Upland Raises $7 Million Ahead of Ethereum Token Launch

Upland, the blockchain-based metaverse game on EOS, has extended its Series A funding with plans to integrate its Spark token with Ethereum, dubbed Sparklet.

Upland.me, a blockchain real estate trading and collection game, announced its $7 million Series A extension in October 2023. Led by EOS Network Ventures, this investment marks the venture capital's first foray into blockchain gaming, following a previous $18 million Series A round in 2021.

The funding infusion aims to introduce additional location-based features, allowing players to purchase digital properties on a real-world map. Upland also plans new marketing initiatives, activating tools for third-party developers, and launching a token on the Ethereum chain linked to its existing in-game token.

"The metaverse is far from being dead," said Co-CEO and co-founder of Upland, echoing a famous quote.

Inspired by Monopoly, Upland began as a property trading game in 2019, enabling players to buy and sell digital versions of real-world assets alongside numerous other activities. Since then, it has expanded to include cafes, treasure hunts, cars, and upcoming fashion week events.

Upland reports over 3 million registered players, including approximately 30,000 daily active users, and has secured partnerships with major sports organizations like FIFA and the NFL Players Association, while continually adding more locations across the US, Latin America, and Europe.

For Upland, their geographic strategy is executed through offering geographical benefits. Recently, Upland partnered with the anime-style NFT collection ON1 Force in Japan, expanding its presence there.

Built on the EOS network, Upland has gradually expanded over the years and continues to do so even as interest in the metaverse concept has waned over the past year.

While speculators may have moved on, the existence of OMA3 (Open Metaverse Alliance) remains notable. Comprising blockchain, NFT, and metaverse companies including major players like Animoca Brands, Yuga Labs, The Sandbox, and Upland, OMA3 focuses on creating metaverse standards.

EOS has lost prominence in recent years, currently ranking 23rd on DefiLlama for total value locked (TVL) at $69 million, indicating a downward trend without signs of slowing.

The Series A extension, which includes participation from investors such as Animoca Brands and C3 Venture Capital, will also support Upland's upcoming moves to enable their in-game Spark token to trade on Ethereum, branded as Sparklet. Leuth emphasized that the decision to expand the token beyond the game ecosystem is pragmatic.

Despite the crypto ecosystem's rapid and transformative image-building, Leuth underscores the importance of long-term industry focus.

He concludes, "Games will drive adoption broadly, but it won't happen overnight."