South African Businessman Acquires Two Unique Cannabis Strains at NFT Auction
Non-fungible tokens, or NFTs, became a major internet trend at the start of this year, offering people the chance to purchase unique works of art or other items using money or cryptocurrency. This craze seems to have reached its peak, with people around the world selling their “unique” creations for huge sums—ranging from little-known artists and designers hoping to make a name and some money, to well-known public figures like Twitter CEO Jack Dorsey, who sold exclusive rights to the first tweet ever posted on the platform. So, it’s no surprise that this phenomenon has now reached the world of cannabis and the canna-business.
Recently, at an NFT auction in South Africa, two tokens were sold that grant their owners the rights to two packages of unique cannabis seeds, bred by the well-known local seed bank Gage Green Group (GGG). The owner of the two packages, each containing 10 unique seeds, is Matt Benas, a South African investment banker who paid 224,000 rand (about $17,000 USD) for the rights to these strains.
In addition to the characteristic tokens with animated images (created by the brand’s founder and grower, Jeff Selser, also known as Keyplay7), Mr. Benas received exclusive ownership of the strains “Rise” and “Burn,” developed by experts at one of Africa’s most renowned seed banks. Benas’s purchase also made history as the most expensive legal transaction for the rights to a recreational cannabis strain.
The seed producers, who have over 100 cannabis varieties in their portfolio and typically sell a package for around $1,000 USD, listed these particular samples at auction for $8,000 each. According to the organization’s website, “Rise contains a blend of many terpenes, giving the plant a wonderful fruity flavor with notes of pear and wild berries, and a noticeable aftertaste with tones of camphor and eucalyptus.” The description continues, “True to its name, the strain delivers a very strong and deep cerebral sativa effect, literally lifting the consumer to the clouds and elevating it above any competitor’s offerings.”
Ultimately, Benas purchased Rise for 5.5 Ethereum, while Burn cost him 1.852 Ethereum.
Bringing Global Attention to South African Cannabis
Extremely pleased with his exclusive purchase, Benas told reporters he hopes his high-profile transaction will draw global attention to South Africa’s cannabis industry, which has only recently begun to emerge from the shadows following the decriminalization of cannabis plants in the country.
“I hope cannabis enthusiasts from around the world will take notice of the wealth of recreational and therapeutic cannabis strains and hybrids produced by African growers. While these particular strains will remain in my possession, both GGG and many other companies produce a ton of other high-quality plants that are hard to compare with any other cannabis varieties grown outside the continent,” he said.
Benas also noted that, given the current legal climate in South Africa, NFT technology and cryptography are probably the only effective tools for the still semi-legal cannabis business to protect their rights to unique hybrids and strains. “Thanks to cryptography, growers can easily control their ownership rights to different plants and brands without having to rely on authorities, who are still not ready to fully legalize cannabis for general use,” he explained.
Responding to Critics
Finally, Benas addressed online critics who questioned his decision to spend nearly $20,000 on the rights to some unknown and unproven cannabis seeds. “I understand that to many people, such spending may seem excessive and extravagant, but I’d point out that they simply don’t understand what exactly was being purchased,” he said. “A unique hybrid from GGG is definitely worth that price in the eyes of any connoisseur of quality cannabis from South Africa. Critics just don’t realize how good the creations from this seed bank really are.”
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