Five Fascinating Projects in the Cannabis/NFT Space

So if you’ve somehow managed to get through the past two years not hearing anything about NFTs, it’s highly likely that you’ll encounter it soon enough the longer you stick around in cannabis. With trading in the larger NFT market reaching heights of $22 billion in 2021, it’s clear that anything that can be placed on the blockchain eventually will be. Not surprisingly, there’s plenty of NFT projects currently up and running in the cannabis space. Some have been launched by cannabis industry old-schoolers, while others have emerged from newer entrepreneurs eager to grow their footprint within the metaverse. Here are a few projects that have recently caught our eyes within the space.

What is an NFT?

Short for “non-fungible token,” an NFT is an unalterable certificate of ownership of a digital item which lives on an unalterable digital ledger, called a blockchain. The most commonly used cryptocurrency is Ethereum, so you’ll need to buy some “ethers” from an exchange such as Binance or Coinbase, after which you can get busy either purchasing art or joining the exclusive clubs that people such as Brie Larson and Gwyneth Paltrow have exhibited on their social media avatars. However, this is only the beginning. Eventually, these digital goods will serve as the building blocks for the metaverse that you’ve most likely heard about. Whether it’s art, cannabis, fashion or architecture, NFTs will signify virtual ownership in whatever part of the metaverse you will live in. For now, they can be bought, sold or traded by larger groups of people, similar to stock.

Happy Munkey/POAPs:

There’s lots of ways to assign NFTs to digital assets, but what about people? That’s where Proof of Attendance Protocols come in. Defined as a blockchain-based identifier for a specific person, accessible only by that person, POAPs have been used in metaverse events to indicate one’s presence at the event, similar to a ticket stub. The NYC-based live event cannabis company Happy Munkey dipped their toe into this field by giving POAPs to attendees of the MJBizCon panel Clash of the Titans, and it comes with the price of admission, indicating one’s participation in an high-status activity.

Weldon Project:

Just before leaving office, President Trump pardoned one-time hip hop music producer Weldon Angelos, who had served 13 years of a 55-year sentence before being released. Since his release, he founded the Weldon Project, which through the MISSION [GREEN] initiative advocates for the release of cannabis prisoners and supplies financial aid once they’re released to get them back on their feet. In partnership with the Black Comics Collective and blockchain company Burn1, the Weldon Project released “When There’s Smoke… There’s Fire,” a 4,200-piece semi-generative digital art piece (meaning 4,200 NFTs are available, made by a digital process which creates at least part of the purchased artwork by itself.) overlaid with an unreleased track by Snoop Dogg, produced by Angelos. 65% of the proceeds from the project will go towards the Weldon Project

Oaksterdam University Digital Art Contest:

In August 2021, Oakland, CA-based cannabis cultivation training/education facility Oaksterdam University hosted a Digital Art Contest. Themed upon the legacy of the War on Drugs, five artists were selected, and the trading-card styled NFTs were posted on the NFT mega-marketplace OpenSea, with bidding starting at $420. Oaksterdam Executive Chancellor Dale Sky Jones said of the auction, “This contest is our way to inspire creative thought about the devastating consequences of U.S. drug policy while dipping our toes into NFT technology and supporting artists’ entry into this exciting new medium.”

Crypto Cannabis Club:

Since the explosion of the Bored Ape Yacht Club, NFT social clubs have exploded, with several cannabis riffs on the formula emerging in the space. The Crypto Cannabis Club has been the most active in terms of offering early adopters plenty of fringe benefits. In addition to a digital avatar which depicts a bespoke stoner archetype, the CCC will partner with cannabis platform CampNova for special 30% discounts on cannabis delivered to CCC members in the state of California. Ten thousand unique NFTs exist, and Cheech Marin and Tommy Chong are charter members. With partnerships announced with brands like Old Pal, Marley Natural and Higher Standards, the CCC looks to merge their Club with the buying and selling of real cannabis, and have made great strides in making virtuality reality.

Rare COAs:

Certificates of authenticity have become standard pedigrees for strains with unique flavors and cannabinoid/terpene profiles. But they can be doctored and altered along the way. The Florida-based ACS Laboratory, in partnership with blockchain company Blockticity, aims to circumvent this by transforming their COAs into NFTs and placing them on the Ethereum blockchain. Consumers can scan QR codes of the product and verify the COA. Premieiring the concept at Miami’s Art Basel, ACS sold $10,000 worth of them, and now has a dedicated team to this project.