Meta Street Market Founder Todd Hessert on Creating and Believing In the Real Metaverse

What kind of metaverse do our children want?

When Facebook first introduced the concept of the “metaverse” in June 2021, it was met with loads of questions and skepticism. Two years on, it appears that the digital dreamland is getting closer to reality: countless NFTs were created, different metahumans exist on multiple social platforms, and Decentraland was developed.

According to Gartner, Inc., 25% of us will spend at least an hour a day in the metaverse for work, shopping, education, social and/or entertainment by 2026. Although the Web 3.0 wave has impacted all industries, the metaverse we see today hasn’t completely broken away from the context of Web 2.0. People still get information from traditional media platforms, and adopt digital identities in order to access the space.

We are certainly not even close to the real metaverse, with innovations and revolutions still happening any given second. What will the 2023 version look like? Digital hype sports brand Meta Street Market seeks to break the barrier between the virtual and real worlds, as well as construct a new sustainable ecosystem, by launching a first-of-its kind digital pop-up at Shanghai K11.

Todd Hessert, Meta Street Market Founder: Significance of Metaverse Brands Going Offline

With digital fashion week and virtual fashion set to become the new wave post-pandemic, creative firms and tech companies are eyeing fashion tech for future growth. Known for cutting-edge designs in wearable digital fashion, Meta Street Market serves up virtual sneakers as an introduction to NFT and Web 3.0 for fashion lovers.

The first generation of virtual sneaker NFT collection “XNOR-100” by Meta Street Market sold out in 10 seconds after launch, helping to establish brand recognition among the Web 3.0 community. Subsequent collections later in the year further improved positive brand awareness.

Within the metaverse, Meta Street Market brings together and integrates different virtual assets. For example, virtual sneakers can be combined with virtual shoe boxes and/or cartoon NFTs, giving holders a compelling mix of freedom, exploration and creative gameplay.

In order for virtual sneakers to break the barrier between the digital and real worlds, Meta Street Market is working on building a close bond with holders in real life, instead of only through social media. As a result, the first-ever digital pop-up at Shanghai K11 is born.

With the exciting launch just around the corner, Hypebeast spoke with Meta Street Market founder Todd Hessert on the significance of virtual brands going offline.

As the first Chinese metaverse brand to go offline, what are some reasons for doing so?

This is a decision driven by the development “point in time”. Our brand team in China is creating an unprecedented sustainable development model by combining the brand power of Metaverse and Web3.0 with entities, namely virtual consumption, community belief and offline experience. To surround the core of the virtual world, that is, to serve “real people”.

What we need to think about is, in what ways can users still be sticky to the brand after going “offline”, such as the virtual assets they hold, the clothes they usually wear can have a display space, and can have space for parties, etc. Meta Street Market starts from the virtual goods on the chain, and gradually extends to the real life scenes of the holders. It empathizes with people from multiple angles, and assists virtual development with entities. I think this is in line with Chinese Metaverse and Web3 Ecosystem logic.

The Meta Street Market pop-up at Shanghai K11 does not simply provide a “store experience”, but is more akin to stepping into a metaverse space that has entered the real world. There is a unique “digital collection museum” to showcase a series of fashion virtual assets created by the brand. Visitors can also experience immersive interactions through augmented and virtual reality technology, putting the metaverse “at your fingertips”.

At the same time, virtual goods including sneakers, basketballs, skateboards and prints are brought to life. Most of these come from Meta Street Market’s virtual asset rights, forming a link between virtual and physical products.

In Hessert’s view, NFT art should not be limited to the category of “price up and down”, but to build the value of a digital brand and IP on the chain from multiple aspects, and so the creation of physical products is unfolded based on this intention.

There is also a specially-created “Café de NFT” coffee area in the Meta Street Market pop-up store. The unique cartoon IP drink is linked with the NFT digital collection launched by the brand, which holders can get to enjoy.

“The driving force for community holders is to reach a consensus on the co-creation and co-construction of brand development. Their sense of participation, identity and responsibility in accompanying the brand from scratch are constantly improving, which is unprecedented.” —Todd Hessert

What are the functions of offline stores versus online platforms for metaverse brands?

