The metaverse is creating a new virtual marketplace for retail brands

Presented by Cannaland

Entrepreneurs are betting on the future of the metaverse and cannabis industries.

Over the past decade, advances in government legislation have led to the legalization or decriminalization of cannabis in several countries, municipalities, and states across the US, allowing users to fully appreciate the sacred plant in both recreational and medicinal settings. . While cannabis remains classified as a Schedule 1 drug by the United States federal government, decades of protest, scientific research, and political lobbying have significantly reduced its stigma and opened up the cannabis market for marketing efforts.

Technologically, the rise of the metaverse reinvigorated the impact of having a virtual presence. The Internet and social networks introduced the concept of a “virtual self” and, with it, facilitated an unprecedented form of communication and interaction. The metaverse is expanding this capability through the creation of virtual avatars that move through virtual environments created for their exploration and participation.

Between these two trends are entrepreneurs who have imagined a marriage between cannabis and technology. In this vision, virtual avatars roam the worlds of the metaverse socializing with friends, reviewing cannabis products, attending virtual comedy clubs, and purchasing goods and services.

This integration could be the future of cannabis, and businessmen are already betting on it.

Cannabis in the metaverse

Cannabis and the metaverse are among the fastest growing industries in the world.

According to GrowerIQ, legal cannabis sales are expected to exceed $50 billion by 2025, while a McKinsey Report shows that the global metaverse market could exceed $5 trillion by 2030. Although every industry carries an implicit risk due to changing regulations and acceptance on a world stage, the profit potential has drawn many operators into the field to innovate. in Web3.

However, it is true that these first iterations in the metaverse space have been far from optimal. Emerging video graphics and sensory integrations in many metaverses remain very limited, thus reducing the effectiveness of the intended immersive experiences.

Given these regulatory and technological constraints, early concerns surrounding the union of the metaverse and cannabis markets are not surprising. Entering markets in their infancy is risky business, but success could result in a brand with global impact.

Cannaverse Technologies believes in the connection between cannabis and metaverse technology and pioneered Cannaland, the first metaverse platform created exclusively for the global cannabis community. Aimed at both the business-to-business (B2B) and business-to-consumer (B2C) markets, Cannaland is a metaverse project aimed at creating a bustling virtual e-commerce environment for cannabis sellers, customers, advertisers and advocates to form the most of the world. comprehensive cannabis community.

Cannaland: where cannabis meets the metaverse

As metaverse technology increases in sophistication, Cannaland’s vision of being the metaverse destination for all things cannabis will continue to evolve.

Built on its own blockchain with the $CNLT token at its core, Cannaland is designed with the necessary infrastructure to maintain a virtual e-commerce environment. Here, the true vision of the metaverse comes to life: consumers use personalized avatars to browse hundreds of retail stores, communicate with employees, choose brands and purchase products where allowed, participate in metaverse events, and build a cannabis community.

But there is more to Cannaland than just e-commerce. Cannaland, at its core, is a cannabis community designed to enable social experiences around the world, such as concerts, comedy shows, art exhibits, and even virtual consumer lounges. Education is also key to its history: Cannaland has its own virtual university, Cannalearn, which functions as a platform dedicated to cannabis education, research and awareness.

With the world’s largest organizations pushing to bring the metaverse into the mainstream, one can’t help but wonder what parts of daily life could change forever. For the cannabis curious, it may not be long before they turn to the metaverse to create a cannabis community and find some answers.

For more developments on the future of cannabis in the metaverse, follow Cannalandia on Twitter and keep your eyes open for the latest developments.

Disclaimer. Cointelegraph does not endorse any content or products on this page. While our goal is to provide you with as much important information as we can get, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, and this article cannot be considered investment advice.

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