Creso Pharma is set to take its first step onto the metaverse, buying digital land on The Sandbox next to a mansion owned by rapper Snoop Dogg.
The Metaverse is considered the next big thing and is expected to become one of the biggest technology trends over the next 10 years.
It’s been 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 Society, Creso Pharma (ASX:CPH)took the lead in partnering with an innovation consultancy Collective campus to bring its brand and products into the metaverse.
The company launched its metaverse ambitions by securing a plot of land in The Sandbox, a community platform where creators can monetize digital assets and gaming experiences.
This digital land sits right next to a mansion owned by legendary hip-hop artist and one of the world’s most iconic cannabis influencers, Snoop Dogg, in response to his recent tweet: “won’t you be my neighbor”:
How will Creso use its digital terrain on The Sandbox?
Initially, the company will use the digital terrain to replicate its 2,220m² Mernova medical cannabis cultivation facility, which will be called the Cresoverse, and use it to showcase its products and create a social space for customers and customers. stakeholders.
Over time, it is expected that “the Cresoverse” will evolve to offer different unique user experiences aimed at differentiating the Creso brand, while enhancing 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$93 million, with backing from Japanese venture capital giant Softbank.
Although it will only open to the public in February 2022, the platform already has 500,000 users, with the price of its cryptocurrency SAND having increased by 8 times in November 2021.
Interest in The Sandbox and other metaverse platforms peaked after Facebook’s announcement last October.
Market research firm Strategy Analytics forecasts the metaverse to reach US$280 billion by 2025, while crypto investment giant Grayscale forecasts revenue to top US$1 trillion.
“We are thrilled to be working with a leading innovator in the cannabis industry to bring it to the metaverse,” said Steve Glaveski, CEO of Collective Campus.
Glaveski says the emergence of Web 3.0 presents an exciting opportunity for brands to differentiate themselves and reinvent the way they do business in a more
community-centric than ever.
“And The Sandbox is the perfect platform to help us take that step,” he said.
This article was developed in conjunction with Creso Pharma, a Stockhead advertiser at the time of publication.
This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.