Cannabis operators with connections to the metaverse tell Benzinga that web3 should offer cannabis more opportunities than current online offerings.
From sponsoring events to buying and delivering CBD to your home using Ethereum ETH blockchain, cannabis is already finding ways to connect on the decentralized web and the opportunities could grow if mass adoption of web3 technology one day comes.
More Likely Opportunities In Decentralized Digital Spaces
With the metaverse, cannabis may find something it rarely has online: brand exposure.
Cannabis and web3 participants expect the plant to be accepted in many age-gated worlds in the metaverse, more commonly than currently on web2. Rather than finding ways around ad bans, web3 offers various ways pot brands can connect with consumers, investors and buyers.
“Web3 world is another way to target a consumer, and brands who test the waters will be rewarded big,” said Brett Finkpartner at venture studio GRTR. Fink got his start launching several CPG brands, including YERBa canned yerba mate beverage with its formulation funded by NFT sales.
Fink said web3 and its less regulated platform are changing the rules to the digital world.
“In 15 years, people will look at web3 and decentralized technology like we now look at the internet,” he noted.
With most respondents believing that the metaverse and web3 tech are here to stayearly adoption could be crucial to successful business growth via marketing, fundraising and a growing list of opportunities.
Christine De La RosaCEO and co-founder of The People’s Ecosystem and The People’s DAO (Decentralized Autonomous Organizations), also believes that cannabis will be freer to operate in the metaverse.
“The hopes for many cannabis founders is that we have found our place governed by the people rather than the government,” De La Rosa said, adding that The People’s DAO launched to help invest in BIPOC and women-led cannabis ventures.
De La Rosa predicts that smaller cannabis ventures will follow a similar path, fundraising without venture capital, private equity and other institutional methods.
Brand exposure opportunities appear more plentiful, with live event sponsorship and NFT collections serving as leading examples so far.
Kyle Rosnera metaverse participant and director of media relations for cannabis firm 420interactivesaid, “The highest and best of cannabis brand utilizing NFTs/Web3 will be those that create true membership and data clubs,” offering perks, like party invites and discounts.
To Read The Rest Of This Article By Andrew Ward on Benzinga
Published: March 25, 2022
Founder & Interim Editor of L.A. Cannabis News