Provacan, the leading UK CBD oil brand and flagship brand of CiiTECH Ltd, has announced plans to release NFTs and a metaverse platform to communicate with consumers and investors.
The company claimed its web3 experience will give owners of its non-fungible tokens a real opportunity to become part of the company and also receive CBD free of charge.
Though Provacan already accepts cryptocurrency payments in Gemini Dollar (GUSD), Tether (TUSD) and USD Coin (USDC), management has said they believe the CBD industry is falling behind in the Web3 space, while other companies build virtual storefronts to support their brand in the metaverse.
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In the world of digital brands, it’s not just tech giants like Facebook and Apple anymore; major Hollywood players like Disney and blockbuster developers like Epic Games have followed suit, as well as well-known clothing brands such as Gucci and Nike.
Provacan one of the first cannabis brands to hope on the web3 bandwagon
According to Ciitech CEO and founder Clifton Flack, Provacan web3 world will make it one of the first global cannabis brands to launch a utility-driven virtual experience.
Read more: Could hemp solve bitcoin’s energy consumption problem?
“Embracing customers throughout the product life cycle is the key to brand survival and success in the future,” said Flack. “As part of our customer family, we recognize the impact that customers have on our product pipelines and thus expect this impact to be further expanded through NFTs.”
What are NFTs?
Non-Fungible Tokens (NFTs) are the next generation of blockchain-based assets that have been gaining attention in the crypto space. These tokens are unique because they can be used as fungible or non-fungible tokens, depending on the intended use case. This makes them more versatile than most other ERC721 tokens which are typically only used as fungible tokens.
As well as denoting ownership of digital images, songs or avatars, NFTs can also denote access to merchandise, tickets or physical assets, such as CBD oil, gummies and capsules.
Futuristic membership club
Joining Provacan web3 or becoming an NFT owner will feel like joining a membership club of the future, Provacan explains, that active members will experience privileges and earn rewards such as:
- Playing interactive games to unlock customer benefits and offers
- Receiving free gifts and pre-launch samples of new products
- Having a voice in future decisions
- Earning loyalty points
- Birthday gifts
Furthermore, Provacan is dedicated to providing exclusive news and information, including educational resources on how to get the most out of the cannabis health products you have to choose from.
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