The world’s first cannabis-focused metaverse launched on Wednesday under the title of “Cannaland.” This virtual space is built to connect and prepare global cannabis brands for Web 3.0, while providing a crypto-token and NFT marketplace.
According to Cannaverse Technologies––the company behind the launch––Cannaland is a cannabis-themed community and crypto marketplace that honors socially responsible cultivation, extraction, manufacturing, distribution, retail sale, and consumption of cannabis and hemp products among Cannaland members.
The platform aims to enable worldwide businesses to shirk existing localized regulations by operating virtually within a single boundaryless domain.
“This opens the landscape for the globalization of current and future cannabis brands, while providing major consumer products, beverages, and other related products with a way to enter the virtual cannabis market and build their own brands,” said the company in a recent statement.
The Cannaland website states that brands will be able to advertise, own virtual land, run pop-up events and more.
The ultimate driver of commerce within the virtual platform depends on the Cannaland token CNLT, which will provide consumer rewards and proof of ownership of goods, services, and properties to users.
Cannaverse Technologies says that its mission is to educate the public on the ethical use of medicinal and recreational consumption of all forms of cannabis, adding that “in Cannaland, individuals and corporate members will work together to feel connected and engage in promoting responsible cannabis use in the community.”
The global cannabis market is projected to jump to $197.74 billion in 2028, from just $28.266 billion in 2021, at a CAGR of 32.04T, per Cannaverse.
In the U.S. alone, sales of legal recreational cannabis are expected to reach an estimated $25 billion by 2025, with legal marijuana sales forecast to grow steadily each year, according to Statista.
“Cannaverse Technologies is positioned to capitalize on the growing metaverse marketplace and cannabis legalization by providing companies with a unique, global branding and commercialization opportunity,” says a company spokesperson.