What is the correlation between cannabis and NFTs? As of 2021, the NFT has been breaking the internet, with individual biddings on viral digital content such as the “Leave Brittany Alone“. This alone has prompted millions of creatives, artists, and online users to join in on the act. In a nutshell, NFTs give you a strong sense of ownership over a product or item, and in this case, cannabis.
Despite having no physical copies, NFTs have gained immense value in the digital marketplace. But what are these NFTs, and how are they related to your favorite cannabis strain? Read further to understand how NFTs are rapidly gaining popularity in the cannabis industry.
What is an NFT?
A non-fungible token (NFT) is a rare token on the blockchain that individuals use to establish digital art and collectibles ownership. NFTs can be used to prove the authenticity and provenance of any physical or non-physical item. ‘Non-fungible’ simply means that the token is unique and can’t be duplicated or exchanged for anything else.
NFTs have changed how individuals view art. The media hype has made NFTs even more popular, with celebrities and public figures jumping in on the craze. For example, Jack Dorsey, the Twitter founder, sold the first original tweet to have been made on the platform for $2.9 million. Like digital collectibles and art, another industry that joins this movement is the cannabis industry.
What is the Relation Between NFTs and Cannabis?
As an entrepreneur with monetary interests in the cannabis industry, you may want to know more about how you gain from non-fungible tokens. Additionally, how and what will the cannabis industry gain from NFTs?
Cannabis brand NFTs come in the form of digital certificates and are traded on the blockchain. Most people assume that only crypto-currencies can be traded on the blockchain. Fortunately, anything can be digitized in the current age and traded as an NFT—whether art, collectibles, or music, among others.
Cannabis brand NFT information is encrypted on the blockchain as tokens. However, for authentication purposes, a digital certificate is then attached. Upon an NFT transfer or sale, the blockchain verifies the digital certificate. It is important to note that each NFT is unique and cannot be duplicated. If copied, the duplicate NFT will lack a certificate and be considered fake.
NFTs typically portray limited utility—often coming in handy for branding, games, and promotions. Generally, NFTs have allowed artists to have a different stream of income. In this case, cannabis companies are also making heavy sales from NFTs.
The Ethereum crypto is currently the one being utilized to process NFTs. However, other cryptos can also process non-fungible tokens. Most of these crypto platforms are used to make illegal transactions for anonymity and traceability purposes. However, alternatives such as PotCoin and DopeCoin are used to buy legal substances such as weed, which is state-regulated, depending on where you are.
Why Buy Digital Cannabis?
The marijuana community is a largely engaging and respectable community with cannabis product users and those who passively participate as investors or enthusiasts. Even with the NFT craze and rise in the cannabis industry, you can still opt for the good old-fashioned actual consumption of high-quality weed products from a cannabis dispensary. Still, why should you buy digital cannabis?
For starters, digital products/ assets have exploded in popularity during the coronavirus pandemic, as Reuters reports. Digital assets fetching high prices are generally rare. Additionally, the ‘non-fungible’ part of NFT refers to the concept that each NFT is 100% authentic, original, and unique. As such, digital marijuana is unlike a typical cannabis seed where you can grow new cannabis or cannabis edibles or products that you can buy from a cannabis dispensary.
Generally, investors consider digital products as speculative and likely to give them a significant return on investment upon future resale. However, the central focus is on uniqueness and value instead of actual consumption.
NFTs and Consumption: The Disconnect
Non-fungible tokens are revolutionary and brilliant. However, for those seeking to actually consume the product, there is always the option of buying from the closest cannabis dispensary. If you are looking to enjoy the best cannabis products on the market, Planet 13 Dispensaries is the best dispensary in Orange County.
Cannabis Dispensary Near Me
Whether you’re a full time resident or just passing through, Planet 13, the best cannabis dispensary in Orange County is a must-visit destination for new and experienced cannabis users alike. Whether you are looking for a cannabis dispensary near me or a consultation with a local cannabis expert, Planet 13 is your one stop shop for all things cannabis.
Planet 13 Dispensaries provides an array of cannabis products, including cannabis vaporizers, cannabis edibles, cannabis topicals, and cannabis tinctures. Being one of the best dispensaries in Santa Ana providing high-quality cannabis products, Planet 13 is highly reputable and trusted among the marijuana community.
Cannabis Dispensary Delivery Near Me
If you prefer the convenience of online shopping, Planet 13 Dispensaries has got you covered, and can even deliver your favorite cannabis products right to your door. We allow you the convenience of shopping for your favorite weed strain or cannabis product from the comfort of your home.
Planet 13 also has a state-of-the-art cannabis entertainment complex where you can browse our wide selection of cannabis products in-store. You can also order your products ahead of time for quick and easy curbside pick-up.