Welcome to Upland
How to earn real Money in Upland via selling NFTs
In this chapter you will learn how to earn UPX via selling NFTs on Tilia Pay. Due to the feature being in development this chapter is currently a placeholder.
- An introduction to Tilia Pay
- Selling NFTs via Tilia Pay
- KYC (Know Your Customer)
This article is subject to change and deals with the partnership between Uplandme, Inc. and Tilia, Inc. Not all info is available so the course will be updated accordingly in the future.
What is Tilia Pay?
Tilia Pay is a product of Tilia, Inc. the service provider for money transmission of the well-known game “Second Life”. Tilia, Inc. is a wholly-owned subsidiary of the Second Life owner Linden Lab. Tilia Pay has been designed to empower virtual economies with a flexible and secure payment system. It is officially licensed in all U.S. states and territories that regulate money transmission.
In May 2020 Upland published the news that they will be Tilia’s first external client to incorporate the use of Tilia Pay. Since then players are fascinated about this huge partnership. The cash out mechanism will allow Upland’s player base to actually extract value from the game. This will be a major game changer as players will be able to make money from Upland via selling non-fungible token (NFT) and earn real money from the sales. Moreover, this will enable Upland to become a mainstream game which could potentially result in an incredible growth.
When will Tilia Pay be launched in Upland?
In a recent interview from late August 2020, Dirk Lueth, one of the Upland founders stated that Tilia Pay will launch within the next two months. Therefore, it is expected to have an early version running somewhere in late October or early November.
What can be sold via Tilia Pay?
According to the founders of Upland, players will be allowed to sell their NFTs via Tilia Pay. Quick reminder of chapter 1: NFT stands for Non-Fungible Token and is a cryptographic token used to represent a specific, unique and not mutually interchangeable asset. NFTs are used to manage digital ownership of assets and allow the use of interoperability across various platforms. One part of Upland’s vision is to become a large market place for NFTs. Examples for Upland NFTs are properties or block explorers. It was announced that players will be able to create new NFTs within Upland and import NFTs from other games and platforms as well. It is important to mention that NFTs can only be controlled by its owners and Upland’s developers have no access to any player owned NFT. That is one of the main advantages of using blockchain technology.
Why can’t I just exchange UPX for real money?
Uplandme, Inc., the company behind Upland, is a U.S. registered company with a headquarter in the Silicon Valley in California. For this reason, Uplandme, Inc. needs to be compliant with all required U.S. laws and regulations, especially in terms of monetary services. Being compliant to official regulations creates a high level of trust that is needed for operating in the mass market. As the process of becoming a licensed money transmitter is very costly and takes a very long time Upland’s founders decided to achieve this with the partnership with Tilia Pay. If Upland complies with all regulations it is not excluded that UPX might be listed on crypto exchanges in the future, but as for now the Tilia partnership is the way to go.
What is KYC and will it be mandatory?
KYC is the abbreviation for “Know Your Customer” and is a process to ensure that companies adhere to customer due diligence and compliance regulations. KYC means, that users need to verify their personal identities. This is usually be done by uploading a proof of the current identity card or passport. It is a required guideline that is mandatory for offering financial services to any customer. It ensures that the processes fit with the anti-money laundering policies.
The partnership with Tilia Pay is a huge game changer that will finally allow players to extract real money from Upland’s virtual economy. As the company behind Tilia Pay has years of experience in the sector of virtual worlds and is fully licensed within the U.S., players will benefit from the trust and level of security.
In case there are unknown terms in this article, please take a look at the glossary, which will be updated regularly. If you have any questions, feel free to message me on Discord.