“I’ve been interested in cannabis for around 20 years,” Benas told Business Insider South Africa.
“NFT is a great technology to govern and protect the rights of [cannabis] breeders,” says Benas, noting that Gage’s top-tier seeds would usually sell for $1,000 (R13,500) a pack.
South Africans are slowly becoming more accustomed to the global NFT craze which has created overnight millionaires through the sale of digital artworks. A gallery based in Cape Town managed to get R59,000 for a digital artwork auctioned in March and a local NFT marketplace was launched a month later with backing from sports stars and celebrities.
The local interest in NFT auctions shares a coincidental overlap with developments in South Africa’s cannabis industry. This connection serves as the backdrop to the recent NFT purchase made by Matt Benas.
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