What Are NFT?
NFTs are tokens that we can use to represent ownership of items. They let us digitally own things – or “tokenize” them – like art, collectibles, even weed strains. They only have one official owner at a time and are secured by the Ethereum blockchain — meaning that no one can modify the record of ownership or fake a new NFT into existence.
The term NFT stands for non-fungible token. Non-fungible is an economic term used to describe things are not interchangeable for other items because they have unique properties.
Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. Such as fiat.
At Legal Leaf; we had always intended to be supportive of cannabis reform efforts through financial contributions. In searching for the best future-forwards methods of funding, we have decided to choose NFTs to be the driving force behind our Cannabis Charitable Donations — as well as to help create a sustainable source of marketing income.
We found that NFTs not only help us raise capital, but that they can also support artists and bring legitimacy to cannabis-based cryptocurrencies. By turning original art into enhanced NFT art, we can raise money for our project, as well as the artists, while also providing recognition to them and giving their art a platform. We hope to foster a robust community of talented NFT/Cannabis artists through this effort to increase support to charities.
What Kinds Of NFTs?
We are planning on doing an initial limited run of LEAF NFTs from our LEAF 3D Stoners Collection. The proceeds from this initial release will be used to support our Stoner NFT Game in development; with another 50 in the weeks to follow.
How Will It Work?
We plan on sticking to releasing NFTs in bundles of 50 for the time being. In addition to being an one-of-a-kind exclusive piece of art, the NFT grants the holder future access to the LEAF NFT Game in development too. With 30% going to the Artist, 30% going to Charities, 25% to NFT Admin, and 15% to fund LEAF NFT viral marketing; we can maintain a mutually beneficial stream of support/revenue to help grow Legal Leaf and our charity efforts. We will swap out our NFT artists periodically and plan on bringing our NFT game out soon as well!