Let me summarize first:
The biggest difference between HighStreet and MANA and The Sand Box is that it is not a metaverse centered on this project. Its main development direction is to combine physical products to do new retail business, which means that it needs to cooperate extensively with third-party projects to build its metaverse ecosystem. It is more like a part of a huge metaverse entertainment consumption chain, rather than a closed ecosystem centered on the project to develop rich internal experiences.
The core of the project is the new retail business. The combination of offline brands and metaverse game entertainment can bring a relatively long-term user retention rate. In addition, the artistic quality of the project is relatively good, and there are no shoddy products. The development progress is also relatively reasonable, without deliberate procrastination.
Another highlight is that it has received Binance’s second round of seed financing and has been listed on the two largest exchanges, Binance and Coinbase.
Recommendation: This project is worth considering for long-term consideration. The most recent time points worth noting are the launch of the MMORPG game and the impact of the functional token $Street on the supply and demand of $High.
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1 Project Introduction
1.1 Introduction
HighStreet is a P2E VR metaverse game developed based on Unity. Based on the MMORPG game, it constructs a metaverse world for players to entertain and socialize, while innovatively integrating new retail business (phygital), linking offline fashion and lifestyle brands together through NFT, providing players with a dual experience.
1.2 Basic Information
Project establishment time: 2021.9
Sectors: Social, VR Games, New Retail
Game version: browser version, HTC VR version
Public chain: ETH, BSC
Token Symbols: $High, $Street
Listings: binance, coinbase, mexc, crypto.com, gate
Major partners: binance, AVAX, HTC, 8-bit
Fundraising situation: Two rounds of seed rounds, the first round was US$5 million, and the second round of financing amount is unknown.
2 Project Details
2.1 Products
Highstreet is made up of hexagonal plots of land, which will be commissioned by real-world brands to build in-game infrastructure (clubs, shops, residences, etc.).
In Highstreet, land is only provided to cooperating brands and companies for the construction of branded commercial theme areas. What users can purchase are various types of house NFTs in the commercial area.
2.1.1 Highstreet City
Highstreet City is the main world in the Highstreet metaverse, including functional areas such as shopping, entertainment, and leisure.
2.1.1.1 Highstreet Campus (already online)
Campus is the central pavilion of Highstreet. Currently, apart from the residential space, it is the only central place where one can experience the metaverse in advance.
2.1.1.2 FOMO Tower (not yet launched)
FOMO Tower is a building with an attractive exterior, and it has residential spaces and commercial markets for players to rest and live in. To put it more intuitively, it is a 3D version of the Market, with a dedicated commercial area for players to entertain and consume.
The residential space has been released, and players can now enter their own NFT residential experience space.
2.1.1.3 The Solarium (not yet online)
The Solarium is a building where crypto brands, traditional brands and celebrities can showcase their brand campaigns.
2.1.1.4 Brand theme area
Animoca Archipelago is a chain of islands off the coast of the main continent of Solera. Each island represents a brand or game under Animoca Brands. This means that each island is a theme park with its own theme.
Binance Beach: With the Binance NFT platform as the core, it designs its own business ecosystem in 3D style.
AVAX Alps: represents the avalanche ecosystem.
Land of Tomorrow: A gathering place for startups and brands.
2.1.2 MMORPG games
2.1.2.1 Freshmint Island (not yet online)
2.1.2.2 Game main body (not yet online)
Although some game information was released in the white paper, it is rather fragmented, so I will not go into details. I will fill in the blanks once the official game description comes out.
2.1.3 Market
Users can buy and sell Phygitals and NFTs in the in-game marketplace.
Phygital is a hybrid product designed based on NFT, whose rights and interests represent both virtual products and corresponding real products.
For example, a piece of clothing sold for $30 on the e-commerce platform Shopify, its brand and HighStreet issued phygital, which is divided into two parts, the first part represents the virtual clothing of $3, and the second part represents the physical clothing of $27. When the player is tired of playing and returns to the metaverse, when he finds this clothing sold in the 3D store while shopping in the City, he can spend $3 to buy the virtual version to experience it. The virtual version is not only different in appearance, but also provides combat bonus BUFF in the game. When the player finds that he likes this piece of clothing, he can make up the remaining $27, and the smart contract will automatically place an order on the e-commerce platform and send it to the player.
For limited edition real-world products, HighStreet uses a joint curve to sell them, ensuring that customers’ economic interests are not harmed by market fluctuations.
Simply put, one token represents a real product. During the sale, all deposits in the joint curve are stored in the smart contract vault. The price initially starts at a relatively low price. The more tokens are sold, the price will increase according to a quadratic function. When users want to sell, there is enough liquidity in the contract to buy back tokens from users, and the price will then follow the same curve to fall. At the end of the sale, the tokens are destroyed by the contract, and the products will be shipped directly from the brand.
