Highstreet Announces $5 Million Round To Combine VR, NFT, and Crypto

The VR Metaverse is inching nearer. With some calling for “NFT Summer,” Highstreet, a metaverse-based DeFi market for NFTs and different digital objects, has raised $5 million.

Highstreet: NFT Market in Digital Actuality

Highstreet goals to convey the digital marketplace to digital actuality. The Canadian startup has raised $5 million from crypto and conventional VCs equivalent to Mechanism Capital, NFC Ventures, or Bounce Buying and selling. The spherical additionally included influencers and group members equivalent to Miss Bitcoin, Encrypt Membership, or Mr. Block.

Andrew Kang, Managing Accomplice at Mechanism Capital, stated, “Retail shoppers have proven growing consideration and familiarity with digitally native items, however most manufacturers haven’t been in a position to faucet into this curiosity. Highstreet gives the potential for conventional retail manufacturers to generate curiosity and loyalty amongst their buyer base in a totally new style by means of NFTs.”

This funding will permit Highstreet to increase its engineering division, specializing in builders with Unity expertise. The objective is to create a seamless metaverse expertise the place customers can store collectively and expertise what they name “the way forward for retail.”

The world of Highstreet will likely be composed of various explorable islands powered by manufacturers or companions, full with residential zones and purchasing areas the place customers can purchase NFTs. These NFTs could be digital paintings, however they will additionally entail prospects to real-world objects. To advertise their newest album, Kings of Leon supplied NFTs that entailed prospects to the true vinyl pressings.

“Highstreet is happy to have such a various group of traders be part of us on our journey to construct the way forward for retail. Many believed e-commerce was the start of the top for extravagant model activations and charming storefronts. Nonetheless, the joy of purchasing lives on within the metaverse. In a digital world, model expression is limitless, certain not by constructing prices nor physics. The last word retail expertise will debut quickly, proper right here on Highstreet,” stated Travis Wu, CEO of Highstreet.

Disclaimer: The writer held ETH and several other different cryptocurrencies on the time of writing.