A closer look at cannabis and NFTs
A closer look at cannabis and NFTs
Everything About Weed Themed Collectibles, the Crypto Cannabis Club NFT Collection
South Park did something wonderful about NFTs where Butters – aka Victor Chaos – was a force that had to be kept under wraps lest the whole world plunge into chaos! The episode known as “Post Covid II” illustrated the fickle nature of NFTs and how most people involved in buying and selling digital assets have no real clue what they are doing.
Essentially, the NFT market is mostly hot air today, but the technology is a watershed moment in history that will have a significant impact on society as we know it. But for those who are completely unfamiliar with the idea of NFTs, don’t worry – I’m going to provide some basic explanations of how it all works so we’re all on the same page.
More importantly, I was interested in learning how NFTs could be used in the cannabis industry and if more cannabis-related NFTs are coming this year.
The first is the first…
What the heck is an NFT?
An NFT is a non-fungible token, meaning it is 100% unique and cannot be negotiated through substitution. For example, a justifiable asset would be apples. I could take five apples, put them in a barrel full of apples, and take five different apples that would all have the same value as the first five I grabbed.
Non-fungibility eludes uniqueness because this digital asset is unique and there is no other item that has exactly the same value as it. To create an NFT, or as people in the industry call it “Mint”, an NFT needs to find a platform like OpenSea, which is arguably one of the largest NFT marketplaces.
Then you insert an image or any digital asset of your choice onto the blockchain (aka embossing), which then becomes available for sale.
NFTs have applications in;
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art
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music
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videos
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collectibles
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domain names
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memes
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Virtual fashion items
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right
Of course, this is just the tip of the spear, there are many other uses that we haven’t even considered, but for now it seems that the vast majority of NFTs live in the digital art space.
Cannabis and NFTS
That brings us to the next part of the equation – how to use cannabis effectively in the world of NFTs, or how can the two benefit from each other?
One way I’ve seen this game is from the popular NFT series called The Crypto Cannabis Club, which has created a series of algorithmically generated NFTs (NFTs that combine different data points to create unique images). When you buy these NFTs – which are sold out from the official supplier – you become part of the club immediately.
This club will host growth contests and other club activities that only NFT holders can participate in, making it an exclusive path of entry.
And this is where the value of NFTs shines. Because they are unique and cannot be replicated, this is a great way for brands and businesses to create special categories of interactions between the brand and the NFT holder.
For example, let’s say you start a business and everyone who buys an NFT becomes a member of your exclusive club. In this club you can give people discounts on your goods or invite them to unique events.
Additionally, if you are a cannabis breeder, NFTs could be used to register your harvests so that there is a time-stamped digital record that cannot be altered to show that you were the ‘first’ to create that particular strain.
Another application I’ve seen is in P2E schemes, like the one in South Africa. P2E or Play-to-Earn is a concept where the NFTs have additional value generated over time. For example, NEKTR does just that.
NEKTR will be a community-led P2E (Play-to-Earn) design that compensates its holders. Its NFT-powered entertainment will be a game changer as it plans to provide financial compensation to its holders while supporting the cannabis industry. Consumers will use NEKTR or LEAF as an in-game service for daily cannabis plant care. After completing the game, they can trade, sell, or collect the collected NFTS for a later game utility… SOURCE
The founder of NEKTR also had this to say;
“We are building a gaming network to raise awareness of medicinal cannabis, while funding prescription cannabis compensation programs and building targeted partnerships across the global medical and recreational cannabis space. NEKTR has also partnered with an artificial intelligence organization called Physix to develop an add-on for Stoner Sapien. This is a color-situated human adventure – a poll feedback circuit interpreting a plant expression production in the NEKTR cannabis growing video game. While we plan to earmark 10% of this additional revenue for the IMP or the Ideological Money Pump, Physix’s charity, most is earmarked to support youth blockchain programming scholarships in South Africa.”
Conclusion
NFTs will become more common in the coming years as people continue to ascribe new meanings and functions to their existence. There’s a lot of hogwash and some really good ideas out there right now when it comes to the world of NFTs, and for the cannabis industry moving to blockchain seems like a logical next step.
Not only for creating unique clubs and associations, but using P2E systems can really help brands create a sense of loyalty programs and bring real value to NFT owners. Unlike Victor Chaos, there are people who actually work to create value and not just try to pyramid scheme their way to wealth.
What are some of your favorite cannabis-related NFTs?
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