Heavily debated as the harbingers of the next evolution of the internet, it cannot be denied that Web3, a decentralized version of the internet based on blockchain technology, and the metaverse, a network of interconnected virtual worlds, have both piqued the interest of some of the largest contenders in the tech industry and beyond, including cannabis. As Web3 and the metaverse continue to swirl through the news cycles, cannabis can find opportunities as a nascent, up-and-coming industry to diversify and develop in these budding platforms as they potentially become mainstream. Even in their infancy, Web3 and the metaverse benefit the cannabis industry in areas other platforms have fallen short.
Increasing Consumer Accessibility
Cannabis is ripe for metaverse(s) since it is already over indexes with the canna-friendly segment of the population. Beyond delivery, these technologies can expand accessibility and improve consumer retail experiences. Consumers can have a “real” (virtual) in-store experience from the comforts of their home. They can interact with budtenders and learn about products and brands in an immersive environment that ends with them checking out at a register and their cannabis delivered, a significant development for those who use cannabis for wellness or to aid with medical conditions and may be unable to venture out to a dispensary. Web3 can allow for an immersive and personal experience that some people may not have at a physical dispensary. Companies in the industry are already adopting this technology for their customers and it should be expected that other brands will soon follow.
Broadening Reach
Currently, there are no advertising regulations in Web3 which makes it an ideal place for cannabis brands to expand their customer footprint. For now, cannabis brands can advertise openly without any of the typical prohibitory community standards we see on other platforms and across traditional advertising methods. This is a game changer. Cannabis needs to adopt this brand-new channel because outside of LinkedIn, no other social channel is friendly to cannabis. Imagine a cannabis brand partnering with a yoga studio in a metaverse to promote their products as a tool in your wellbeing kit. That simple connection allows that brand to expand their audience and capture new customers who they may never have been able to reach. Cannabis is primed to be further normalized with Web3 and while regulations may come up in the future, the time is now for cannabis brands to explore this space to help build brand loyalty through the platform.
Expanding Education Efforts
The metaverse and Web3 also offer additional, more dynamic opportunities for the cannabis industry to host events and spearhead education and awareness campaigns. Through these platforms, consumers could immerse themselves into a cannabis grow to see how and where their chosen strain is grown. They could speak to the growers or brand founders and have a real “farm-to-table” (or grow-to-smoke) experience. Cannabis community-building via events can also occur in a more experiential manner. Consumers can come together to watch a concert, take part in a new product drop, or experience a brand in one of their virtual spaces. Brands are already creating virtual spaces for their consumers to “hang out” and have a virtual smoke session where they can discuss their strain experiences.
Building a More Diverse Industry
One aspect of the metaverse that gets many workers excited is its ability to support enhanced remote work. While the pandemic has forced many companies to get comfortable with the idea that their employees might not come into an office five days a week, the loss of collaboration is still a huge concern. But the metaverse can be the technological bridge between being in person and limiting your talent pool based on an applicant’s location, personal responsibilities (such as needed to take care of children or aging parents), and disabilities.
For cannabis, an industry that is significantly white and male, it opens new opportunities to hire employees from more diverse backgrounds and be more equitable.
This new technology may be novel, but it’s growing rapidly. The invention and widespread adoption of the internet changed the way we live and work forever. Web3 is the next iteration, hence the name. Like any new technology, it will require behavior changes to spark adoption and can take time to become mainstream. People must have the chance to access and explore these new virtual environments before they can reap the benefits. Right now, the early adopters are pouring in, and skeptics can call it a farce, but it’s here to stay. It will continue to evolve and with cannabis operators using it as an opportunity to grow their brands, it can create the tipping point to normalizing cannabis use in the next decade.
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