Provacan, a leading UK brand of CBD oils and the flagship brand of CiiTECH Ltd, has announced plans to launch a range of product-focused NFTs and metaverse platform to engage with customer and investors.
The company said creating a web3 experience will give owners of its NFTs a “real chance to become part of the company, and get free CBD”.
Although Provacan already accepts cryptocurrency payments in Gemini Dollar (GUSD), Tether (TUSD) and USD Coin (USDC), management said they believe the CBD sector is “falling behind” in the web3 space, while other real-world companies invest in building a present in the metaverse for their brand.
Big names that have started to build a presence in the virtual digital world range from tech companies such as Facebook owner Meta Platforms, Apple, Microsoft and Nvidia, to content companies such as Disney, Epic Games and Unity, to brands building digital fashion, watches or even burgers and aeroplanes such as Nike, Gucci, Rolex, McDonald’s and Boeing.
The Provacan web3 world will make it one of the first global cannabis brands to launch a utility driven virtual experience, said Ciitech chief executive and founder Clifton Flack.
“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.”
NFTs, which for the uninitiated stands for non-fungible tokens, are unique units of data on a blockchain that are used to prove ownership of digital and physical objects.
While NFT are often used to denote ownership of digital images, songs or avatars they can also be used to give access to merchandise, tickets, or physical assets, which in this case would be CBD oil, gummies and capsules.
Being a Provacan web3 member or NFT owner will feel like being in a futuristic membership club, with privileges and rewards including interactive games to unlock customer benefits and offers; receive free gifts and pre-launch samples of new products; being part of a community and having a say on future projects; loyalty points, free CBD, and birthday gifts; exclusive news and educational content, including learning how to get the best results from cannabis health products.