{"id":53623,"date":"2021-06-09T19:11:15","date_gmt":"2021-06-09T19:11:15","guid":{"rendered":"https:\/\/merryjane.com\/south-african-cannabis-newb-buys-20-rare-weed-seeds-for-dollar16k-in-nft-auction\/"},"modified":"2021-06-09T19:11:15","modified_gmt":"2021-06-09T19:11:15","slug":"south-african-cannabis-newb-buys-20-rare-weed-seeds-for-dollar16k-in-nft-auction","status":"publish","type":"post","link":"https:\/\/merryjane.com\/news\/south-african-cannabis-newb-buys-20-rare-weed-seeds-for-dollar16k-in-nft-auction\/","title":{"rendered":"South African Cannabis Newb Buys 20 Rare Weed Seeds for $16K in NFT Auction"},"content":{"rendered":"<p><em>Image <\/em><a href=\"https:\/\/bullish.studio\/articles\/non-fungible-tokin-how-nfts-will-change-the-future-of-cannabis\" rel=\"nofollow noopener\" target=\"_blank\"><em>via<\/em><\/a><\/p>\n<p>We\u2019ve all heard of <a href=\"https:\/\/www.theverge.com\/22310188\/nft-explainer-what-is-blockchain-crypto-art-faq\" rel=\"nofollow noopener\" target=\"_blank\"><u>NFTs<\/u><\/a> being used to capitalize on digital images of <a href=\"https:\/\/www.nytimes.com\/2021\/05\/12\/magazine\/nft-art-crypto.html\" rel=\"nofollow noopener\" target=\"_blank\"><u>maritime characters with exposed brains<\/u><\/a> and <a href=\"https:\/\/www.theverge.com\/2021\/3\/5\/22316320\/jack-dorsey-original-tweet-nft-cent-valuables\" rel=\"nofollow noopener\" target=\"_blank\"><u>corporate executive tweets<\/u><\/a>, but \u2014 actual cannabis? Is this a first for you too?&nbsp;<\/p>\n<p>Weed has gotten in on the non-fungible token game, and you can thank a South African business executive for showing how lucrative it can be for sellers. Matt Benas paid 224,000 rand (nearly $16,500 USD) in <a href=\"https:\/\/www.businessinsider.co.za\/most-expensive-dagga-cannabis-sold-in-south-africa-2021-6\" rel=\"nofollow noopener\" target=\"_blank\"><u>a transaction<\/u><\/a> billed as the \u201cworld\u2019s first NFT authenticated cannabis strain.\u201d&nbsp;<\/p>\n<p>But what did he score? Two packs of Gage Green Group (GGG) seeds that no one else in the world has permission to cultivate <em>and<\/em> some middling art created by GGG\u2019s founder.&nbsp;<\/p>\n<p><iframe loading=\"lazy\" allowfullscreen=\"true\" frameborder=\"0\" width=\"640\" height=\"430\" scrolling=\"no\" src=\"https:\/\/merryjane.com\/embed\/gallery\/these-are-the-states-in-us-that-havent-legalized-medical-cannabis-yet\/1\" ><\/iframe><\/p>\n<p>The strains sold, \u201cRise\u201d and \u201cBurn,\u201d mark the first time GGG has limited sales to a single buyer. The award-winning company, which has created over 200 strains that often retail around $1,000 per pack, <a href=\"https:\/\/gagegreengroup.com\/2021\/03\/28\/ggg-rises-to-the-pinnacle-with-r-i-s-e\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>describes<\/u><\/a> Rise\u2019s flavor profile of the strain on its website as having \u201ca juicy plum and berry terpenoid profile, backed by a soothing eucalyptus and camphor essences,\u201d with lots of gas notes.&nbsp;<\/p>\n<p>\u201cRising above the clouds and soaring past the competition,\u201d the same page declares, \u201cGage Green Group drops the Rise at a time when the rest of the genetic and seed industry is chasing numbers and volume.\u201d&nbsp;<\/p>\n<p>All the same, the company did post media coverage of the astronomical sum the seeds sold for \u2014 not to mention, stipulate a minimum bid of $8,000 for the 10-pack of seeds.&nbsp;<\/p>\n<p>Rise sold to Benas for 5.5 Ethereum (the cryptocurrency of choice for many NFT transactors), and Burn for 1.852 Ethereum.<\/p>\n<p>The high price point was likely not for the works of art attached to the seed sale, which frankly looks like something your stoner uncle made in his spare time (and that your aunt made him hang in the garage.) It was for the coveted seeds. Obviously. The two pieces of art were, however, created by the founder of Gage Green Group himself, Jeff Selsor (aka- <a href=\"https:\/\/www.instagram.com\/keyplay7\" rel=\"nofollow noopener\" target=\"_blank\"><u>Keyplay7<\/u><\/a>).<\/p>\n<p>Benas, a serial entrepreneur who\u2019s launched ventures in web development, home renovation, frozen food, and high-performance vehicle customization, says that this buy was about putting his country on the cannabis map.<\/p>\n<p>&#8220;I really want South Africa to have something unique and special throughout the world\u2026 and now we do, South Africa is going to be producing an absolutely unique cannabis strain that only we will be able to produce,\u201d he said. &#8220;You&#8217;re only going to get a once-off, one in the world.\u201d<\/p>\n<p><iframe loading=\"lazy\" allowfullscreen=\"true\" frameborder=\"0\" width=\"640\" height=\"430\" scrolling=\"no\" src=\"https:\/\/merryjane.com\/embed\/gallery\/these-6-edibles-will-switch-on-the-hot-summertime-vibes-we-all-desperately-need\/6\" ><\/iframe><\/p>\n<p>South Africa has enacted cannabis cultivation legalization measures that have been criticized for favoring corporations and <a href=\"https:\/\/merryjane.com\/news\/south-african-farmers-are-protesting-the-regions-racist-cannabis-licensing-process\" target=\"_blank\" rel=\"noopener\"><u>ignoring the rights<\/u><\/a> of the country\u2019s small-scale farmers.<\/p>\n<p>The story of how Benas scored these exotic cannabis seeds will certainly put him in the spotlight and increase his visibility.&nbsp;<\/p>\n<p>&#8220;NFT is a great technology to govern and protect the rights of [cannabis] breeders,\u201d he said.<\/p>\n<p>But the purchase has run into a certain amount of derision online from individuals who don\u2019t get why Benas would drop so much money for cannabis seeds. He says, they just don\u2019t get it.<\/p>\n<p>\u201cMost of the people are reacting [negatively] because they don&#8217;t know and don&#8217;t understand,\u201d Benas concluded.&nbsp;<\/p>\n<p>Hopefully these seeds grow into flower that lives up to the hype.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Matt Benas from South Africa just paid over $15,000 for Gage Green Group\u2019s exclusive seed drops \u2014 oh, and some whack art.<\/p>\n","protected":false},"author":2,"featured_media":53624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3036],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South African Cannabis Newb Buys 20 Rare Weed Seeds for $16K in NFT Auction - Merry Jane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/merryjane.com\/news\/south-african-cannabis-newb-buys-20-rare-weed-seeds-for-dollar16k-in-nft-auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South African Cannabis Newb Buys 20 Rare Weed Seeds for $16K in NFT Auction - 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