Highstreet, the creators of a commerce-focused metaverse with a decentralized financial market for limited-edition items, has secured 5 million USD in investment. Mechanism Capital, NGC Ventures, Palm Drive Capital, Cherubic Ventures, Jump Trading, GBV, Panony, and Shima Capital headed the investment round, which included crypto and traditional venture capital organizations.
Encrypt Club, Mr. Block, and Miss Bitcoin were among the community creators and influencers who attended. The money will be used to grow Highstreet's technical staff, particularly on the Unity front, in order to integrate all of the elements into a long-term commerce-focused metaverse that will enable the development of retailing on the blockchain.
Complementary programs for mobile and web browsers will be available soon, enabling consumers to explore the metaverse from anywhere. Explore able islands with dwelling zones and different tangible items (digital assets tied to real-world items) traded as non-fungible tokens to make up Highstreet World.
Highstreet Marketplace, located in the heart of Highstreet City, is a market selling redeeming limited-edition items, each of which has a real counterpart. Highstreet, with the aid of firms like HTC, enables consumers and their acquaintances to purchase real items via digital methods and purchase and generate income together.
“Retail customers have demonstrated increased awareness and knowledge of digitally indigenous items, but most businesses haven't been able to leverage into this concern,” stated Andrew Kang, Managing Partner at Mechanism Capital. “Conventional retail businesses may use NFTs to build excitement and engagement among their customer base in a whole new way on the Highstreet.”
Highstreet will be able to grow its engineering team with this investment, concentrating on developers with Unity expertise. The objective is to build a smooth metaverse environment in which consumers may shop together and witness “the revolution of retail”, as they put it.
Highstreet's universe will be made up of several exploreable islands driven by companies or collaborators, replete with residential zones and shopping sections where visitors may purchase NFTs. These NFTs could be digital artwork, but they could also lead to real-world purchases. Kings of Leon released NFTs to advertise their current album, which included buyers receiving genuine vinyl pressings. Highstreet CEO Travis Wu commented on the potential of virtual reality shopping:
“Highstreet is ecstatic to have such a broad collection of financiers joining us on our quest to create the retail revolution. Many people assumed that e-commerce would signal the end for lavish brand installations and attractive shops. The thrill of buying, on the other hand, continues in the metaverse. In a virtual environment, brand representation is unrestricted by construction expenses or mechanics. Just here on Highstreet, the ideal shopping experience will launch soon.”
Tony Gu, a founding partner of NGC Ventures, said:
“With companies adopting the area and seeking ties with NFTs, Highstreet has a leg up on the competition thanks to the squad's virtual reality experience”.
Palm Drive Capital's co-founder and managing partner, Seamon Chan, stated, “We are thrilled to be a part of Highstreet. We believe it has a lot of potential for digital investment via NFTs. Highstreet acquires the chance to establish a position in the marketplace for limited-edition items, therefore restoring collectors' liquidity and worth. We think that interest in Highstreet's solution will continue to rise”.
Cherubic Ventures’ founder, Matt Cheng remarked, “Highstreet is creating the world's first metaverse that blends virtual reality with cryptocurrency, enabling companies to engage with customers in novel ways. We are thrilled to be a part of this venture with Highstreet”.