Upland, a property trading metaverse powered by EOS Blockchain, has announced plans to increase the limit of transactions on its platform. Before now, Upland puts restrictions on the volume of single transactions in USD that players perform on its platform, which is a maximum of $10,000.
However, the property trading platform announced yesterday that it is opening a new pathway where players can transact up to $100,000 in a single transaction. The objective of the increase is to ensure the growth and maturity of the economy through the expansion of the platform’s NFT-to-USD program.
We're excited to announce that TODAY, we're opening up a pathway for players to transact in amounts greater than the current $10k USD cap.
It’s our hope that this feature will enable the economy to continue maturing through the expansion of the NFT-to-USD program. pic.twitter.com/vhTcCIIIMB
— Upland (@UplandMe) May 17, 2022
According to Upland, many properties have very high net worth but it has been difficult to trade them because of the restrictions on the NFT-to-USD program. With the new pathway, players can perform more substantial transactions and expand the Upland economy boundaries.
How to Pre-Load the USD Wallet
To facilitate large transactions on the platform, players are required to pre-load their USD wallets to complete any transactions. Players will get prompted whenever they want to buy a property that is more than $10,000 in value. They can also go through their profile page to add the fund.
To do this, simply select the “Add Funds” button from your profile page and follow the prompts. The platform also allows wire transfers to complete transactions on the site. Players that want to initiate a wire transfer will receive email instructions on the process to wire USD to Upland’s partners at Tillia, Inc.
It is crucial to complete your Identity Verification process before you can access this feature on the platform. As soon as a transaction is completed, the transferred fund will be available in the USD wallet of the player where they can access it for their purchases.
It is worth mentioning that the process of completing the wire transfer can take a few days just as in standard wire transfers in financial institutions.
How to Purchase Property with the New NFT-to-USD Program
With the funds you need in your account, you can proceed to purchase the property of your choice. To do this, simply select your preferred property and complete the purchase transaction in the same way.
This feature is available for only the purchase of property for now. Upland highlighted that it will be extended to other UNFTs in the future through Metaventures.