Properties in Upland
Properties are one of the most important aspects in regards to each of Upland’s three gameplay pillars (play, earn, collect). To a certain degree, properties can be seen as a virtual counterpart of real-world properties. One of the factors that define the value of a property is the location. For example, properties in a financial district will usually be more expensive than the ones located in the sub-urban areas.
The role of properties will be getting more complex over time. In the current state of Upland properties are only items that can be bought, sold and traded amongst players. Depending on the supply and demand, each property will have a market price that could be either higher or lower than the original minting price. Each property currently enables the owner to receive a rent of 17.3% p.a. based on the initial minting price. The basic rent can be boosted by completing collections. As for now one could conclude that unique and special properties might be seen as a store of value while others (e.g. small and common ones) will be more on the speculative side in terms of Upland’s economy.
How to buy Properties?
Buying properties in Upland is very easy. In Upland players differentiate between minted and unminted properties. Unminted properties do not have a owner yet, so if you buy an unminted properties you will directly buy it from the game. Minted properties are owned by other players and can only be bought if the owner wants to sell it. To buy an unminted property you need to have the correct amount of UPX in your wallet and bring your block explorer into discover range of the desired property. The video below shows you exactly how to do it.
What is the FSA?
With a growing playersbase Upland had faced the problem that all of the cheapest properties in San Francisco were sold out so that the price for the cheapest available property was continuously rising. In August 2020 the founders decided to create the Fair State Act (FSA) to help new players finding affordable properties.
The FSA is predefined status for properties and only allows players with Visitor or Uplander Status to buy them (= net worth below 100k UPX). Every city will have a certain amount of properties that are reserved for new and low level players. With the implementation of the FSA all cities of Upland will be put into one out of three categories. Each category implies the respective percentage of properties that are affected by the FSA:
- High End (about 15% of the low cost property designated for FSA)
- Middle Tier (about 50% of the low cost property designated for FSA)
- Affordable (about 75% of low cost property designated for FSA)
The FSA is a much needed function that gives new players a chance to buy properties in areas of high demand. Players with the Uplander status may buy such properties for a cheap price and then sell them on the marketplace for a margin.
Upland is currently limiting FSA sales to two per week. That means FSA eligible players can still buy as many FSA properties as they like, but can only sell two of those to other players per week.
Here is a screenshot to show how the tags look like in Upland:
Every city in Upland will lots of very iconic buildings that we know from the real world. As the game is smashing the boundaries between the real and virtual world, some of those iconic buildings will play a special role in Upland and will be branded as landmarks. It was announced that there will be approximately 25 Landmarks per city, but the amount will vary depending on the size of a city. The very first landmarks were introduced in San Francisco and decided by the community via a voting challenge.
Landmarks are very recognizable in the real world which is a fact that will be implemented into Upland. Therefore, the Upland team has decided that each landmark “will always keep their unique original facade”. Once the property development upgrade has been implmented players will be able to build a 3D version of the real world landmark. It will be amazing to see these iconic buildings such as the Painted Ladies in San Francisco or (most probably) the Empire State Building in New York City. Properties that are landmarks will have a tag on them that becomes visible once you click them. This type of highlighting is similar to other special properties (e.g. very rare colletions or special challenges). It was also announced that once a landmark is built it will be featured with a special pin directly on the map. This was explained in a blog post regarding New York City landmarks, thus it is estimated that this mechanism will also be available for San Francisco.
When it comes to utilizing landmarks their owners will be able to use them as their private residence or use them as a business opportunity after the business development update is finished. Both topics will be explained in detail in advanced courses.
Why can’t I build on my properties?
Building on properties is currently in a test phase and only some players were eligible for a Spud airdrop. Spud is the test currency that needs to be spend in order to create buildings. The real property development will begin with the introduction of the Spark token. Further info about the Spark token will be released once it is implemented.