Investors are rushing to buy land in the Metaverse. Each week seems to set a new record in sales, only to be broken again the next week. In January, someone purchased a plot of land in Sandbox near Snoop Dogg for $450,000. After Facebook changed its name to Meta, land prices in the metaverse increased by 500 percent on some platforms.
Weed Companies Join the Land Rush
The virtual world is booming and crypto for weed is booming alongside. It looks like pot smoking clubs in Decentraland will be opening soon. Justin Bieber, DJ Marshmello, and Paris Hilton are just a few of the major artists who have recently introduced their avatars for performing in the digital world.
As more states legalize the sale of marijuana, weed companies are seeking new ways for customers to pay. US federal law still considers cannabis illegal, making financial transactions cumbersome. Top crypto weed coins offer an alternative. A cannabis store operating in the metaverse can sell products and experiences without the legal hassles for the seller or customers. Just take a moment to imagine Snoop Dogg entertaining in a smoke lounge. Sales would skyrocket. People can stay as long as they want, indulge all they want, and still be safe at home.
Cash Decreases Profits and Frustrates Customers
Although there are alternatives like CannPay, many customers pay in cash. This means they either carry large amounts with them or have to pay ATM fees at the dispensary. When the store ATM runs out of cash or the customer hits her daily withdrawal limit, sales are lost.
And customers go home without the supplies they need. It’s a pain for everyone. Adding to the complications, weed companies can’t have banking accounts or use the financial institutions that other industries take for granted. Forbes reports that 70 percent of weed business is conducted in cash. Aside from the inconvenience, storing cash is a security nightmare. Purchasing safes and doing background checks on employees are just a portion of the cost of steel doors, security cameras, 24 hours security watches, and metal detectors.
Crypto for Weed is a Viable Alternative to Cash
Crypto coins offer a legal way around these safety and convenience issues. One of the first cryptocurrencies for weed, PotCoin (POT), was launched in 2014. Today, PotCoin has a market cap of $1.2 million. CannabisCoin (Cann), HempCoin (THC) and DopeCoin (DOPE) soon followed. As their market capitalization and user bases increase, these coins consistently list among the best weed crypto to buy now. New coins are issued frequently including Tokes and Cannation. There are risks to cryptocurrencies, so business owners need to carefully research their options, but my point is that there are options.
Virtual worlds like Sandbox (SAND) and Decentraland have their own currencies that exist outside federal regulations that limit legal marijuana financial transactions. Projects in the metaverse like CryptoVoxels and Somnium Space are generating millions in virtual land sales. If Mark Zuckerberg is right, businesses of all types, including weed companies, are moving toward the Metaverse.