The metaverse structure of Meta Street Market is relatively clear. Online through the app: the sale of virtual goods; various roadmap activities; the holders’ equity value mall; and AR interactive experiences. Offline: a series of brand activities and gatherings held through our holder community; our offline Web3 forums with other blue-chip projects, which can help the market better understand the metaverse and Web 3.0; and to discover as well as support what a digital fashion brand born in metaverse can achieve. I think the combination of the two is the key point to drive the community, and can gradually establish a trust mechanism for new brands in the metaverse.

What is the importance of the holder community for metaverse brands?

We use virtual assets generated by blockchain technology to gather with users in the community, especially for Meta Street Market. As the original digital fashion brand of metaverse, there is the driving force of community holders to reach a consensus on brand development and creation, and through this process the customer stickiness of the community becomes stronger. Their sense of participation, identity and responsibility in accompanying the brand from scratch are constantly improving, which is unprecedented.

Meta Street Market has always attached great importance to its community. During the conversation, Hessert mentioned that the driving force from community holders can also become the driving force for the development of metaverse brands. One of the significance of opening the first offline store is to provide a real place for face-to-face communication between the brand and the community.

In the Meta Street Market pop-up store, there is an area set aside exclusively for brand events and community gatherings. The introduction of shuffleboard here is one example of bridging the distance between the brand and community holders through different forms of interaction.

The virtual sneakers from Meta Street Market have gained popularity domestically thanks to its original designs and collaborations with many well-known artists at home and abroad. Prior to this, Meta Street Market launched the “XNOR-Assassins” Assassin League virtual sneakers, which incorporates the metaverse worldview of Azuki. These virtual sneakers as well as select physical products can be found at the pop-up.

What is the inspiration and design concept behind the “XNOR-Assassins” virtual sneaker series?

The “XNOR-Assassins” Assassin League virtual sneakers were inspired by Japan’s Edo period. We used it as a time-traveling narrative for Azuki’s metaverse world view, incorporating Japanese aesthetics, hermitage spirit and the concept of a game between old and new cultures, and subtly integrating the Beanz NFT series of Meta Street Market. Under the name “Assassin”, we reinterpret digital hype and oriental aesthetic. I personally think this is a very interesting collaboration, and it is also a collision between overseas NFT projects and domestic blockchain digital fashion brands.

Through the “XNOR-Assassins” Assassin League virtual sneaker series, Hessert re-examines the link between Meta Street Market and Azuki-UGC (User Generated Content). “We believe that whether it is the metaverse or Web 3.0, the development of a broader UGC situation from PGC (Professional Generated Content) is a sustainable model that every long-term project can be optimistic about,” he says. “These projects co-designed by Meta Street Market, Azuki and Beanz UGC have also broken the limitations of overseas NFT projects in China, as evidenced by the success of the “XNOR-Assassins” Assassin League virtual sneakers.”

How does this unique pop-up concept and all-round strategic approach provide insight into the future of the Chinese metaverse?

The completion of the first Meta Street Market pop-up store will undoubtedly become an indispensable puzzle of the metaverse world blueprint built by the brand and its parent company, StarHeir Technology. Before launching Meta Street Market, StarHeir Technology has created the largest virtual human IP matrix in China’s metaverse, including Reddi，Vila，Vince，Nami，Mr.Meta，Eassy，as well as handful of cartoon IPs. Vince and Nami will also be wearing special virtual sneakers during Meta Street Market’s first offline store opening.

The multi-form virtual human IP matrix can cross-border fashion, hype, art and many other fields, while laying the foundation for the brand’s overall metaverse business ecology with influential collaboration. In this conversation, Hessert also shared the thinking behind the brand’s all-round strategic layout, as well as his insights into the future of China’s metaverse market.

“Create a world belonging to StarHeir through the combination of virtual and real, and bring a unique metaverse lifestyle to our holders.” —Todd Hessert

What is the strategic significance of the all-round development approach for StarHeir Technology?

