Companies in the cannabis industry are setting up shop in the metaverse, promoting their main product while selling tangible goods and non-fungible tokens. When it comes to Web3, there’s a lot of room for growth. It’s something regulators haven’t quite gotten their heads around yet, according to Buffo.”
An online shop for Higher Life CBD Dispensary LLC was established in Voxels, a virtual reality platform formerly known as Cryptovoxels. In February, Saucey Farms & Extracts LLC and the firm formed a joint venture to take over the second level of the shop.
A simulated cash register on the Higher Life website allows virtual visitors to buy CBD items through the company’s website rather than directly from the virtual shop.
According to Brandon Howard, CEO of Higher Life, the business sees around a thousand customers each day.
In addition to the cash register on Saucey’s floor, there is a link to a website where customers may purchase non-cannabis items like grinders.
Alex Todd, Saucey’s co-founder, says the firm hasn’t sold many things to visitors who click on the pay register. That may change, though, as more individuals enter the metaverse, Saucey believes.
It’s possible, according to Mr. Todd, that the ban on the sale of cannabis in the United States will be lifted within five years, if not sooner.
While NFTs may help Saucey raise awareness of the brand, especially as more individuals enter the metaverse and seek clothing and accessories for their avatars, he noted. “It will be a fantastic tool for the cannabis industry,” he added.
Ben Boyce, chief marketing officer of Kandy Girl, which Boyce Capital LLC owns, says there aren’t enough users today to take the endeavor to the next level.
It makes sense to employ a natural person to work in a virtual dispensary when there are more than a million users enrolled in the metaverse at any one moment, Mr. Boyce said.
As of today, cannabis marketers may utilize strategies that are generally outlawed on prominent digital advertising platforms like Facebook and Instagram and Alphabet Inc.’s Google in the metaverse, where they can enjoy relative freedom.
Following Meta’s community guidelines, advertisements for unlawful or recreational substances are prohibited under its advertising regulations.
The legalization of marijuana varies from platform to platform in the Metaverse. “Users are prohibited from discussing, displaying, or supporting illegal or highly-regulated behaviors,” Roblox Corp. states. Marijuana-related material is banned on Meta’s Horizon Worlds platform.
However, Decentraland and Voxels have stated that they collaborate with cannabis businesses.
“As long as they follow the criteria and requirements,” said Adam de Cata, director of partnerships at Decentraland, “we have supported several NFT cannabis communities.
Decentraland Foundation’s creative director, Sam Hamilton, emphasized the need to adhere to legal rules, including avoiding serving consumers in countries where the product is illegal when it comes to cannabis businesses operating on the platform.
It isn’t the Foundation’s job to “curate user-generated information” or “regulate the ideologies” of the community “as a decentralized platform,” Mr. Hamilton added.
As the creator of Voxels, Ben Nolan, explains, the firm forbids the sale of marijuana on its website. Still, it does not object if its customers build simulated dispensaries on the network.
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