positive impression of them.