How Marijuana, NFTs, and Tokens Have Collided on Solana

How Marijuana, NFTs, and Tokens Have Collided on Solana


By Travis Hoium December 13, 2021
Opinions expressed by Contributors are their own.

There’s been a lot of discussion in the cryptocurrency world about how disruptive crypto and non-fungible tokens (NFTs) can be to business as we know it. I recently got involved in a project on the Solana (CRYPTO: SOL) blockchain that may be a template for building long-term value in NFTs.

Turning JPEG images into real value may sound crazy, but remember that disruption often sounds crazy until everyone is doing it. The Stoned Ape Crew has shown me some of what’s possible in the NFT market in a short time.

There’s been a lot of discussion in the cryptocurrency world about how disruptive crypto and non-fungible tokens (NFTs) can be to business as we know it. I recently got involved in a project on the Solana (CRYPTO: SOL) blockchain that may be a template for building long-term value in NFTs.

Turning JPEG images into real value may sound crazy, but remember that disruption often sounds crazy until everyone is doing it. The Stoned Ape Crew has shown me some of what’s possible in the NFT market in a short time.

Picture of $100 bill with Benjamin Franklin wearing NFT sunglasses.
Image source: Getty Images.

Paving the way

There are dozens of successful projects in the NFT space, with the most notable being the Bored Ape Yacht Club, which counts Jimmy Fallon, Steph Curry, Mark Cuban, and other celebrities among its owners. The “club” has become something of a status symbol in the crypto world and includes its own exclusive merchandise store and benefits like airdrops of new NFTs. Given the exclusivity, the price to get in right now is over 40 Ethereum (CRYPTO: ETH), or around $160,000, so big money is involved.

There isn’t a lot of utility in a Bored Ape today outside of status, but there are plenty of items, like cars and handbags, that offer status with little added utility for a high cost. What’s interesting is how new NFT projects today are building utility and value from the start.

Pot, NFTs, and tokens collide

One of the most interesting projects I’ve gotten into is the Stoned Ape Crew. The Solana-based NFT project includes five types of ape NFTs with different characteristics and benefits. Here are some of the “utilities” from this project.

There will be a real-world party in Amsterdam only for community members.

  • Each NFT earns $PUFF tokens for being “staked” for a day. When staking starts, 15 $PUFF will be the minimum. However, that value increases to 30 $PUFF per day for role-based apes and even more for some exclusive apes.
  • Lower-level apes can be sent on “retreat,” which will take time and cost $PUFF to complete. But there’s a chance your ape will be upgraded to a higher level while away.
  • Stoned Ape Crew NFTs will also be a pass for future collections, similar to how the Bored Ape Yacht Club led to the Bored Ape Kennel Club and the Mutant Ape Yacht Club, which are lower-level spinoffs of the original.
  • People will be able to use $PUFF to buy future items, which may include new NFTs.

I think of $PUFF like the gems in a game. People pay real money for gems, and in this case, it’s a way for NFT developers to try to build community and value with a token of their own. And if it’s done right, $PUFF could be a daily dividend for holders or an asset to be exchanged for goods or services.

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