Friday, September 10, 2021

Landmark Auction: Deno’s Wonder Wheel

Uplanders, it’s time for another Landmark Auction! On Friday, May 28th, at 12:00 PM PT we will be auctioning off the famed Wonder Wheel in Coney Island! Deno’s “Wonder Wheel” is a unique New York...

Uplanders, it’s time for another Landmark Auction! On Friday, May 28th, at 12:00 PM PT we will be auctioning off the famed Wonder Wheel in Coney Island! Deno’s “Wonder Wheel” is a unique New York City landmark and is famed for its iconic design. Invented by Charles Hermann, the Wonder Wheel was built in 1920 by the Eccentric Ferris Wheel Company using 100% Bethlehem steel forged directly on Coney Island Beach. This makes Deno’s Wonder Wheel over 100 years old!

“The WONDER WHEEL was initially called the ‘Dip-the-Dip’ by its inventor, who promised to combine the thrill of a scenic railway, Ferris wheel and Chute-the-Chutes. An article in Science and Invention described the new ride as a ‘real thrill like you have probably never had before — at least not at this great height!’”

Facts about Deno’s Wonder Wheel

  • The Wonder Wheel stands at a massive 150 feet tall — which is equivalent to a 15-story building — and weighs a whopping 200 tons. It has 24 cars, 16 of which swing while the wheel spins; 8 of these are stationary.
  • The Wonder Wheel has given rides to over 35 million customers. One of the oldest and most cherished rides in Coney Island, the Wonder Wheel was designated a NYC landmark in 1989.
  • The only recorded stoppage in the history of the Wonder Wheel came during the “Great NYC Blackout” in 1977, where the entire northeast lost electrical power. Owners hand-cranked the wheel to bring the riders down safely while they were without power.

Price Analysis

Located at 1102 Bowery St in Coney Island, Brooklyn, Deno’s “Wonder Wheel” comes in at 416 UP2. The Wonder Wheel is a part of the Coney Island and Brooklyner collections, which carry 1.82x and 1.25x boosts respectively. The original minting price for this property would have been 43,680 UPX if it were not a Landmark.

For these relatively low mint prices, we estimate the premium for this landmark to be around 1,000%, which makes for a minimum suggested mint price of 430,680 UPX. The current starting point for mid-tier city landmarks will be 15,000,000 UPX, from which we will work our way down to the suggested mint price. Owning Deno’s Wonder Wheel is an opportunity to own one of the most precious landmarks in NYC history, so be sure to work quickly!

Auction Details

We will be employing the reverse-auction method that has been used for previous landmarks in the past, where we start at the highest price and lower it at scheduled times until someone mints the property. The auction will take place LIVE inside the app.

After the auction begins, simply send your block explorer to the location below and the property will be available for minting at the scheduled time.

Auction Start: May 28th at 12:00 PM PT

Auction End: May 30th at 7:00 PM PT

Starting Price: 15,000,000 UPX

Upland Address: 1102 BOWERY ST in Coney Island, Brooklyn

Price Reduction Schedule:

Friday

  • 12:00 PM PT the auction starts at 15,000,000 UPX
  • 12:30 PM | Price will be reduced to 14,000,000 UPX
  • 1:00 PM | Price will be reduced to 13,000,000 UPX
  • 1:30 PM | Price will be reduced to 12,000,000 UPX
  • 2:00 PM | Price will be reduced to 11,000,000 UPX
  • 2:30 PM | Price will be reduced to 10,000,000 UPX

Saturday

  • 9:00 AM | Price will be reduced to 9,000,000 UPX
  • 12:00 PM | Price will be reduced to 8,000,000 UPX
  • 3:00 PM | Price will be reduced to 7,000,000 UPX
  • 7:00 PM | Price will be reduced to 6,000,000 UPX

Sunday

  • 9:00 AM | Price will be reduced to 5,000,000 UPX
  • 2:00 PM | Price will be reduced to 4,000,000 UPX
  • 7:00 PM | Price will be reduced to the suggested mint price of 430,680 UPX

Price updates will be announced in our Discord #live-events channel.

If the minimum mint price of 430,680 UPX is not met, we will close the auction without selling the Landmark. It will remain on the market at the original suggested mint price.

Take note that property earnings are calculated based on the mint price. This means that the higher the auction price, the greater your returns!

Disclaimer: We understand that there may be many potential buyers for this landmark. As such, if you purchased UPX within an hour before the start of the auction with the intention to purchase but were unable to mint the property, the Upland team will reimburse you. Simply submit a ticket to support@upland.me to open a ticket.

Future Auctions

As we mentioned during our previous auction, opportunities to purchase Landmarks will be increasing over time. Please keep an eye out for new auctions in the near future. Thank you all for joining us on this adventure, we look forward to seeing you in the metaverse!