COA NFT WTF?!
Headlines these days tend to sound like alphabet soup, especially within the cannabis and tech industries. CBD NFT COA, oh my! You may have heard what these acronyms mean, but how are they related? The definition of NFTs can be broken down simply: a typical fungible good can be exchanged in a trade for other goods, emphasizing interchangeability. The “N” and “T” come into play here, as these assets are intangible “tokens” and cannot be traded for anything of equal value — meaning, they are completely one-of-a-kind. They can take the form of images, videos, music or games. COAs are Certificates of Analysis/Authenticity. They are a necessary tool for verifying the legitimacy of anything from cannabis products to NFTs. A COA will include all verifying details of a product or artwork to help legitimize its makeup. To combine the two, COAs for cannabis-related NFTs will only streamline the purchasing and verification process between buyer and seller.
NFTs have been taking the virtual world by storm and have not gone unnoticed by brands everywhere as a fresh advertising opportunity. Companies like Disney, Dolce & Gabbana, Jimmy Choo and Pizza Hut are just a few that have started to take advantage of this unique form of marketing. As for cannabis companies, NFTs have a huge potential to further broaden the industry’s consumer pool, educational reach and scientific recognition. Imagine owning your favorite dispensary’s logo as an NFT, which could in turn allow you access to virtual cannabis events, presale access to exotic strains before they hit the public, and an array of other interactive digital experiences.
ACS Laboratory is a nationally well-reputed cannabis and hemp laboratory based out of Boca Raton, Fla. ACS catapulted the cannabis industry into the future last November when they created a COA on a cannabis strain in the form of a cannabis NFT. Essentially, a COA NFT will serve two purposes: proving a product’s chemical composition and other lab-tested information, as well as private ownership of said analysis. With no other cannabis NFT yet in existence for sale or purchase, this is nothing short of groundbreaking for the industry as a whole in terms of market reach, national compliance and authentication!
ACS partnered with a dream team of companies to launch this historical cannabis NFT, including an “industry leader in COAs” Blockticity, “the premier national hemp brand” 3Chi, and “the leading NFT platform” Moonwalk. Through Blockticity’s platform, this first-ever verified NFT COA was introduced in December 2021 to both the tangible and virtual worlds and is now forever encrypted on the cryptoverse blockchain.
The cryptoverse is an online decentralized network for all cryptocurrency and their corresponding exchanges. The blockchain is a digital database that stores and maintains secure information and records of cryptocurrency transactions. President of ACS Laboratories Roger Brown said, “The blockchain is the future for cannabis and hemp to secure the integrity of the analytical results and the COA, determine permissions and eventually to include payments.” Thanks to the cutting-edge collaborative efforts of these four companies, the digitally-recognized future of the cannabis NFT is already shining brightly.
This is only the beginning — as the COA NFT continues to grow in popularity as a means of regulation for the virtual cannabis community, so too will the efficiency improve. For example, a business or individual could scan a QR code to view any NFT COA they may want to learn more about. This accessibility to authentication information will ultimately increase consumer loyalty to certain brands over others; when buyers are confident in the products they are consuming, better purchasing choices can be made, and a COA NFT will help add an extra layer of security to that transactional environment. As NFTs continue to be adapted to generate interest in products, they will now have the capacity to be utilized simultaneously for validating said product’s authenticity. The NFT for cannabis is bound to earn its spot in the budding industry’s success story.
As the cannabis and hemp industries advance their efforts to provide exemplary medical and recreational products for consumers, the increasing NFT for cannabis trend is only going to help sustain and promote that progression. Society is steadfastly moving toward embracing a more decentralized online atmosphere in every category, and cannabis is no exception. That said, NFTs and the cryptoverse are here to stay, especially while industry giants are becoming increasingly aware of their value to both sellers and producers as community builders. Maybe we will see other companies with similarly consumable products taking heed and following suit, creating their own blockchain verifications!