I think, within Web3, people are pretty comfortable with the idea of digital asset ownership. However, most of that comes from the desire to flip for profit. In fact, as the market goes south and things are a bit harder to sell, people have started to develop a stronger connection with their assets by holding on to it more, spending time with it, and eventually developing some kind of an emotional attachment.
Downturn of the market is that it is becoming harder to pull new users in because they also need the ability to flip it in to first get attracted into the metaverse space. Thus the idea of digital assets is still foreign to the general public. But the reason why digital assets are so important is that they bridged a gap between digital ownerships and what we have today. If your digital assets, NFTs or in-game assets are packed with something physical, it is easier to identify their value.
For Highstreet, we have created three main models of commerce: the limited edition marketplace available through the bounding curve model which is ideal for celebrities and influencers who have a large following.
Since buying and selling moves in the price real time up and down a quadratic curve model which means we have automated price discovery for the brand.
And recently we have launched our collab with 8-bit and department stores around the world so this is kind of metaverse portal concept because we target general public that has heard of NFTs before but is not sure how to jump into the space and it is a direct way for them to start minting.
I think shopping in the metaverse is coming from a different angle. With time, online shops have kind of removed the entire social and adventurous element of shopping from that equation. This is when the metaverse is bringing it back in: we retain the same efficiency as e-commerce-based checkouts right with crypto with one click.
If you have set up your wallet, you’re done, you can make payments plus the shipping info is saved, therefore it is easy to discover the future of virtual shopping.
Simultaneously, thanks to the in-game world, you can meet up with your friend and travel to vastly different places, go shopping, visit concerts, etc.
I believe the fixation of large brands is a bit of a mistake. A lot of people tend to like paying a lot of money for these brands just to have a presence on their platform or collaborations.
But if you think of a metaverse movement and the VR/AR technology as a tool for revolutionizing commerce, then you should be really focusing on small boutique brands.
The bigger company, the slower the move is.
I really like Shopify due to the democratization of e-commerce where anyone can launch a store. That is super empowering to me. This is probably why we are planning to integrate Shopify first into our ecosystem.
Plus their back-end system is plugged to so many cool e-commerce platforms out there which is an amazing opportunity, so it is a no-brainer that we would love to cooperate.
On the gaming side, I really enjoyed playing Maplestory, a very 2D storytelling MMORPG where you essentially put things together.