Author: NingNing

Upland is an ancient-level Web3 game, with the key narrative keyword being "open metaverse", and the actual game experience being a virtual real estate investment & trading game.

Of course, unlike traditional Monopoly games, Upland is built on EOS, supporting the NFT-ization of identity, assets, and game achievements. Moreover, Upland has transitioned to the "first-layer metaverse", not only supporting users to create user-generated content (UGC), but also supporting users to create user-generated assets (UGA).

Since its launch in 2019, Upland has accumulated over 3 million registered users, with nearly 30,000 daily active users in the past year, and close to 300,000 landowners, selling over 6 million NFTs.

In 2021, during the metaverse bubble, Upland completed a $18 million Series A financing round, led by Animoca Brands, and partnered with FIFA and the NFL Players Association.

Previously, Upland's long-term operation was similar to NBA Top Shot and Blankos Block Party, defining in-game NFT assets as core digital collectibles with consumable attributes.

They all allow users to cash in and cash out, supporting users to directly recharge the platform with fiat currency (USD) to purchase in-game NFTs, while also having a closed-platform exclusive NFT secondary market, allowing users to trade NFTs for cash.

This business model, along with the collapse of the metaverse bubble and the NFT market entering a severe winter in the past two years, is no longer sustainable. Upland and Blankos Block Party coincidentally chose to take a more Web3 Native path and return to Tokenomics. Interestingly, their supporters, one is Animoca, and the other is Multicoin.

Upland's Tokenomics has chosen a single-token economic model. $SPARKLET is the only token of Upland. The main application scenarios of $SPARKLET are as resources for world building, no-code NFT casting, and 3D map NFT (cars, decorations, etc.).

$SPARKLET was launched in November 23, with a total supply of 10 billion, and the current circulation ratio is ~16%.

Currently, there is no project on the market that is completely comparable to Upland. It is the first "consumable" encrypted project to land on a leading exchange platform, and we have no way to use comparative valuation to estimate its token value.

However, if the comparison conditions are relaxed, it may be possible to compare it with the token $Pirate of Pirate Nation, which is listed on bitget and coinbase.

In terms of narrative, Upland's consumable encrypted project and metaverse narrative are similar in popularity to Pirate Nation's full-chain game. In terms of operational data, Upland's number of registered users and daily active users are ahead of Pirate Nation, but weaker in terms of user lifetime value.

In conclusion, based on personal subjective judgment, Upland's FDV will be between 0.6~0.8 of Pirate Nation's.

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