HTC-Backed Highstreet Secures Funding For Retail-Focused Metaverse
Niko Pajkovic — August 26, 2021 — Business
References: highstreet.market & prnewswire
Highstreet is the first-ever commerce-focused metaverse platform to offer a crypto-based finance marketplace for exclusive retail products. The exciting startup has just secured $5 million in funding from venture capital firms, including Mechanism Capital, NGC Ventures, Palm Drive Capital, Cherubic Ventures, and Jump Trading.
According to the company, the funds will be used to expand Highstreet's engineering team to create a sustainable metaverse that will allow retail trading exclusively via blockchain. The Highstreet metaverse will include various environments for the user's to explore, including different islands that will house unique retail experiences. For example, users will be able to maneuver through the metaverse buying "phygital" products sold as NFTs.
"Highstreet is building the first metaverse that combines virtual reality and crypto, allowing brands to interact with users innovatively. We are excited to join this experiment with Highstreet," said the founder of Cherubic Ventures, Matt Cheng.
Image Credit: Highstreet
According to the company, the funds will be used to expand Highstreet's engineering team to create a sustainable metaverse that will allow retail trading exclusively via blockchain. The Highstreet metaverse will include various environments for the user's to explore, including different islands that will house unique retail experiences. For example, users will be able to maneuver through the metaverse buying "phygital" products sold as NFTs.
"Highstreet is building the first metaverse that combines virtual reality and crypto, allowing brands to interact with users innovatively. We are excited to join this experiment with Highstreet," said the founder of Cherubic Ventures, Matt Cheng.
Image Credit: Highstreet
Trend Themes
1. Commerce-focused Metaverse Platform - The emergence of platforms that offer commerce-focused experiences in metaverse creates opportunities for retailers to expand their reach and interact with users innovatively.
2. Crypto-based Finance Marketplace - The integration of blockchain technology in finance marketplaces in the metaverse space unlocks opportunities for innovation in payment solutions and financial services.
3. Phygital Products Sold as Nfts - The creation of unique and rare digital products sold as NFTs in metaverses opens up opportunities for artist and brands to monetize their creations in new and exciting ways.
Industry Implications
1. Retail - The rise of commerce-focused metaverse platforms presents retailers with an opportunity to leverage virtual environments to reach new consumers, extend their real-world experiences into virtual world, and experiment with innovative payment solutions.
2. Blockchain and Cryptocurrency - Metaverse platforms that integrate blockchain technology for crypto-based finance and NFT marketplaces create opportunities for innovators to design secure payment systems, create new financial instruments, and monetize digital assets in new ways.
3. Virtual Reality - The development of metaverse platforms that offer immersive VR experiences for users to explore and interact with creates opportunities for brands and retail companies to create engaging experiences that go beyond the limitations of physical spaces.
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