What Is A Cannabis NFT?
Cannabis NFTs are the future of the marijuana industry
In recent years the cannabis industry in the US has seen incredible success. Legalization has made the product just one of the thousands to invest in. Another rising star in the investment and crypto worlds is NFTs (non-fungible tokens). These exclusive pieces, typically art, can be purchased as a one-of-a-kind collectible where your ownership lives in the blockchain. What does this have to do with marijuana? Now, sellers like Jessie Grundy can sell you a digital bag of your favorite cannabis strain.
Selling a bag online
The founder and chief executive of Peakz, Grundy, promotes his company as a high-class cannabis brand. Based in Oakland, California, the business is one of many selling the iconic looks of their cannabis strains as NFTs. Peakz is selling a first- a digital bag of pot called “Lava Coin.” It’s available from anywhere, and it’s also legal everywhere.
While you can’t smoke the digital product, buyers in Oregon and California will receive a physical “IRL” counterpart to the online strain. Grundy believes that it’s just a matter of time before the concept fully takes off as blockchain and cryptocurrency are increasingly becoming a larger part of everyday life. In fact, Reuters reported Monday, the sale of digital assets has skyrocketed in popularity throughout the COVID-19 pandemic.
In an interview with Forbes, Grundy said, “The reason why someone would want digital weed is the uniqueness.” He also mentioned that the “blockchain-based proprietary genetics” would let people know who came up with a strain first. He added, “I think we will continue seeing these things in the future.”
Many sellers in the cannabis NFT business would agree. Jason McHugh, the founder of Califari, is seeing the rise in popularity of unique art associated with particular strains. McHugh graduated from the University of Colorado Boulder, got Primus to compose the theme song for South Park, and in 2015, launched Califari- a cannabis lifestyle brand. Through Califari, McHugh sells pieces inspired by classic cannabis strains, such as Sour Diesel, and debuted their first pieces as NFTs. Artists from the Global Artist Network worked on the animated cards that describe each strain’s genetics. Northern Lights was the first to launch for $310.
A cannabis NFT marketplace
Thanks to the continued popularity of NFTs and marijuana, we’re also seeing companies like Ghost Drops push into the greater NFT marketplace. The cannabis brand will be several new services and products, including digital ownership of their strain iconography and gamified cannabis seed cultivation.
Legalization changed many things about cannabis distribution, and a large part of that was the increased regulations surrounding children. As with cigarettes, cartoons and iconography that appeal to kids have been outlawed. As a result, Ghost Drops had to retire their signature icons.
Thanks to Crypto Drops, an NFT marketplace, Ghost Drops can sell those classic designs as NFTs, so their customers can enjoy a piece of that Canadian cannabis history. Additionally, their partnership with QNTMPAY makes it easy for those customers to do so. Ghost Drops CEO Gene Bernaudo spoke with The Georgia Straight and touched on how they are a “cultural icon in Canadian cannabis.” He said, “Now, we’re about to revolutionize banking, NFTs, and crypto.”
Crypto Drops is also getting into the market of gamified cultivation and distribution. It’s entirely based on cannabis growth and usage. The site will allow users to gamify tending to their pot and creating unique strains to which they’ll own the rights. By debuting a digital world of cannabis, Crypto Drops makes a community where people can collect strains and cultivate one-of-a-kind products. In the virtual world, users will be able to buy “digital breeder packs” and trade, sell, grow, and crossbreed digital plants.
And interestingly, Crypto Drops will also be accepting traditional payment methods like debit, Mastercard, Visa, and Apple Pay. While many NFT sites make users use cryptocurrency and create a digital wallet, Crypto Drops makes itself more accessible to newcomers by letting them pay for their digital weed the same way they’re used to ordering from Amazon.
Adam Pearsall, QNTMPAY Founder, told The Straight that he’s excited about this new development and thinks Crypto Drops will revolutionize the cannabis industry. He remarked, “QNTMPAY is excited […] as we bring our cutting-edge banking technology to this game-changing partnership.”