Web3 Metaverse Super App, Upland, intends to make its in-game utility token, Spark, tradable on the Ethereum blockchain. This move comes after a resounding 87.25% approval during a recent community governance vote. The aim is to further Upland’s vision of constructing the largest digital open economy in the metaverse.
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New Sparklet token
In September, Upland released the Sparklet White Paper for community review. This document shed light on the proposal to bridge Spark, Upland’s in-app token, with Ethereum, where it would be mirrored as the Sparklet token.
The move will enable the trading of Spark outside of the Upland ecosystem. The Spark token plays a crucial role in value creation within the metaverse. It powers tasks such as world-building, no-code NFT minting, and 3D map asset creation.
Following community endorsement, Upland is orchestrating a Token Tradability Event (TTE). Here, Spark, currently housed on the EOS blockchain, will see its equivalent, Sparklet, reflected on the Ethereum blockchain.
This TTE is a pivotal move. It not only paves the way for progressive decentralization but also broadens Upland’s reach in the Web3 domain. The ability to trade Sparklet in liquid markets and list on external exchanges can potentially draw a more extensive user base and amplify the platform’s influence.
Dirk Lueth, Co-Founder and Co-CEO of Upland, shared:
“Sparklet facilitates our goal of responsibly advancing towards progressive decentralization. It grants our users tradability, but with protective mechanisms to safeguard Upland’s economy. Trading Sparklet externally can heighten Upland’s visibility, boosting its credibility and liquidity for existing Spark holders.”
Different Upland stakeholders have varying needs for Spark. While some players may require more to bolster their virtual construction plans, others might look to liquidate their excess Spark via Sparklet. Moreover, creators, brands, and developers might have fluctuating demands based on their evolving manufacturing capabilities or new utilities for Spark.
Reflecting on Spark’s two-year journey, Idan Zuckerman, Co-Founder and Co-CEO of Upland, commented:
“Our observations equip us with the assurance that we’re laying the groundwork for a sustainable Spark economy within Upland. The introduction of Sparklet signifies a moment where players can genuinely possess and freely trade Spark.”
Presently, players must stake Spark in Upland to create or produce items. With over 130,000 Spark-holding players, 93.6% have employed it for construction within the platform.
The Sparklet, equivalent to 1/1,000 of a Spark, will emerge on Ethereum as an ERC-20 token. During the TTE, Ethereum will witness the issuance of a finite 1,000,000,000 Sparklet tokens, mirrored by 1,000,000 Spark on Upland’s EOS blockchain.
Navigating the murky waters of US regulation
Recent US legal breakthroughs, like the SEC v. Ripple judgment, have cleared the path for token tradability. Notably, Upland, headquartered in Silicon Valley, hasn’t previously issued a tradable token due to these regulatory gray areas. For more details, enthusiasts can visit Upland’s website and follow the platform on X and Discord.
Upland’s growing metaverse
Upland, known as the Metaverse Super App, is a trailblazing web3 platform. It brings together a robust community of players, entrepreneurs, and developers. With a robust tally of 3 million users and 300,000 landowners, Upland is a thriving hub for trading virtual property, world-building, and NFT sales. Based in Silicon Valley, Upland’s roots trace back to its 2018 inception and 2019 launch.