Crypto Cannabis Club Launches First NFT-Based Cannabis Brand

Familiar with NFTs, AKA non-fungible tokens? A close cousin to Cryptocurrency, NFTs are everywhere these days. NFTs include pieces of “digital artwork," music (several bands have released singles and entire albums as NFTs), and "digital goods" represented as NFTs online Metaverse communities intended to be purchased exclusively with cryptocurrency.

And now, the cannabis industry is jumping into the NFT game, too!

Where do these two worlds intersect?

We’ve been wondering the same thing here at Cannawayz.com. And our answer came from the recent announcement of a brand partnership between an NFT-maker and several notable cannabis companies.

Meet The Crypto Cannabis Club

A Metaverse community (which is defined as “A place parallel to the physical world, where you spend your digital life”) known as the Crypto Cannabis Club just launched partnerships with several premium cannabis brands, including Highsman, Old Pal, Dr. Dabber, King Palm, Higher Standards, Vibes Papers, and Marley Naturals.

Crypto Cannabis Club products are available to any consumers in the California market, but club members will receive a sizable discount.

Crypto Cannabis Club-Branded Products

Crypto Cannabis Club’s initial product line includes 1/8th ounce packages of cannabis flower paired with custom artwork from the Crypto Cannabis Club. Among the available products, three will include an NFToker NFT, currently valued at over $600 per NFT.

The Roots of Crytpo Cannabis Club’s Rising Profile

The Crypto Cannabis Club gained a great deal of attention in both the crypto and cannabis communities last summer when they released 10,000 custom cannabis-themed characters as NFTs they dubbed NFTokers.

These NFTs have since become hugely popular among cannabis coinsures in the Metaverse, a fact Crypto Cannabis Club CEO Ryan Hunter says is no surprise:

“60% of our community members purchase cannabis monthly and the other roughly 40% purchase cannabis weekly. 40% of our community members spend more than $150 per dispensary visit and frequently try new products and brands. They are the sweet spot for cannabis consumers – which has been very compelling for our cannabis product and accessory partners.”

Hunter doubts large tech companies will build Metaverse communities and see a huge opportunity – a position supported by the Crypto Cannabis Club’s success – to develop a lucrative online property.

And Hunter’s perspective is back by the $5 million in seed funding Crypto Cannabis Club raised from private, individual cannabis and crypto investors.

The intersection between online communities, NFTs, and cannabis is another factor fueling the Crypto Cannabis Club’s slew of cannabis brand partnerships:

“Former NFL star and cannabis advocate, Ricky Williams, was an early and ongoing supporter of our community. When Ricky launched his new brand – Highsman – last fall, we turned out in force to support the launch of the brand at the Planet 13 Orange County location. It’s easy to support someone like Ricky and it helps that his cannabis is incredible!”

And as Hunter also notes, other partnerships have developed based on a combined interest in NFTs and Metaverse communities:

“Dr. Dabber’s CEO is very involved with collecting NFTs. He was a fan of our community and reached out to us to see how they could get involved...

“Old Pal [founder] is an NFT enthusiast and was easy to encourage into a partnership with our community.”

What Does the Future Hold For The Relationship Between of Crypto + Cannabis?

Much like the uncertainty over the cannabis market’s potential as a “growth industry,” many remain skeptical about the future of cryptocurrencies and NFTs.

Like any other currency trading market, the crypto market is volatile and thus a risky investment. Additionally, Crypto’s not tied to any tangible asset or bona fide national currency. A fact that has many wondering: What’s the actual value of cryptocurrency?

Similarly, assigning value to an NFT, which is essentially an intangible digital file, seems dubious at best.

But all of this said, economists predict the cryptocurrency market capitalization will hit $20 trillion in the next 10 years.  And the highest priced NFT sale to date – a piece titled the Merge created by digital artist Pak – netted $91 million (in a shared purchase that saw over 30,000 investors pooling their funds).

On a related note, the cannabis market is currently valued at nearly $25 billion and is expected to be worth $60 billion by 2030.

In short, whatever the critical perspective of these markets may be, their current value and growth potential are undeniable.

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