Token Description & Project Background

Highstreet is a play-and-earn open-world metaverse that incorporates shopping, gaming, NFTs, and traditional and crypto brands in an MMORPG game. Highstreet bridges the physical and digital worlds. It provides real products with additional utilities by turning them into in-game items.

$HIGH is the native utility and governance token that opens access to various areas for game progress or access to special events. $HIGH tokens can be used to purchase special items such as in-game land or limited edition items via the Highstreet Marketplace. Holders are also able to create and vote on on-chain governance proposals directing future game development. 

Highstreet is built with the assumption that players will be fully immersed in the virtual worlds, and maturing VR hardware that is available on the market. To capture users’ representation of their body movements in the virtual world, the team leverages an avatar SDK called Tafi avatar, the same engine that powers the RTFKT CloneX NFT collection.

The token launched October 2021, via IDO, which required users to apply to be whitelisted and complete KYC (excluded US & CAN residents).

It was co-founded by Travis Wu (CEO). 

Risks of HIGH

Like an investment in other crypto assets, there are some general risks to investing in HIGH. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information on these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in HIGH is subject to the following specific risks:

• Any potential success associated with HIGH is dependent on its rate of adoption by users. Investors should be aware that there are a number of competing blockchain gaming projects.
• Any potential success associated with HIGH is dependent on a number of external factors, such as the growth and increased adoption of the metaverse economy, and the continued popularity of NFTs as digital collectibles.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with HIGH . Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The HIGH community and cpre team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of HIGH have no recourse to the HIGH community, core team,  or Uphold if HIGH declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing HIGH on the Uphold Platform, Uphold performed due diligence on HIGH and determined that HIGH is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of HIGH, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of HIGH.
• Marketing materials put forward by the HIGH social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with HIGH, including any code defects, security breaches and other threats concerning HIGH and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with HIGH, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of HIGH. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 12, 2023.