We are trying to build an original and openminded digital fashion company through the brand and IP power of virtual assets on the chain during the initial developmental stages of the metaverse and Web 3.0. To create a world belonging to StarHeir through the combination of virtual human IP and Meta Street Market, and bring a unique metaverse lifestyle to our holders.

Many see familiarity in Meta Street Market and RTFKT. What is your take on this?

Although they both started with the release of virtual sneakers, there are some differences. For example, RTFKT is based on the overseas blockchain and crypto environment, while the Chinese market has a very different user persona.

In addition, RTFKT designs are basically re-creations of Nike shoe models while Meta Street Market has original sneaker designs, which opens up our development space especially for UGC models. Like RTFKT, we laid the foundation for brand development through community-driven and co-branding. For example, our previous cooperation with X Art Museum and Japanese artist Mr. Hiroshi Yokoyama has left Meta Street Market’s footprints in the history of Chinese metaverse.

“The development of the new virtual consumer industry in the metaverse cannot be completed in one step. Amid doubts, some people are working hard for it. This is us, the “builder”, advancing.” —Todd Hessert

The development of the metaverse in China is still in its infancy till this day. Could you please share your views on the current market environment?

Regarding the metaverse and Web 3.0 we are looking at today, especially fashion and hype related, the most important thing is whether the future pursuit of Gen Z or Gen X will be more free and autonomous. This will also be the main difference between Web 2.0 and Web 3.0. Many emerging things will be questioned in the early stage, which is normal. This does not depend on the development of technology, but the ability of the market to recognize and judge the industry.

Of course, many have been predicting that the domestic and overseas infrastructure environments are different, and have always believed that it is difficult for Web 3.0 to happen in China, but I think this point of view is relatively simple. From the perspective of the market, what we still look at is how big the market is now and how big it will be in the future, and this answer will determine whether this emerging industry will become a mass market or a niche one. At the current start-up stage in China, few companies or projects are seriously building their roadmaps and world views, which will also wipe up a series of uncompetitive brands and IPs.

“Virtual products are more like short-lived products for a certain era. People in the post-pandemic era will pay more attention to physical communication and shopping experiences.” What is your opinion on such a view?

In fact, the pandemic is just a reason that is used to analyze some things that are not valid. Looking at the domestic market, from a cruel point of view, the pandemic may only wipe out some companies that do not have core competencies. Whether for a company or brand, it is necessary to have the quality and ability to “face the fierce battle” during any special period, so we will see that many companies are still surviving after the pandemic.

We can’t unilaterally judge that everyone paid attention to online during the pandemic, but after the pandemic everyone is going to stop shopping online or playing online games. After the ups and downs, what we need to see is which brands and companies are still determined and convinced to verify the virtual content and fun in the metaverse era, whether they can develop a large-scale metaverse virtual consumer market, and whether they are good enough to attract users settling in and retention, or whether the tests and doubts will make a group of people retreat, and we chose to face these doubts. The development of the new virtual consumer industry in the metaverse cannot be completed in one step. Amid doubts, some people are working hard for it. This is us, the “builder”, advancing.

“As a metaverse company focusing on fashion and hype, we are going through an unknown adventure,” says Hessert, expressing that globalization will become the brand’s next key strategy after getting investments from the co-creation fund of Kering, Bollinger and other groups. As China’s first metaverse digital sports brand, Meta Street Market not only fills the market vacancy in China’s metaverse with its unique Web3 creative thinking and “online + offline” operation, but also creates a fresher and more diverse VR interactive experience for brand IP holders and players who pay attention to the domestic metaverse ecology, ultimately guiding the way forward for the metaverse industry.

“In Metaverse we trust” and “Here comes everyone” are the brand slogans of StarHeir Technology and Meta Street Market respectively. Even though the future prospects of the metaverse market still seem to be full of unknowns, Meta Street Market persists in becoming an unprecedented Chinese metaverse beand with global influence. With “All in Metaverse” as the brand’s belief and vision, this new era with the joint efforts of many metaverse and Web 3.0 talents may meet us unexpectedly in the near future.

Meta Street Market Pop-up Store
B201A, K11 Art Mall 300 Huaihai Road Central, Huangpu District, Shanghai