The BSC-based platform saw a huge uptick in users and transactions with the start of 2022
Uland is a virtual world created on the Binance Smart Chain which has seen its user base increase 171% since the beginning of 2022. One of the main reasons for this spike in activity on the platform is the release of numerous Tier 2 land NFTs.
Uland offers a virtual rendering of all counties, regions, and cities on Earth. The Tier 1 land sale included countries and sold out fairly quickly. Now the Uland team is rolling out the release of Tier 2 plots in several stages. The introduction of regional plots has boosted activity, attracting more than 2800 unique active wallets in the past seven days.
The trading volume processed by Uland smart contracts also increased following the launch of Tier 2 land NFTs. In the past week, the platform processed $1.26 million in transactions, boosting its trading volume by 18% compared to the week before.
Importantly, with the launch of Tier 2 land, early adopters who purchased country NFTs can start benefiting from the passive income element on the platform. All Tier 1 land NFT holders are entitled to a percentage of the initial mint price of Tier 2 plots within their country. In this sense, early adopters will get ULAND tokens in return for their fast action during Tier 1 sales.
Uland rides on the wave of metaverse hype
Virtual worlds are still benefiting from a huge wave of attention following the growing popularity of the metaverse as a concept in the last couple of months. Projects like Decentraland and The Sandbox are attracting hundreds of thousands of users each month. What Uland is aiming to offer is the ultimate virtual world experience on Binance Smart Chain. While the leading virtual worlds are currently Ethereum-based, Uland takes advantage of the cheaper transaction costs on BSC.
Additionally, for the moment Uland offers a relatively accessible entry point for metaverse enthusiasts. Land parcels in The Sandbox and Decentraland have been selling for millions of dollars in recent months. For example, this estate in Decentraland recently made the headlines with a selling price of more than $2 million. On the other hand, in Uland, you can currently purchase the whole country of Lichtenstein for just around $10.000.
Of course, it is important to note that Uland still has a long way to go. Especially, in order to reach the popularity of Ethereum-based leaders Decentraland and The Sandbox. The Sandbox has already attracted some major celebrity endorsements, including Snoop Dogg who purchased a whole estate there.
Still, virtual worlds continue to draw in an even bigger audience. Consequently, alternative projects like Uland are starting to see a positive effect. DappRadar will continue monitoring the metaverse, as new virtual land pops up constantly. To discover the latest metaverse news first, follow DappRadar on Twitter, and join our Discord community. Don’t forget to check out DappRadar PRO, for exclusive access to private Discord discussions, and the most detailed on-chain NFT sales data.