Upland recently announced that player-owned businesses will now be called “metaventures.” Additionally, the team has decided to discard the old NFT-based business ownership model in favor of a new “Venture Dues” fee model. Ideally, this new model will allow for more opportunity, flexibility, and decentralization.
Upland recently secured $18 million in an investment round that was intended to speed up its roadmap. Part of that roadmap includes launching highly-anticipated player-owned businesses. In a recent Medium post, the team introduced the official term for player-owned businesses within Upland along with introducing the revamped ownership system.
Metaventures are coming are you’re not going to need an NFT to have one. Originally, Business License NFTs would allow players to create businesses within a specific city. It’s sensible, but the team realized it created a high barrier of entry, discouraged competition, and had potential distribution challenges. They ultimately concluded that NFTs weren’t the way to bring metaventures to life.
The new way to start and operate a business is called the Venture Dues model. How will this new model impact your ability to create a business in Upland?
What is the Venture Dues Model?
The goals of the Venture Dues model are to encourage competition, allow anyone to participate, and create a healthy marketplace.
Metaventure owners will pay a monthly fee in order to retain their businesses. How much are you going to be paying to operate your business?
Every player who transacts with a business will pay a UPX fee to the Upland Community Pool as part of their transaction. The fee to operate your metaventure is based on the median UPX fee for your business type and location. Your fee will be a specific percentage of the median UPX contribution for your business type and location.
Let’s assume your locale is at 100% capacity. You’ll be paying a 10% fee every month. A median contribution to the community pool of 600k UPX will require every business to pay 60k UPX.
All of this is subject to change. Head to the official Upland Medium post about this Venture Dues to see the updated information, on top of other official channels for the project.
What is Upland?
Upland is a Monopoly-inspired EOS blockchain game in which players buy and own digital versions of real-world properties. Players buy virtual property using in-game tokens (UPX), which they can also earn in the game itself.
The game world of Upland uses real-world maps. Players start in San Francisco or Fresno and can travel to other cities, including New York, Oakland, and Chicago. They earn income from owning and trading virtual properties, completing signature collections, and participating in treasure hunts and other live events. Upland properties are based on real-world boundaries.