Every part that you must learn about hashish and NFTs

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Art, including weed-related art, seems to be all-in when it comes to wagering on the capabilities of NFTs.

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Angela Stelmakowich Fire and Flower releases the world's first non-fungible toe.  /. Fire and Flower releases the world’s first non-fungible toe. /. Photo by Fire & Flower

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A work of art like no other was recently released by a Toronto cannabis company.

With a wink and a nod to the 4/20 global weed celebration, Fire & Flower Holdings Corp. in collaboration with the artist Amr Elkouedy and the consulting company Angry Butterfly Non-Fungible Toke, a funny digital work of art with a loop of multicolored smoke wrapped in glass.

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During the auction of the piece, the highest bidder cannot touch his new property. But that’s the point: it’s a non-fungible token, or NFT. The digital asset cannot be counterfeited or stolen, although its value can become as high as potential buyers believe.

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What exactly is an NFT?

At its core, NFTs are “digital assets that represent a wide range of unique tangible and intangible items,” explains CoinDesk, a news site specializing in Bitcoin and digital currencies.

Each NFT, which is a digital asset made up of unique lines of code stored on a blockchain, is unique. It contains “distinguishing features that both distinguish it from other NFTs and make it easily verifiable,” reports CoinDesk, pointing out that “every element can be traced back to the original issuer”.

That specific but hazy definition covers as many things as one can imagine, from an NFT of the first tweet from Twitter CEO Jack Dorsey, which sells for a staggering $ 3 million, to a Toronto artist who After selling its digital product over $ 500,000, NFT-Haus and cannabis company cashed in, selling what is believed to be the first bag of digital weed.

Sour Diesel by Matt Leunig.  /. Sour Diesel by Matt Leunig. /. Photo by Matt Leunig

What is the appeal of NFTs for the cannabis sector?

NFTs are not just about an endpoint. They are sometimes a means to an end. As with Fire & Flower, some cannabis companies are trying to capitalize on the growing appeal of NFTs for higher-level endeavors, e.g. B. for charity, in support of injustice, and in support of the weed community.

Similarly, Eaze, California’s largest marketplace for legal cannabis, launched its first NFT featuring the company’s Moonman logo and former NBA athlete Matt Barnes. The proceeds from the sale of the NFT will go to National Expungement Week.

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And Califari has partnered with Merida Capital Holdings in a joint venture to launch a platform for deploying NFTs. The first edition includes five digital maps – namely Grand Daddy Purple, OG Kush, Sour Diesel, Northern Lights and Pineapple Express – from five different artists.

The idea is that the as yet undisclosed platform will serve as a “cannabis-focused NFT marketplace” while curating branded experiences for existing cannabis operators, prominent supporters, and nonprofits associated with the cannabis community.

Although the platform will be completely new, there are currently NFT marketplaces where your own goods can be displayed, regardless of what it is.

What about proof of ownership?

While a digital file can be copied, proof of ownership stored on the blockchain is not possible. The transfer of ownership of an NFT takes the form of a so-called “receipt” that cannot be changed. Essentially, the certificate of ownership clarifies that, according to The Cut, the owner has the “original” or real version of the asset.

Bidding on the NFT ends on April 20 at 11:59 p.m. Pacific time.  /. Bidding on the NFT ends on April 20 at 11:59 p.m. Pacific time. /. Photo by NFT screenshot

Even if something is not in someone’s hot hands, there is literally still legitimate proof of ownership.

And an NFT differs in yet another way. It’s not like regular cryptocurrencies, although it can be bought with the Ethereum cryptocurrency. (Of course, each blockchain can implement its own versions of NFTs if they so choose, notes The Verge).

A cryptocurrency like Bitcoin “takes the form of tokens or” coins “and exists in a distributed and decentralized ledger,” explains Investopedia. However, since each NFT is individual, they cannot be exchanged directly with one another.

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It is this unique quality that makes it immutable that has allowed NFTs to stake out their ground early on. It’s not that NFTs are entirely new. CoinDesk reports that $ 174 million ($ 217.5 million) has been spent on digital assets since the end of 2017.

But interest seems to have piqued when COVID-19 kept people trapped in their homes for days or more, all but surfing the internet and thinking about how to spend money that they couldn’t spend in person.

Where are NFTs causing a sensation?

As with Non-Fungible Toke, it’s art, pop culture, and sports – all with rabid “fan bases” open to spending money on collectibles, memorabilia, and unique experiences – foreground.

Whether an NFT is specifically related to the arts, sports, or music, all groups have come up with unique ways to create, connect, or make money their respective fan bases.

Beeple’s “The First 5000 Days” was the first all-digital NFT-based artwork to go up for sale by a major auction house – the venerable Christie’s – for over $ 69 million ($ 86.3 million). The National Basketball Association (NBA) has collected more than 7.6 million NBA top shots and highlighted videos tagged as “Moments in NBA History,” including a LeBron James Dunk that won $ 208,000 ($ 260,000 Dollars). and the rock band Kings of Leon released three versions of their new album, all at different prices and with different elements for experience.

The hope is that these digital assets will have legs that will continue to prevail and will not slip into the airwaves anytime soon.

Miami-based D8 Holdings, Inc. appears to believe that blockchain will play a role in future hemp transactions. The company announced this week that it will accept Bitcoin, Ethereum, and Dogecoin as payment methods on its website for things like gums, carts, and disposables.

Oregon’s artisanal cannabis farm, Alibi Cannabis, is also looking to the future. Working with Cannacity LLC, the company has acquired the exclusive 1 of 1 Genesis NFT from Cryptop0p. Mariposa Takes Flight, which will be sold at auction and featured on the company’s website and social media channels, is “the first in an animated series of anticipated drops celebrating powerful, wild women, the synthesizer / hip-hop / orchestra driving music play. “

As with cryptocurrencies, concerns have been raised about the potential environmental impact of maintaining the blockchain for them, according to the BBC.

So far, however, concerns have not been enough to end the chatter about NFTs, whose profile is also skyrocketing in cannabis and other industries.

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