Cannafarm is a British producer and supplier of medical cannabis, providing raw materials to the global pharmaceutical market since 2018. Right now, something special is happening behind the scenes of the company: 10 digital artists are working on a unique NFT collection, which is expected to be released in January 2024.
Issuing their non-fungible tokens is an essential milestone in the company’s history and the industry, potentially impacting the entire medical cannabis market.
The NFT Trend Persists
The NFT trend manifested itself most vividly in 2021 when the market volume reached its peak value – about $3 billion, according to The Block. Then, the volumes temporarily decreased, as did the volumes in the entire crypto industry. Still, the market persisted: even major global brands continue working with it.
In 2022, fashion house Prada released its NFT collection. And the following collection is expected to appear by the end of 2023. Still, it is already completely sold out by this time, so the illustrious tokens are demanded. Other luxury brands didn’t stay aside: Gucci opened a virtual store with tokenized items in The Sandbox, and Dolce & Gabbana released their exclusive token collection.
Among other companies, Mercedes announced the launch of their collections, and Adidas, Reebok, and Nike have already released selections of virtual clothing and shoes. Many collections were highly successful and sold out instantly – therefore, this marketing decision remains very popular among companies. And it will become even more popular in 2024 due to the expected market rise against the background of the next Bitcoin halving, scheduled for April.
A Boost for the Medical Cannabis Industry
Preparing the NFT collection by Cannafarm is more than just a marketing decision many brands use to reach a new audience. And it’s not just a contribution to the development and popularization of blockchain technologies. It is a significant step towards the legalization of medical cannabis.
As of today, marijuana drugs for exclusive pharmacological use are legalized in only 30 countries – among them are the United Kingdom (the largest supplier of cannabis in the world), Italy, Australia, as well as countries with one of the highest living standards in the world – Norway and Sweden. In other jurisdictions, this issue remains controversial for various reasons and is considered slowly or not considered at all.
Pharmaceutical companies use the raw material grown and supplied by Cannafarm to produce many vital drugs – including drugs for controlling epilepsy, relieving the pain of cancer patients, and combating psychological disorders such as depressive episodes. Physician-monitored consumption of medical marijuana in prescribed doses can alleviate many conditions and symptoms and benefit humanity – this is the message Cannafarm is trying to convey by launching its NFT collection. Art has always been a tool capable of acquainting society with some ideas.
In the case of non-fungible tokens, this tool becomes even more effective. Decentralization, a large progressive community, a digital environment, and the ability to quickly disseminate concepts and ideas offer a unique opportunity for the medical cannabis market. NFTs and Dividends NFTs are collectible units: their primary value lies in potential price growth and the chance for subsequent resale. This concept is especially relevant for large, well-known, or authoritative projects releasing their tokens. The exclusivity and rarity of NFTs are also factors in increasing demand.
However, in this respect, Cannafarm’s NFT collection is somewhat unique: holders receive not only relatively rare tokens (the medical cannabis sector is not very well represented in the blockchain environment, leaving unlimited space for growth) but also additions to them – material rewards, invitations to private conferences, and other pleasant bonuses.
Tokens can be purchased for prices ranging from $30 to $500. Still, members of the Cannafarm Investment Ltd. community will have the unique opportunity to participate in a free distribution and the right to make suggestions on the design of subsequent NFTs.
In total, the first drop will have 1,000 unique tokens.
You can stay updated with the latest release information on the company’s social media channels:
Telegram: https://t.me/cannafarmltd
Twitter: https://twitter.com/cannafarmltd
LinkedIn: https://www.linkedin.com/company/cannafarm-investment-ltd/
Facebook: https://www.facebook.com/people/Cannafarm-Investment-LTD/100089439097406
YouTube: https://www.youtube.com/@cannafarm
Or learn more by contacting Cannafarm directly:
Email: [email protected]
Phone: +442045772808
Disclaimer: The information presented in this article is part of a sponsored/press release/paid content, intended solely for promotional purposes. Readers are advised to exercise caution and conduct their own research before taking any action related to the content on this page or the company. Coin Edition is not responsible for any losses or damages incurred as a result of or in connection with the utilization of content, products, or services mentioned.
