Upland, a leading web3 Metaverse Super App, has announced that its in-game utility token, Spark, will soon be tradable beyond Upland’s boundaries on the Ethereum blockchain. This decision came after an overwhelming 87.25% of the Upland community voted in favour of the initiative. This aligns with the platform’s goal to build the world’s most extensive digital open economy within the metaverse.
Delving Into the Sparklet White Paper
Upland’s leadership presented the community with the Sparklet White Paper in late September to set the stage for this transformative change. The detailed document offers insights into bridging Spark to the Ethereum network. In this planned transition, the Spark token will be mirrored and minted on Ethereum as Sparklet, valued at one-thousandth of a Spark token.
The Sparklet White Paper outlines Spark’s essential role in driving value within the metaverse. It is a critical resource for various activities, including world-building, collaborative community initiatives, no-code NFTs creation, and 3D map assets like vehicles and decorations.
The White Paper also covered key aspects like future utility, Sparklet vesting schedules, strategic implementation, and the logistics of token distribution. It also provided an open avenue for community members to share their thoughts ahead of the governance vote. Dirk Lueth, Co-Founder and Co-CEO of Upland emphasizes that “Offering tradability to our users while having protective mechanisms in place allows us to progress towards decentralization responsibly.”
Spark Token Tradability Event
The Upland community’s resounding approval has set the stage for the next major step: a Token Tradability Event (TTE). During this event, Spark tokens from the EOS blockchain will be mirrored and transformed into Ethereum-based Sparklet tokens.
With the event’s launch, Upland is taking a step toward becoming more decentralized as it allows those who own Spark tokens to trade their Sparklet tokens more easily in open markets. Additionally, Upland aims to grow its presence in the wider Web3 world by listing on outside exchanges, attracting more users, and improving its network.
During the upcoming Token Tradability Event, 1 billion Sparklet tokens will be released on the Ethereum network. These new tokens will be matched by 1 million Spark tokens created in Upland, which uses the EOS blockchain. According to a community-approved Sparklet White Paper, the amount of Spark owned inside the Upland game will always equal the number of Sparklet tokens held in an escrow on the Ethereum bridge.
Currently, staking Spark in Upland is a prerequisite for item construction or manufacturing. The white paper reveals that the game has over 130,000 Spark holders, with nearly 94% using Spark for building activities. Sparklet will exist on the Ethereum blockchain as an ERC-20 asset. Transferring Sparklet from Ethereum to Upland allows for conversion into Spark using an x/1,000 multiplier, and the process can be reversed to move Spark back to Ethereum.
Opportunities and Broader Implications
The freedom to trade Spark in liquid markets introduces a range of opportunities. For example, players may want more Spark to fast-track their virtual construction efforts, while others could be looking to liquidate Spark holdings they no longer require via Sparklet. Likewise, creators, entrepreneurs, and brands might need varying amounts of Spark based on fluctuating manufacturing needs.
Idan Zuckerman, Co-Founder and co-CEO of Upland, points out, “Having observed the Spark economy for two years, we’re confident about creating a model that’s sustainable for the foreseeable future. Sparklet allows players to take true ownership of Spark and trade it in liquid markets.”
Moreover, with the introduction of Spark’s tradability, developers are likely to create new utilities for Spark, thereby increasing its demand. This adds another layer to the Upland ecosystem, enabling a more engaged and diverse community, and potentially setting the stage for distinctive innovation.
Finally, it’s also worth mentioning that the shifting regulatory landscape, displayed by breakthrough cases like SEC v. Ripple, has lessened the uncertainties surrounding token tradability. This makes Upland’s timing crucial and relevant.
Upland Community Votes to Make Spark Utility Token Tradable on Ethereum is written by David Andrews for nftnewstoday.com