Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Do you know what’s common between Snoop Dogg and BudBlockz ecosystem? They’ve both got blunt. Yes, that’s how they roll. The 2022 retail cannabis (marijuana) market grossed $16.7 Billion according to a research. The project is taking this market to a whole new level, it’s bringing the industry into the next iteration of the internet called web3.
BudBlockz is globally the initial decentralized ecommerce platform where cannabis enthusiasts can securely access the international cannabis market. Though several people are skeptical about its use, experts believe that this market will grow to become a $176.5 Billion industry in future. Moreover, the project has their NFT project dubbed Ganja Guruz.
The project will allow the users to become a verified member of the community. The collection will offer 10,000 tokens allowing grant entry to the fractional ownership market as well as exclusive community spaces. Users can monetize their holdIngs via OpenSea, the biggest NFT marketplace globally. Additionally, it will provide a unique identity to the holders and a window to acquire a farm or dispensary the company will open and generate revenue streams for themselves.
Furthermore, BudBlockz is backed by BLUNT, the native virtual currency of BudBlockz. Users can trade, buy or sell the Ganja Guruz using the digital currency on their native marketplace. There will be a maximum of 420 Million BLUNT tokens in circulation. Almost half of this supply was set apart for presale and liquidity. Rest of the tokens will be dispersed for developers, marketing, founders, and more.
The legality in the cannabis market is increasing at a faster pace in the US. Data shows that authorities in around 30 states allow Marijuana to be used either for recreational or medicinal purposes. The fact that the product is highly restricted, increases the probability of enthusiasts to enter illicit markets to purchase it. Banking remains another challenge considering that cannabis companies aren’t able to access banking services effectively.
Their roadmap currently consists of 5 phases where the company has attained their initial tasks including website launch, whitepaper release, smart contract audit and more. They are now looking for other initiatives in future including the launch of global cannabis markets, online ecommerce store, local deliveries and more.
Though several people are skeptical about cannabis, experts believe that this industry will add around $100 Billion to the economy. Besides, around 88% of adults are in favor of legalizing cannabis in the nation. Number of people smoking cigarettes has declined since 2018 meanwhile, the ones preferring marijuana have increased. However, there’s no correlation between the stats, but it undoubtedly presents an interesting trend.
Cannabis sales in traditional markets require the vendors to provide seed-to-sale data to regulators. Things can escalate if they are unable to offer the information. BudBlockz tackles this challenge by using blockchain technology, eliminating data transparency issues.
Demand for the product is likely to increase in upcoming years, while developers around the globe are talking about metaverse spaces to be a new breeding ground for humanity. Projects like BudBlockz are among the pioneers in Web3 space and hold high ambitions to deliver quality services to the users.
The Contract address is as Follows- 0xe5d4988A644EF97f58583BaC42285090924417D0
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Source: https://www.thecoinrepublic.com/2023/02/21/budblockz-to-revolutionize-the-global-web3-cannabis-market/