Open any social media platform or news aggregation site like Reddit, and you’re likely confronted with talk about crypto currencies like bitcoin, and the emerging new reality called the metaverse.
Just consider all the new doors opened by the metaverse — a shared virtual world where users can interact, game, and socialize as if in a real world.
As with all online trends, businesses are tempted to tip their toes into a new pool of business opportunities, but what exactly does bitcoin and the metaverse mean for transactional business in the botanical supply chain?
New forms of advertising
According to reports by Forbes, cannabis vendors are opening shops in online worlds like Cryptovoxels and Decentraland, both virtual territories with hot real estate. Florida-based cannabis store Kandy Girl bought a virtual store for a whopping $13, 282.50. Although people can virtually visit the store, they are still taken to the actual website to make a purchase.
So, what’s the point?
Businesses are simply trying to make their mark on the metaverse for good old fashioned advertising
New income streams
The migration to online shopping and the metaverse has forced small businesses to rethink their operations. Concepts like “blockchain” and “crypto” are no longer exclusively available to the tech elites.
Companies like Higher Life CBD now have metaverse dispensaries, allowing buyers to purchase cannabis on a blockchain and have it delivered to their homes.
Think of it as cannabis going digital. CEO of Higher Life CBD Brandon Howard, explains that the Covid-19 pandemic has forced businesses to rethink how they can safely reach their customers — and this includes leaving the physical world.
Experiential cannabis content
According to Rolling Stone, many metaverse frequenters spend hours looking at a screen and using cannabis. Business strategist Chris Murray believes that metaverse technology will continue to evolve with CBD in mind. “[We will see] experiences designed specifically for people who are under the influence of cannabinoids, giving consumers more options for how to experience cannabis.”