The metaverse is seen as the next big thing, and is expected to become one of the biggest tech trends over the next 10 years.
It’s said to be the next evolution of the internet, and in recent months the buzz around Metaverse has taken the world by storm after Facebook announced its rebranding to Meta.
Australian medicinal cannabis company, Creso Pharma (ASX:CPH), has made early moves by partnering with innovation consultancy Collective Campus to bring its brand and products into the metaverse.
The company kickstarted its metaverse ambitions by securing a plot of land in The Sandbox, a community-driven platform where creators can monetise digital assets and gaming experiences.
This plot of digital land is right next to a mansion owned by the legendary hip-hop artist and one of the world’s most iconic cannabis influencers Snoop Dogg, in response to his recent tweet: “won’t u be my neighbour”:
Initially, the company will use the digital land to replicate its 2220 sqm Mernova medical cannabis cultivation facility, which will be called the Cresoverse, and use it to showcase its products and build a social space for customers and stakeholders.
Over time, it is expected that ‘the Cresoverse’ will evolve to offer different unique experiences for users aimed at differentiating the Creso brand, while building stronger engagement with its target audience.
The company expects the Cresoverse to be completed in February 2022, which it says will provide it with potential revenue stream opportunities.
The Sandbox itself is a metaverse platform that has managed to raise US$93m, with backing from giant Japanese venture capital firm Softbank.
While it won’t be open to the public until February 2022, the platform already boasts 500,000 users, with the price of its SAND cryptocurrency increasing by 8x in November 2021.
Interest in The Sandbox and other metaverse platforms peaked after the Facebook announcement last October.
Market research firm Strategy Analytics projects that the metaverse will be worth US$280 billion by 2025, while crypto investment giant Grayscale tips revenues to exceed US$1 trillion.
“We are thrilled to be working with a leading innovator in the cannabis industry to bring it into the metaverse,” says Collective Campus CEO Steve Glaveski.
Glaveski says the emergence of web 3.0 presents brands with an exciting opportunity to distinguish themselves, and reinvent how they do business in a way that is more
community-centric than ever before.
“And The Sandbox is the perfect platform to help us make that leap,” he said.