What is UPX and how to buy them?
Introduction to UPX
Upland is a game that has set the goal to simulate a virtual economy similar to the one that we know from real-life. The currency that is used in Upland is called UPX (pronounced UP-EX). UPX is designed as a stable currency equalling a fixed exchange rate to the US Dollar. The exchange rate is set to 1:1000, meaning for one USD you will be able to purchase approx. 1000 UPX. As any currency in the real world UPX are needed to purchase products and services in the game. These can be properties, visitor fees or flights and many more features are yet to come.
In the early phase of Upland the UPX economy will be managed in a centralistic approach by the Upland Team under the supervision of the founder and economy expert Dirk Lueth. In the future it should become a decentralized economy controlled by the players, though more research is needed before such a major change will be done (e.g. amount of UPX cash flow, overall supply, inflation rate, etc.).
The game is designed to facilitate daily interactions between players which therefore lead to an exchange of UPX. In detailed terms, Upland’s monetary policy makes use of two money pools, an Upland Pool and a Community Pool which will be briefly explained below.
This money pool is used for exchanging US Dollars and crypto currencies for UPX. 50 billion UPX (50,000,000,000 UPX) have been initially minted into the Upland Pool for this purpose. Considering the exchange rate of 1:1000 it represents a total value of 50 Mio. USD. Money inflow into this pool is used to finance the operations of the company behind the game called Uplandme, inc.
The second money pool determines money inflows and outflows related to activities inside the game. Similar to the Upland pool, 50 billion UPX have been initially minted for the community pool. Examples for UPX streams flowing into the community pool are UPX from the first purchase of a property, fees from property trading via the marketplace and fees for flights between cities. There are also UPX outflows leaving the community pool, e.g. earnings for the ownership of properties (rent), rewards for completing a collection, treasure hunts and promotional activities.
Blockchain powered Transparency
The main advantages of blockchain technology are transparency and security. However, it is not guaranteed that a company is reliable just because they are using a blockchain to support their activities. In the case of Upland, the development team has been very transparent so far which indicates that they take transparency seriously.
If you would like to take a look at the current value of both money pools you can do so by checking the EOS blockchain:
How to buy UPX
1. Buy UPX with Fiat Money (US Dollars)
Purchasing UPX in exchange of US Dollars can be done via credit card and the well-known payment provider PayPal. In order to do this, click on the “GET UPX” button located in the top right of user interface. This will open the UPX store where you can choose between a variety of UPX amounts, starting with 5,000 UPX for $4.99 up to 25,000,000 UPX for $24,999. The purchasing limits may vary depending on the device you use (e.g. mobile app or browser version). Select your desired amount of UPX and then click on “PAY WITH PAYPAL” in the bottom of the next menu. This will open a new window and redirect you to the official PayPal website.
Important note: If your currency is not US Dollars, you have to pay fees for exchanging to US Dollars. These fees are taken by the payment service provider and not by the Upland team. To keep the fees low it is recommended to use the browser version as the mobile app stores might charge additional fees on top. You should also compare the exchange fees between credit card payment and your bank account to find out which method is the cheapest.
2. Buy UPX with Cryptocurrencies
To buy UPX with a cryptocurrency you have to use the browser version of Upland. Crypto payments are currently not supported within the app. The chosen service provider for cryptocurrencies is called Utrust and accepts the following payments: Bitcoin (BTC), Ethereum (ETH), Utrust Token (UTK), Tether (USDT) and Dash (DASH).
In Upland you need to go to the UPX store via the “GET UPX” button in the top right of the user interface and then click on “PAY WITH CRYPTO” at the bottom of the menu. A new window should take you to the Utrust website where you have to follow the instructions.
Important Note: Protect your Account with 2FA
The most essential security function for your account is the two-factor authentication and you should ALWAYS activate it. Two-factor authentication (aka 2FA) is a method in which transactions on the blockchain have to be authorized via 1) the user login and 2) a verification code sent to the smartphone.
Go to the Quick Menu, then Authentication and Select 2 Factor Authentication for “MARKETPLACE TRANSACTIONS”.
In the next field you have to enter your mobile phone number and you will receive a message including a confirmation code that you need to enter.
If you want to change your mobile phone number later on, you may go into the two-factor authentication menu and select “CHANGE MOBILE NUMBER”.
In case you do not receive any confirmation code you can contact Upland’s support team via email@example.com for further assistance.
Can I trade UPX on exchanges?
Unfortunately it is not possible to trade UPX outside Upland due to current regulations in the US not allowing US based companies to offer tradable currencies without having the necessary licenses. Uplandme, inc., the company behind Upland, is located in Mountain View, California (USA) and has to be compliant with governmental regulations. However, the founders are thinking about making UPX tradable on exchanges if the situation changes and regulations would allow such coin listing.
Can I cash out UPX for USD?
While it is not possible to exchange UPX for USD, you can sell your NFTs for USD via Upland’s fully integrated partner TiliPay. This is currently in a closed beta test and you can apply for it in the town hall in San Fracisco.