Upland Metaverse: Our 2023 Criticism of the Business Model and What Became of It

Update 25 September 2026: We have revised this article. We removed personal assessments of Upland staff and comparisons we cannot substantiate. We added how the launch of Berlin on 9 June 2023 actually went and where Upland stands today. Our 2023 criticism of the business model remains as the editorial team’s assessment.

In the fast-moving world of crypto ventures, it is important to take a critical look at the projects that shape the landscape. One project we have covered since 2020 is Upland, a blockchain-based real estate trading game. In summer 2023, we summed up here what concerned us about its business model.

What is Upland?

Upland is a virtual world platform founded in San Francisco in early 2018. Players buy virtual properties mapped to real-world addresses, trade them with each other and build on them. The properties are NFTs on the EOS blockchain, and the in-game currency is called UPX. Upland is operated by Uplandme, Inc.; its co-founder and co-CEO is Dirk Lueth.

Upland NFTs: purchases without the promised function

Upland entered into a partnership with our platform to enter the German market. The only tangible result was the announcement of an NFT drop. These NFTs initially had no function within Upland. Buyers were told they would eventually be able to use them in the Upland metaverse; by summer 2023, as far as we could see, that had not happened.

Partnerships with little effect

To attract more users and boost NFT sales, Upland partnered with sports clubs and ran promotions around major events such as the 2022 FIFA World Cup in Qatar. In our view, this did not lead to a lasting, active player base, much as with comparable projects. Our impression was that the focus lay more on selling NFTs than on an enjoyable metaverse experience.

A steady stream of paid content

Upland’s business model started with UPX, the in-game currency, and properties as the main game content. The company soon added Sparks, go-karts, Block Explorers and other items. In our view, many of these served mainly as additional revenue streams rather than improving the game.

Empty cities and disappointed early users

In cities such as San Francisco and Los Angeles, we found little activity in 2023. Many users bought properties mainly to resell them rather than to play. Early users who had invested heavily in Upland complained that changes to core aspects of the game reduced the value of their early purchases.

One example from 2023: with a limit on uncollected earnings, the “Uncollected Earnings Cap”, Upland changed how users earn UPX. Upland said the change had been requested by the community. For many players, it meant lower earnings.

The launch of Berlin in June 2023

For Genesis Week 2023, Upland held two gatherings: the main event at the SAHARA hotel in Las Vegas and a community meetup at the gaming venue LVL World of Gaming in Berlin. The occasion was the opening of the new in-game city of Berlin, where players could mint virtual properties for the first time.

Before the launch, we had voiced concern that American participants might get a head start on minting and that German players would then have to buy the new properties at higher prices on the secondary market. What actually happened: According to Upland’s announcement, Berlin went live for all players at the same time on Friday, 9 June 2023, at 10 a.m. Pacific Time. That was 7 p.m. in Berlin, in the middle of the community meetup at LVL, which ran from 6 to 9 p.m.

How much “true ownership” is there in Upland?

On forums such as Reddit, users discussed in 2023 whether the game mechanics offer the transparency people associate with blockchain projects. Not everything in Upland is on the blockchain: the properties are NFTs, but large parts of the game logic and the economy run on the operator’s servers. Anyone spending money there should be aware of that.

What has happened since 2023

Upland is still operating in September 2026. In October 2023, the company said it had raised a further 7 million US dollars in a round led by EOS Network Ventures. The money was meant to make the in-game currency Spark tradable outside the game: since 23 July 2024, it has been listed on several exchanges as the token SPARKLET on Ethereum. For an overview of marketplaces for digital collectibles, see our comparison of NFT marketplaces.

Conclusion

In the crypto world, the term WAGMI (“We’re All Going to Make It”) stands for shared success. With Upland, our impression in 2023 was that early buyers and the sale of new content took priority over the game. The game still exists, and its currency can now be traded outside the platform. Anyone buying virtual land should treat it as spending on a game, not as an investment.

FAQ

What is Upland?

Upland is a blockchain-based game in which users buy, trade and build on virtual properties mapped to real-world addresses. The properties are NFTs on the EOS blockchain.

Does Upland still exist?

Yes. Upland is still operating in September 2026, and its in-game currency Spark has been tradable as SPARKLET on Ethereum since 23 July 2024.

Did US players get a head start at the Berlin launch?

No. According to Upland, Berlin went live for all players at the same time on 9 June 2023 at 10 a.m. Pacific Time, which was 7 p.m. in Berlin.

Are Upland properties an investment?

In our view, no. Their value depends on the game and its rules, which the operator can change.