In this Metaverse interview, Toni Witt speaks with Todd Denkin, co-founder of the GameFi NFT Project “THE SMUGGLEVERSE” on his intersection of two prominent sectors — cannabis and NFTs.
00:37 — Denkin, who has an extensive background in both the corporate media and cannabis industry, created THE SMUGGLEVERSE as a way to “give folks a place to smuggle digital weed into the Metaverse,” because “avatars should have a little fun, too.” THE SMUGGLEVERSE is about giving users the ability to “take one NFT, cut it down into many, or take a larger NFT and stack it up into a larger one worth more money.” The team at THE SMUGGLEVERSE is working on other media, specifically, a video game, which he calls a “cross between ‘Grand Theft Auto’ and ‘The King of Pot,’” a movie, and a documentary series. THE SMUGGLEVERSE team is bridging the gap between old media, new media, and Web3.
02:35 — Until recently, Denkin did not know what an NFT was. Although he has had a background in media for the last 30 years, it wasn’t until he worked with a technology company that he learned what he now knows about the service technology space. In 2008, once his time with the tech company ended, Denkin was looking for the next big trend, which led him to cannabis cultivation, as growing cannabis was becoming increasingly legal around the year 2009. He launched a hydroponic company called Photo Tron and saw great success in the organization since Colorado had legalized the recreational use of cannabis. Given his experience in all these industries, he landed himself at a testing lab that “pushes these three things together,” and eventually led him to NFTs.
05:26 — In THE SMUGGLEVERSE, a joint is the utility. The way the company uses its tokenomics is to release a certain number of pounds of specific strains of digital cannibis, which can be broken down into smaller amounts, using a joint as the final transaction. Additionally, with the purchase of larger quantities, users will receive a seed for different digital strains and can create their own. There is a music division within THE SMUGGLEVERSE and music NFTs will also act as utility as it develops more. The goal is to create value for stakeholders of the NFTs, as well for the utility.
07:21 — THE SMUGGLEVERSE is a fusion of many industries and classifies the developing game as GameFi — a blend between video games and finance, but many users criticize these games for being boring and over-financialized. Toni asks Denkin to elaborate on the ways in which social applications can use NFTs to add a financial aspect.
08:33 — The pandemic has introduced a new group of people to the internet who weren’t previously as interested. Because these individuals make up a demanding audience, companies must deliver a high level of entertainment— the added financial element is a “win-win” situation for developers and users. Too much of a focus on finance can change the dynamic of a game, but not if the user is having fun with it.
10:45 — Throughout history, brand-new technologies have always been discriminated against, leading people to be skeptical of them. NFTs, blockchain, and cryptocurrency are the next wave of new technologies; they will have the same impact on society as the internet and cell phones. An organization’s refusal to participate in the next wave of technology is a missed opportunity since these new technologies are not going away.
14:02 — The vision of THE SMUGGLEVERSE is to create a space within the Metaverse where avatars can have their vices, as most people do in the real world. A long-term goal is to create a place where music is linked to the lifestyle of these vices, where hip-hop artists can collaborate with the team to create music dedicated to the type of culture these vices promote.
Founder/CEO, CosmoLabs
Acceleration Economy’s AI Channel Host
Besides keeping up with the latest in corporate innovation and emerging tech, Toni Witt runs CosmoLabs, a creative agency that builds custom web-based augmented reality experiences for brands. He offers a free consultation session to get the conversation going about how your organization can leverage AR.
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