What are cannabis NFTs? How do you buy edibles in the metaverse? We answered these and other FAQs on the newest industry frontier
From flower strains to CBD-infused food, there’s no shortage of cannabis products. But one new cannabis venture even the most knowledgable cannabis aficionados may not have explored goes beyond the confines of the physical world. We’re talking about cannabis in the metaverse.
If you’re like most people, you’ve probably seen the word “metaverse” all over the internet and been lectured at about its importance by various sources, but still have no idea what it actually means. Don’t worry, you’re not alone.
We researched frequently searched questions about cannabis in the metaverse, and found the answers. Here’s what you need to know about this hot emerging avenue for cannabis lovers, gamers, and investors.
Why are cannabis companies moving into the metaverse?
The metaverse, cryptocurrency, and non-fungible tokens (NFTs) are all rapidly expanding.
Brands are no longer limited to the physical world. And it gives cannabis lovers, gamers, and investors a new avenue to explore their love for bud.
How does the cannabis industry function in the metaverse?
Users can farm, purchase, or even “breed” bud strains in the metaverse. Some platforms offer a tangible products delivered to people’s doors with a purchase made in the metaverse, but others keep the digital cannabis on the blockchain and as NFTs.
An NFT is essentially a digital, non-tangible collectible item. Users purchase them with the hope that their value will rise over time. Cannabis NFTs are just one branch of this digital investment. They’re typically held on the cryptocurrency Ethereum blockchain.
Cannabis is also experiencing what is called “gamification” in the metaverse. By creating games centered around a product such as cannabis, companies are exploring an emerging avenue to promote engagement. From social networking to achievements, there are many different platforms that gamify the cannabis metaverse experience.
In short, cannabis in the metaverse is an emerging yet highly popular meta-niche that garners interest from cannabis lovers, investors, and gamers. Many cannabis companies are going digital to appeal to this interest while existing metaverse platforms are partnering with cannabis experts to cater to audiences’ interests.
How do you buy cannabis in the metaverse?
Rather than heading to a shop’s site, adding items to your shopping cart, checking out, and having your favorite cannabis goods arrive on your doorstep, shopping for cannabis in the metaverse is a little different. And you may not end up with a physical item.
Depending on the platform you use, you will likely have to create an avatar of some sort to interact in the metaverse and shop for cannabis.
Some sites may have you purchase cannabis NFTs with Ethereum or another cryptocurrency. On some sites, you may buy a cannabis NFT and “breed” different strains, which you can resell. Others, like Kandy Girl, may have you exit the metaverse to complete a purchase, as reported by Slate.
Some sites may offer you physical cannabis flower or edibles that are real-life copies of what you bought in the metaverse.
When will cannabis in the metaverse be available?
Many cannabis companies and metaverse platforms have already launched their digital cannabis. More are continually popping up as cannabis companies in the metaverse are quickly expanding.
Here are a few companies that have already migrated into the metaverse.
Higher Life CBD
In December 2021, Higher Life CBD was one the first cannabis companies to launch a metaverse CBD dispensary, as reported by Forbes. After making a purchase in the metaverse through a gamified shopping experience, the digital item translates into a tangible product that is delivered in person.
Golden Ark, a cannabis grower and supplier centered in California, launched the first-ever cannabis metaverse platform—on April 20th, fittingly.
Cannabis lovers can “Grow Virtual Cannabis and exchange it for a real one and for selected crypto…” according to their website. But that’s not all—the all-encompassing platform gives a place for people to make friends, find dispensaries, and get cannabis-related items like accessories and T-shirts.
MonsterBuds is a platform where cannabis lovers can breed cannabis-inspired NFTs “to explore the realm of fictional strains in addition to a few very rare, real strains added in the makeup,” according to their website. MonsterBuds says the Buds can be bought, sold, bred, and smoked. The Buds can be minted for the cryptocurrency Ethereum.
MonsterBuds is partnering with Los Angeles-based cannabis company Packwoods, which will offer branded NFTs. The NFTs will be linked with “real claimable Packwoods Blunts,” product discounts, merchandise, and access to special events, according to the website.
Packwoods is entering the metaverse with unrivaled IRL cannabis utility.
Every Packwoods NFT will give you VIP access to exclusive Packwoods HHC/D8 blunts, Packwoods merch, exclusive events, and giveaways ?
The first 420 people to interact will be considered for WL ? pic.twitter.com/5hlDp3Oyo4
— Packwoods NFT (@PackwoodsNFT) May 23, 2022
Snoop Dogg, Champ Medici, and MOBLAND
Last but not least, rapper and cannabis lover Snoop Dogg and Crypto investor Champ Medici partnered with mafia-themed metaverse MOBLAND to create digital cannabis farms.
In the Mobland metaverse, users can farm digital cannabis, and there will be a collection of Snoop Dogg branded NFTs and content from ChampMedici, The Motley Fool reported.
?Limited collection of Snoop Dogg digital weed farms
?Exclusive content from Champ Medici
Join Snoop & Champ ? https://t.co/DB5rTE0y1q
The emergence of GameFi 2.0 has begun? pic.twitter.com/FVEOfS0xLt
— MOBLAND ? it’s #420 szn (@MobLandHQ) April 20, 2022