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    Gate.io Blog Budblockz Creates Synergies in the Cannabis Industry

    Budblockz Creates Synergies in the Cannabis Industry

    17 November 20:45



    TL; DR



    Budblockz is an international blockchain based project that promotes the production and use of cannabis products.

    The Budblockz products include a digital wallet, NFTs, BLUNT token, farms and dispensaries.

    The BLUNT token facilitates the purchase and sale of cannabis products and NFTs.

    Investors who hold Ganja Guruz NFTs can invest in Budblockz products such as farms and dispensaries.


    Introduction



    Many crypto projects own utility tokens since investors prefer to invest in them. Usually, this type of token powers decentralized applications and platforms and they are a means of payment in such protocols. GateChain token (GT) is an example of a utility token since it is used for paying transaction fees on the Gate.io exchange. Nevertheless, there are many other utility tokens.

    The BLUNT token, developed on the Ethereum blockchain, will power the Budblockz protocol. In this guide, we discuss the Budblockz protocol and the central role the BLUNT token plays in it.


    What is the Budblockz ecosystem?


    Budblockz is a blockchain that develops a unified global ecosystem to promote the production, distribution and trading of cannabis in countries where it is legalized. The blockchain has various building blocks that include e-commerce, non-fungible tokens, its cryptocurrency and digital wallet, among others.

    The blockchain technology enables Budblockz to market and distribute cannabis in a transparent way. It also protects the users’ personal data. Significantly, it promotes global investment in the cannabis industry through using cryptocurrency and non-fungible tokens. For instance, investors are able to invest a small amount of funds, such as $50, in the sector.

    Budblockz, the blockchain for cannabis exchange- Tronweekly


    Budblockz’s
    mission is to “establish an open, fairly traded environment for new and experienced enthusiasts to access the global market with decentralization and privacy.” Also, the project creates and manages a marketplace of cannabis that will operate for 24 hours per day.

    Apart from increasing access to cannabis, Budblockz will facilitate the dissemination of information pertaining to existing products and investment opportunities in the sector. For instance, corporations and individuals in the industry will be able to track fundraising activities, data management as well as the logistics that support the viability of the industry.

    Another important function Budblockz will perform is to distribute information about existing markets for cannabis as well as national and regional legislations. As we know, many countries now legalize the use of cannabis for medical and recreational purposes. However, there are many other countries that still restrict its use. Therefore, Budblockz will constantly provide updates pertaining developments in the industry.

    In the United States, for instance, 38 states have legalized the use of cannabis for medical reasons. On the other hand, 18 states have also decriminalized its use for recreational purposes. Such developments have influenced Budblockz to harness the blockchain technology to promote the interests of cannabis users and investors. The main goal of Budblockz is to introduce dispensaries, related products and farms in jurisdictions that have legalized the use and production of cannabis.

    In light of the above, Budblockz will have various products and facilities to enhance the production, distribution and use of cannabis. Such products include NFTs, the NFT marketplace, digital wallets and its token. In addition, it aims to have a global community of people interested in the cannabis industry at different levels.


    Communities

    Budblockz intends to have communities of like-minded people who include users of cannabis products as well as investors. This enables them to access fair investment opportunities and the cannabis marketplace. Remember, this is going to be a global community of individuals interested in the cannabis industry.


    Use of NFT technology

    Budblockz intends to use non-fungible tokens (NFTs) for different purposes in the blockchain-based cannabis ecosystem. The ecosystem will use NFTs “to digitize real-world products, provide data security for users and verify eligible members.”

    Every community member will be verified using NFTs. This means that the people who want to purchase cannabis products or invest in the blockchain will have to own NFTs. For example, holders of the Ganja Guruz NFTs will access the fractional ownership market. This means they will be able to invest in NFTs and other related products such as staking of BLUNT. As a fact, Budblockz will produce 10 000 Ganja Guruz NFTs on the Ethereum blockchain. Only holders of these NFTs will be able to complete the KYC process which entitles them to benefit from the blockchain’s various products.

    Budblockz Cannabis investments- Themarketperiodical


    In terms of investment, Ganja Guruz NFT holders will be able to buy and own a fraction of the farm or dispensary. With that, they will be able to earn dividends as the project grows and its assets gain more value. In addition, the NFT holders will be able to buy the products at discount.


    Fractional ownership

    As said earlier, the NFT holders can invest in the project, thus being partial owners. Mostly, they will be able to invest in farms and dispensaries which Budblockz will establish in locations around the world where such activities are legalized.


    NFT marketplace

    Budblockz intends to develop an NFT marketplace similar to OpenSea. Community members will create, buy and sell their cannabis NFTs there. However, they will use the BLUNT token to buy NFTs.


    Farms and dispensaries

    Budblockz will have farms and dispensaries in countries that allow the production and sale of cannabis products. In order to operate in many locations, it will partner with existing corporations that carry out similar activities. However, the users will have to prove their identities to access the products or to make investments in these areas.

    Cannabis Farming- Thedailycoin


    BLUNT Token

    Budblockz has a native token called BLUNT that exists on the Ethereum network. The users will be able to exchange BLUNT with other ERC-20 tokens and other related digital assets. The members will also use BLUNT to buy the Budblockz products.

    Also, the BLUNT token provides liquidity within the entire ecosystem allowing the users to purchase NFTs. They will also earn BLUNT when they participate in its future play-to-earn (P2P) game. Budblockz will list the token on both decentralized and centralized exchanges.


    Budblockz wallet

    One of Budblockz product is its wallet. The wallet will enable the users to store the BLUNT token as well as facilitating transactions. In addition, it will enable its members to access other DeFi products such as staking $BLUNT.In fact, staking allows the members to lock their BLUNT tokens and earn rewards.




    Conclusion



    Budblockz is a blockchain system that specializes in the provision of services and products related to cannabis. It will establish farms and dispensaries in places that legally allow such activities. In order to facilitate the smooth flow of products, the users will purchase the products using Budblockz’s native token, BLUNT.




    Author: Mashell C., Gate.io Researcher

    This article represents only the views of the researcher and does not constitute any investment suggestions.

    Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.

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