The NFT trend is coming to the cannabis sector. Cannabis companies all over the US and around the world are releasing non-fungible tokens which they hope will build hype over their new products.
Some are saying that these NFTs are scams with minimal to no actual value for the product you are purchasing. Nevertheless, companies are rolling out NFTs by the hundreds each day. “From a business perspective, you can’t ignore the NFT market…Cannabis is evolving so rapidly from so many angles that we think this could be an opportunity to engage different customers.” said Sammy Dorf, co-founder, and chief growth officer of Chicago-based cannabis company Verano Holdings.
As of now, some of these cannabis companies are still experimenting with NFTs, saying that it’s too early to determine if they will benefit the company in the long-term. Given the recent popularity boom of these non-fungible tokens, it’s hard to say if they will be here to stay. Many experts believe that with things like the metaverse becoming more and more popular, NFTs will grow in tandem. Multiple different cannabis corporations are also delving into the metaverse, buying land in the sandbox, and setting up digital shops. The metaverse and NFT part of the internet is still relatively young, but some people are determined that it will change the way we look at the world forever.
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