4.3 min readPublished On: June 3rd, 2022By News Team
By Bernadette Faure – Do you want to own your stoner identity and earn money without coming out of the green closet, per se? If so, the Internet has come up with a solution for you in the form of NFTs. NFTs give us a new option to share ourselves online.
NFT stands for non-fungible token. It’s a representation of a specific amount of capital you’ve spent getting a piece of digital art that’s tied to a smart contract. Is it just a dumb picture? Well, that depends on your perception of art, I suppose.
If someone has a Monet up on their wall when you walk into their house, it sends a different signal than a print of a Monet, right? If you buy a Stoner Chick image from 420th Street, that art is tied to a collection of a limited amount of that collection. Let me explain.
What is a smart contract? When you purchase an NFT from an artist or group, you pay for it with crypto-currency. That piece of art you’ve purchased is now on the blockchain, and the sale is encoded to the address of the NFT, where people can see what you’ve paid.
A mint is a private sale. To make a purchase in the initial offering, it’s necessary to pre-register with a group and sometimes invite so many people in order to qualify to trade.
As the collection sells, more NFTs are minted or sold, the collection appreciates either by the rarity of the collection in relation to the number of pieces available, or other rewards enabled through ownership in the project.As the collection sells, more NFTs are minted or sold. The collection appreciates either by the collection’s rarity in relation to the number of pieces available or other rewards enabled through ownership of the project. These rewards can include winning free crypto-currency or NFTs, convention tickets, play to earnplay-to-earn games, and so much more.
The plan for the Stoned Tigers art project is to make the collection available for 1 Solana (about USD$100) on 4/20. After the mint sells out, baby Tigers will be given to about 25% of Stoned Tiger. Holders will receive one of those for free.
“NFTs offer you a way to express yourself online in a quieter, even smarter, way.”
They are also launching their own crypto-currency backed onto the project, so once you have one, one after they are sold, there are other rewardsrewards, usually in the form of other crypto and NFT assets that can be bought and sold.
When these projects go well, the holders get rewards, prompting other people to start bidding on your NFT, hoping to get in on the project and the perks. The rewards can be massive. Bored Ape Yacht Club holders recently received 100,000 APE coins when they launched their experimental crypto-currency backed by their project. The value of those coins is about UDS$11 each,each right now.
Ownership of NFT assets can come with other rewards,rewards; for example, owning a 420th Street NFT also grants you a look-alike avatar of the stoner chick within their metaverse, meaning you can look at these projects as a scaling tool for larger goals too.
If you’re in a group of like-minded people and want to convey a shared mentality via a branded platform, how would you go about doing it?
Rather than talking about what I’ve done and perhaps outing myself as a cannabis smoker, I can own a High Monk, Chad & Brad, or a Stoned Tiger, and this which creates obfuscation. You’re out to your friends who know what the picture is, but your mom will think you’re just sharing dorky pictures online.
Let’s face it, despite all the progress, today, a lot of stoners are still trapped in one green closet or another. For most people, this is necessary, and it may remain that way for quite some time. NFTs offer you a way to express yourself online in a quieter, evensmarter, way.
Each of the projects comes with a roadmap to what they’ll accomplish. I encourage you to do your own research when doing anything with your money. But it is my hope to bring you into this new online universe and walk you through the stoner-verse of Web3, Meta, and NFTs! There’s so much to find, from smokey virtual pool halls and metaverse dispensaries to Miami beach parties. It’s a whole new world to explore, and it’s a place where stoners are always welcome.
Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.
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