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Virtual Property of the famous New York Stock Exchange Sells for US$23,000 in Upland Metaverse Auction

·3 min read

End-of-year virtual property auction features the most prominent, historical, and financially powerful property in the entire metaverse so far

Palo Alto, CA, Dec. 29, 2020 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Upland (https://upland.me/), the blockchain-based metaverse that is mapped to real-world addresses, today announced that the virtual property of The New York Stock Exchange, a symbol for the famous Wall Street, sold for 23,000,000 UPX (US$ 23,000) in their end-of-year auction. The “reverse auction” began with a starting bid for the world’s largest stock exchange at 25,000,000 UPX with prices dropping by multiple two million UPX and one million UPX tranches during the three-day sale. The NYSE auction marks the highest property sale in the entire Upland metaverse to date.

Previous landmark auctions for Pier 39 and the Ferry Building in San Francisco and Trump Tower in Manhattan have established a landmark market premium curve ranging from 300% at the lower base prices to 10% at the higher end. Situated at the mid-high range for a “market price” of 4,910,400 UPX (US$ 4,910), Upland expected the NYSE landmark to sell at a premium of at least 65% for an initial price of 8,102,160 UPX ($ 8,102). The final sale for 23,000,000 UPX (US$ 23,000) exceeded the expectations by far and provided a premium of 368%.

Buyers in Upland are intrigued by the fact that they can trade their virtual properties in an open economy. Upland is also the first blockchain game to allow players to extract the monetary value of virtual goods via marketplace transactions back into US$ through its partnership with Tilia Pay, a virtual economies payment platform from Linden Lab (creators of Second Life), that is integrated into the metaverse.

What makes Upland so unique is its connection to the real world. Players start in San Francisco or Fresno and then travel by virtual airplane or virtual train between the cities, collecting high-value real estate, earning income from trading virtual properties, completing signature collections and by participating in treasure hunts as well as live events. Each property is based on the real-world boundaries and is represented as a non-fungible token (NFT) on the blockchain, ensuring true ownership of the property.

“Upland auctions are a huge opportunity for our community to own historical landmarks that can provide interesting development opportunities in the metaverse,” said Dirk Lueth, Co-Founder of Upland. “With the holidays and end of the year winding down, the sale of NYSE, one of the most famous and meaningful structures in Manhattan, is a great set up for Upland to grow further in 2021.

With the auction now completed in the app, interested players can make purchase offers to the new owner of the NYSE virtual property and - as before - to all other property owners in Upland.

For more about the NYSE auction, join the Upland Discord server where there is a live discussion on the #live-events and #auction channel.

For even more information and to download the game, please visit https://upland.me.

Upland (https://upland.me/) is a metaverse that combines real and virtual worlds, allowing users to buy, sell and trade virtual properties that are mapped to actual addresses. Upland follows the principles of an open market economy, using blockchain technology to ensure true ownership of digital assets. Upland is available on iOS, Android and desktop devices.

CONTACT: MEDIA CONTACT: Transform Group, upland@transformgroup.com Company Contact: info@upland.me