Take the actual products on sale as an example: the NFC-NEKO carpet token includes an exclusive physical NFC-NEKO carpet, a coffee cat NFT, and special NFC-NEKO carpet virtual decorations.
2.2 Team
LinkedIn shows that the team currently has 29 full-time staff.
The company is headquartered in Los Angeles, USA. Before HighStreet, the company successfully launched two projects, one is lumiereVR (providing VR visual solutions for third-party brands) and the other is Retinad Analytics (VR device data analysis).
2.3 Funding
Total financing amount:
On August 18, 2021, $5 million was raised in the first round of financing, led by crypto and traditional venture capital firms, including Mechanism Capital, Cherubic Ventures, NGC Ventures, Palmdrive Capital, Jump Trading, GBV, Panony, and Shima Capital.
On August 6, 2021, Genesis Block Ventures (GBV) announced an investment in HighStreet.
On October 27, 2021, the second round of seed financing was completed in a strategic financing led by Binance and Animoca Brands.
2.4 Business data (social data, number of interactive users)
Twitter: 100,000
Discord: 25,000
Telegram: 25,000
2.5 Economic Model
Adopts a dual token system: $High (governance), $Street (functionality, not yet released)
$High: Total amount: 100,000,000. IDO price 1$ (500,000+500,000).
Uses: Market consumption, real estate NFT consumption, governance voting
In the AMA of binance Chinese channel, CEO once revealed that $High and $Street are not the traditional dual token system. Roughly speaking, the issuance of Street is minted by the price of HIGH. If the price of HIGH is high, the issuance of Street will also be high, and vice versa. This is the main means for the project party to control ecological inflation when designing.
Early investors, 1.00%
Private sales, 32.84%
Public sale (IDO), 2.50%
Binance Launch Pool, 1.00%
P2E, 30.00%
Treasury tokens, 9.16%
Ecosystem, 9.50%
Marketing, 4.00%
Team, 8.00%
Consultant, 2.00%
$Street (functional, not released yet), uncapped, highly inflationary token.
Usage: Production and consumption within MMORPG games.
3 Development
3.1 Roadmap
2022 Q1: Residential sales ✔
2022 Q2: New retail business issuance ✔
2022 Q3: P2E game release (postponed)
2022 Q4: Upgrade the Metaverse entertainment experience (postponed)
2023: Upgraded experience (concerts, fashion shows)
3.2 Development History:
On August 18, 2021, $5 million was raised in the first round of financing, led by crypto and traditional venture capital firms, including Mechanism Capital, Cherubic Ventures, NGC Ventures, Palmdrive Capital, Jump Trading, GBV, Panony, and Shima Capital.
On August 6, 2021, Genesis Block Ventures (GBV) announced an investment in HighStreet.
On September 10, 2021, a cooperation was reached with the virtual image company Tafi Avatar to improve the experience of the HighStreet world in avatars and characters.
On September 13, 2021, a strategic partnership was established with Solv to explore the possibilities of the voucher model in new retail business.
In September 2021, the FOMO Duck Squad NFT collection will be released. FOMO Duck will serve as the brand mascot and theme concept.
On September 24, 2021, IDO on Polkastarter will publicly sell $HIGH at a price of 1$.
In October 2021, Impossible Finance was publicly sold through IDO at a price of $1.
On October 27, 2021, the second round of seed financing was completed in a strategic financing led by Binance and Animoca Brands.
Highstreet World, together with co-sponsors GBV and ChainGuardian, presented the short space opera “ Fly Me To The Moon ” at the 2021 Digital Art Asia Fair (DAFA) in Hong Kong on November 3, 2021.
On November 16, 2021, participated in the NFT.KYC event in Times Square, New York.
On November 24, 2021, $High was launched on PancakeSwap and Uniswap.
In December 2021, the first streaming game of Miami NFT Basel Highstreet Mansion Yacht Kick-Off was held.
On December 3, 2021, in collaboration with legendary designer Jonathan Koon, we built an 8-bit brand theme building as an 8-bit brand physical retail store.
In Q4 2021, $HIGH will be listed on Binance.
On December 26, 2021, the FOMO Duck NFT staking pool was opened, allocating 400,000 $High.
On January 7, 2022, the First Home Offering (IHO) was launched, limited to 2,500 units, priced at $50.
On March 9, 2022, $HIGH was listed on Coinbase.
On July 6, 2022, it announced a partnership with art toy design company BuerBear and issued 200 Phygital-type NFT tokens $BEAR.
On August 1, 2022, 5,000 futuristic all-terrain trailers (IHOs) were launched in partnership with Animoca Brands.
On October 1, 2022, the Highstreet Campus theme venue went online.
On October 7, 2022, it announced a strategic partnership with Refinable, a multi-chain NFT trading center.
On October 25, 2022, the second initial home sale (IHO) was held, with 4,788 units (three rounds, priced at $150, $222, and $300 respectively).
On November 8, 2022, a new partnership with LayerZero was announced.
