Trufflez Inc., a vertically integrated premium cannabis company, has partnered with droppLabs, a holistic Web3 solutions provider, to launch the TrufflezNFT.
The project utilizes NFTs to register and fractionalize the intellectual property rights inherent in the trademarks and copyrights of new proprietary cannabis strains.
“We are excited to provide cannabis consumers and connoisseurs a truly unique opportunity to have ownership in their own cannabis brand,” said Leo Hairapetian CEO of Trufflez Inc. “At Trufflez, we are pioneers in everything we do - from the quality and diversity of our strains, to our quality and safety. Now we are the first to create our very own NFT with DroppLabs, which is very exciting for us as a company.”
A Growing Market
Over the past year, there has been explosive growth in popularity, utilization and market cap of NFTs. Until now, however, most of this tokenized distribution has focused on traditional markets, such as equity funds, real estate, collectibles and artwork. Unlike them, TrufflezNFT will allow cannabis enthusiasts to enjoy a unique ownership experience and generate vested value.
Each individual NFT will own an IP stake for a grow room in the 70,000 square-foot cultivation facility Trufflez owns in downtown L.A. Each NFT-backed room will grow a proprietary cannabis strain and. The profits and ownership for the NFT holders are not tied to the cannabis itself but the IP used on the bags the cannabis is sold in.
Good Vs. Evil
The rooms are split between a “Good Vs. Evil” Marvel style battle, with each room represented by a character with unique attributes. The “fight” is centered around the success of the associated strains. So, it’s a battle of strain brand penetration, cultural relevance and, ultimately, sales. The winning team is airdropped ownership in the next cannabis brand IP as a success fee.
The result of this project is an asset that promotes engagement, transparency and value for all stakeholders.
“Since its launch, Trufflez has rightfully earned its place as one of the leaders in the cannabis industry by providing exceptional and safe products. As droppLabs, we are now proud to extend this success through our cutting-edge Web3 solutions to provide an enhanced, value-driven opportunity to Trufflez’s loyal customer base,” said Gurps Rai, CEO of droppLabs.
The wait-list for TrufflezNFT has already generated substantial demand.
“Because of the problematic government oversight and inconsistency between federal and state-level regulations, if any industry is ready for Web3, it is legalized cannabis,” concluded Rai. “The TrufflezNFT project will be one of the first steps towards delivering control and ownership to the entire community - among them and most importantly, the loyal Trufflez consumers and supporters.”
