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About Highstreet (HIGH)
Highstreet describes itself as the world’s first commerce-centered metaverse.
Built using blockchain technology, Highstreet provides real products with additional utilities by turning them into in-game items
Highstreet World is a P2E open-world metaverse. It seeks to incorporate shopping, gaming, NFTs, traditional brands and crypto brands with an MMORPG game experience. Users complete quests, attend social events and shopping for NFTs from real-world brands.
Every item sold on Highstreet is presented to the buyer in digital and physical formats, connected by a product token, according to a Highstreet Medium post.
Here is an example: a user buys a pair of limited-edition sneakers. The user can wear them in real life but can also can add them to their avatar’s wardrobe in the metaverse.
Highstreet has built-in mechanisms to ensure every transaction benefits both buyer and seller.
HIGH can be used to buy products on what is touted as a “limited edition marketplace.” And token holders can earn a taste of transaction fees when HIGH is staked.
HIGH Token is also used for real estate purchase in Highstreet World.
Additionally, HIGH allows users to participate in governance. The game itself will slowly transition ownership from the Highstreet Development team to the players and holders of HIGH Token. “This will be a gradual process as we believe it’s much more effective and efficient of the game is first built in a more centralized manner,” developers said.
Highstreet overcomes the problem of items becoming stale (illiquid, no buyers) by selling products on bonding curves, guaranteeing liquidity for all buyers while automating price discovery for sellers.
On Highstreet, prices adjust automatically to ensure fairness for both seller and buyer, founders said. “Our bonding curve ensures there is always a counterparty for all transactions, 24/7.”
When was HIGH created and how much was it worth?
HIGH stems from LumiereVR which traces back to 2015. LumiereVR sought to augment the retail experience through VR. The well-known founder of LumiereVR, later rebranded as Highstreet, is Travis Wu, an experienced software developer.
As of late 2021, when the project launched, the game was said to in private alpha testing with the public beta testing coming next.
The token first went live in fall of 2021 via an initial DEX offering (IDO). At that time, it was trading for about $5.
How is the price of HIGH determined?
HIGH has a maximum supply of 100 million tokens. They’ll unlock as the project develops.
It has a circulating supply of 12 million HIGH tokens.
The allocation of HIGH tokens: 54% in treasury; 10% held by the team; 30% went to investors; 1% is distributed through equity airdrop; 5% is dedicated to IDO (initial DEX offering).
Why does HIGH have value?
HIGH tokens can be staked to earn rewards and can be used to purchase in-game items on the Highstreet Market and real estate in the Highstreet World. It is also used for progressing to various regions in the gameplay and accessing exclusive events in the Highstreet metaverse.
When Highstreet sells products in the metaverse, they are all part digital and part physical; as founder Travis Wu has explained, players buy the first fraction of an NFT for the virtual version, and the second fraction for the physical products.
“Brands effectively make a pure profit on the first fraction, Wu said. "We are integrating real brands and real products into this world."
So ultimately, the value proposition owes to a new outlet for commerce and whether it pans out as industry forecasts predict. If it takes hold, a limited supply of HIGH tokens would increase in value, as they can be used as essentially an entry fee into this metaverse/open world.
Is HIGH secure?
The project says that it ensures the legitimacy of every product sold on the market. The game-ified marketplace’s authentication process guarantees that only verified trustworthy sellers can join the platform.
What are the main benefits of HIGH?
- Highstreet boasts of being able to bridge the physical and digital worlds with a brand new MMORPG game.
- For the metaverse and Web3 ages, Highstreet revolutionizes e-commerce and retail. This is executed by tokenizing products and changing them into "phygital" objects that may be traded for a physical product or partial NFTs that enable customers to purchase just the digital component or the entire phygital pair, CoinMarketCap said. Highstreet offers a way for brands to extend their online presence to attract new customers.
- Highstreet is made up of hexagon-shaped land plots that will be leased to real-world businesses in order for them to establish in-game infrastructure like clubs, shops, homes, etc.
What do critics say about HIGH?
That it is one of many competitors in an early-stage space, the elements of which are only still coming together, per Spiceworks, emphasizing that "the battle for the metaverse to dominate has just begun."
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