Will the Metaverse Be a Game-Changer for the Cannabis Industry?
An alternative universe with no advertising restrictions has entrepreneurs taking notice.
By Pam Chmiel January 13, 2022
Opinions expressed by Entrepreneur contributors are their own.
Everyone is excited about the Metaverse, but what is it exactly and how can it impact the cannabis industry?
Let’s start with the what. The Metaverse is where the gaming world (AR, VR, AI) converges with decentralized blockchain-based platforms to create a 3D immersive experience where you can play and transact using digital currency. To engage in the Metaverse, you must create an Avatar, a digital version of yourself or who you want to be.
Kid’s video games like Sim, Roblox, Fortnite, and Animal Crossing have been using virtual currency for years. The gamification of blockchain-based technologies allows for real currency transactions in a grown-up world via the Metaverse.
This is all good news for the cannabis industry because the Metaverse is decentralized, which means no one controls it, not the government, Google, or Facebook. There are no restrictions for marketing your cannabis brand.
Who visits the Metaverse?
A fairly diverse group populates the Metaverse. According to Statista, 38 percent of gamers are between 18-34 years old, 14 percent are 35-44, 12 percent are 45-54, and 9 percent are 55+. Fifty-eight percent o the visitors are men; 41 percent are women.
Facebook, Apple, Nike, Gucci, and other well-known brands are getting into the game and will change the demographics to include a broader range of consumers as the Metaverse platform matures. Many compare it to the early days of social media, when we were introduced to a new way to socialize.
Today’s kids are growing up in a digital world where they buy virtual things (think NFT) and are comfortable socializing and transacting in it. When these kids become adults, they will carry this culture with them, and marketers need to understand it to reach this target audience.