Snoop Dogg is Farming Digital Weed in the Metaverse — Will Demand Get High?

 

Digital weed is coming to the metaverse — Snoop Dogg style.

You have to admit: Snoop Dogg’s new drive to expand the market for NFTs is one of the coolest things you’ll see all week. The legendary rapper is set to release digital weed on NFT marketplaces, in a move that could create great demand for his new product.

How does it work? The singer is using a digital platform called “Snoopies” where users can grow fake weed and get paid with digital currency. Users will be able to buy and sell their crop as an NFT, or non-fungible token — which is essentially a unique digital signature online.

Snoop Dogg is Farming Digital Weed in the Metaverse — Will Demand Get High?


The best part? Snoop Dogg isn’t the only famous name getting involved with NFTs. If you love following celebrity trends, here are some other celebrities who are cashing out on this new craze:

  • Paris Hilton recently sold her first collection of branded NFT art for $17 million in February 2021\.

  • Mark Cuban just put his autograph up for auction as an NFT on Rarible, where it sold for over $208 thousand USD.

Digital Weed Is Coming to the Metaverse—Snoop Dogg Style

As a cannabis entrepreneur, Snoop Dogg has been releasing NFTs in the form of digital weed. He is also collaborating with Triller to create new music content as well. The point of all this isn't to give you an excuse to indulge on your couch or get a contact high; it's to help you understand what NFTs are and whether they're worth investing in. I'll explain:

NFTs are basically digital assets that live on blockchain, a public ledger that records transactions. Blockchain technology allows for the transfer of ownership from one person to another without requiring any middlemen. People use NTFs for everything from creating art pieces to trading virtual real estate in video games. They're not just collectibles, either—people can earn dividends on their assets by selling them at a premium price through the process of tokenization (that is, turning something into cryptocurrency).

Snoop Dogg Unleashes “Dogg Dro” on NFT Marketplace OpenSea

The most interesting part of Snoop Dogg’s foray into the NFT space is that he’s not just releasing a single NFT. He’s on a mission to create an entire digital weed ecosystem, complete with a “digital dispensary” where people can buy and sell their own non-fungible tokens for virtual cannabis.

Snoop Dogg isn’t the only rapper getting in on the action, either. Rapper Lupe Fiasco has also created his own NFT ecosystem called House of Kenzo, which will feature an online store for selling NFT merchandise as well as its own cryptocurrency called KENZO. The KENZO token is used like any other currency and can be exchanged for goods or services within House of Kenzo.

Both artists are engaging in what seems to be an emerging trend: rappers creating their own digital versions of themselves to interact with fans via social channels such as Twitter and Instagram. This creates another source of revenue for artists through a crypto economy that allows them to monetize interactions with fans in ways they couldn't before, including charging them money every time they tweet at them or like one of their pictures on Instagram.

Snoop Dogg, OG Cannabis Aficionado Turned Musician, Actor and Entrepreneur, Enters into $45 Million Deal with Triller to Create Content and Support Its Upcoming Music IPO

Triller, the video and music platform that has seen a huge rise in popularity during lockdown, is holding its own initial public offering. The company announced earlier this month that Snoop Dogg, OG cannabis aficionado turned musician, actor and entrepreneur, had entered into a $45 million deal with Triller to create content and support its upcoming music IPO.

Snoop Dogg’s history of supporting cannabis legalization is extensive; he was an early adopter of the plant as a recreational drug before it became legal in California. As part of his role as Executive Chairman at Casa Verde Capital — a venture capital firm focused on advancing the cannabis industry — Snoop Dogg will be working to spread awareness about Triller’s soon-to-be-released IPO.

Snoop Dogg Has the Only NFT That’s Smokable

But what are NFTs, exactly? Fundamental to understanding them is realizing that they're a form of cryptocurrency. As with bitcoin, you can buy and sell NFTs using an online blockchain wallet like Coinbase. But unlike bitcoin, you can't use them as a method of payment. Instead, they're used to purchase digital artwork like audio files or videos. An NFT is essentially a digital certificate of authenticity: It indicates that you are the owner of the art it's associated with. The only problem with this system is that the same piece of art could be sold to multiple people—and would be considered authentic by all its owners.

Snoop Dogg is becoming a cyberspace cannabis king.

It was a pot-tentially innovative idea: Snoop Dogg has been working with blockchain-based entertainment platform Triller to invest in digital cannabis farms within the metaverse. And he couldn't be any more serious about it. "Snoop wants to have millions of people growing weed with him," said Triller CEO Mike Lu. That goal is part of a $45 million deal signed by the rapper and entrepreneur, who's also a producer, endorser and actor—and one of the wealthiest celebrities in show business in 2020, according to Forbes.

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